Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today announced a revision to its unaudited financial results for the first quarter ended March 27, 2011. The Company updated its earnings release dated April 29, 2011 to include a pre-tax $0.5 million restructuring benefit which increased net income available to preferred and common shareholders to $6.2 million for the period, resulting in no change to the previously reported earnings of $0.14 per diluted share. The change was related to a May 3, 2011 court decision resolving a legal matter over two disputed leases.

About Ruth's Hospitality Group, Inc.

Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused exclusively on the upscale dining segment. The Company owns the Ruth's Chris Steak House, Mitchell's Fish Market, Mitchell's Steakhouse and Cameron's Steakhouse concepts. With more than 150 Company- and franchisee-owned locations worldwide, Ruth's Hospitality Group, Inc. was founded in 1965 and is headquartered in Heathrow, Fla.

For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.RuthsChris.com, www.MitchellsFishMarket.com, www.MitchellsSteakhouse.com and www.Camerons-Steakhouse.com. For more information about Ruth's Hospitality Group, Inc., please visit www.rhgi.com.
 

RUTH'S HOSPITALITY GROUP, INC
Condensed Consolidated Statements of Income - Unaudited
(dollar amounts in thousands, except share and per share data)
             
 
13 Weeks Ending
March 28, March 27,
2010 2011
 
Revenues:
Restaurant sales $ 91,166 $ 95,282
Franchise income 2,929 3,056
Other operating income   614     501  
Total revenues 94,709 98,839
 
Costs and expenses:
Food and beverage costs 26,749 29,236
Restaurant operating expenses 46,780 47,048
Marketing and advertising 2,524 2,957
General and administrative costs 5,566 5,877
Depreciation and amortization expenses 3,887 3,711
Pre-opening costs 4 1
Restructuring benefit   (562 )   (502 )
Operating income 9,761 10,511
 
Other expense:
Interest expense, net (1,330 ) (831 )
Other   (100 )   (167 )
 
Income from continuing operations before income tax 8,331 9,513
 
Income tax expense   1,407     2,819  
 
Income from continuing operations 6,924 6,694
 
(Loss) income from discontinued operations, net of income tax (benefit) expense   (165 )   237  
 
Net income $ 6,759   $ 6,931  
Preferred stock dividends 308 623
Accretion of preferred stock redemption value   -     88  
Net income available to preferred and common shareholders $ 6,451   $ 6,220  
Basic earnings per common share:
Continuing operations $ 0.20 $ 0.14
Discontinued operations   -     0.01  
Basic earnings per share $ 0.20   $ 0.15  
 
Diluted earnings per common share:
Continuing operations $ 0.20 $ 0.14
Discontinued operations   -     -  
Diluted earnings per share $ 0.20   $ 0.14  
 
Shares used in computing net income per common share:
Basic   28,156,360     34,000,032  
Diluted   32,502,898     43,084,686  
 
 
 
 
RUTH'S HOSPITALITY GROUP, INC
Selected Balance Sheet Data
(dollar amounts in thousands)
 
December 26, March 27,
2010 2011
Cash and cash equivalents 5,018 2,590
Total assets 249,069 239,133
Long-term debt 51,000 45,000
Total shareholders' equity 80,361 87,303
 

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