Ruby Tuesday, Inc. has Company-owned and/or franchise Ruby Tuesday brand restaurants in 45 states, the District of Columbia, 14 foreign countries, and Guam. As of August 30, 2011, the Company owned and operated 746 Ruby Tuesday restaurants, while domestic and international franchisees (including Hawaii and Guam) operated 43 and 52 Ruby Tuesday restaurants, respectively. Ruby Tuesday, Inc. is traded on the New York Stock Exchange (Symbol: RT).

The Company will host a conference call, which will be a live web-cast, this afternoon at 5:00 p.m. Eastern Time. The call will be available live at the following websites:

http://www.rubytuesday.com http://www.earnings.com

Special Note Regarding Forward-Looking Information

This press release contains various forward-looking statements, which represent our expectations or beliefs concerning future events, including one or more of the following: future financial performance and restaurant growth (both Company-owned and franchised), future capital expenditures, future borrowings and repayments of debt, availability of debt financing on terms attractive to the Company, payment of dividends, stock repurchases, restaurant acquisitions, and conversions of Company-owned restaurants to other dining concepts. We caution the reader that a number of important factors and uncertainties could, individually or in the aggregate, cause our actual results to differ materially from those included in the forward-looking statements (such statements include, but are not limited to, statements relating to cost savings that we estimate may result from any programs we implement, our estimates of future capital spending and free cash flow, and our targets for annual growth in same-restaurant sales and average annual sales per restaurant), including, without limitation, the following: general economic conditions; changes in promotional, couponing and advertising strategies; changes in our guests’ disposable income; consumer spending trends and habits; increased competition in the restaurant market; laws and regulations affecting labor and employee benefit costs, including further potential increases in state and federally mandated minimum wages, and healthcare reform; guests’ acceptance of changes in menu items; guests’ acceptance of our development prototypes, remodeled restaurants, and conversion strategy; mall-traffic trends; changes in the availability and cost of capital; weather conditions in the regions in which Company-owned and franchised restaurants are operated; costs and availability of food and beverage inventory; our ability to attract and retain qualified managers, franchisees and team members; impact of adoption of new accounting standards; impact of food-borne illnesses resulting from an outbreak at either Ruby Tuesday or other restaurant concepts; effects of actual or threatened future terrorist attacks in the United States; and significant fluctuations in energy prices.
Financial Results For the First Quarter of Fiscal Year 2012
(Amounts in thousands except per share amounts)
    13 Weeks         13 Weeks        
Ended Ended
August 30, Percent August 31, Percent Percent
2011     of Revenue 2010     of Revenue     Change
Restaurant sales and operating revenue $ 328,854 99.5 $ 300,632 99.3
Franchise revenue   1,491 0.5   2,054   0.7
Total revenue 330,345 100.0 302,686 100.0 9.1
Operating Costs and Expenses:
(as a percent of Restaurant sales and operating revenue)
Cost of merchandise 97,575 29.7 85,093 28.3
Payroll and related costs 112,987 34.4 100,209 33.3
Other restaurant operating costs 68,655 20.9 59,643 19.8
Depreciation 16,286 5.0 15,122 5.0
(as a percent of Total revenue)
Selling, general and administrative, net 26,776 8.1 22,543 7.4
Closures and impairments 445 0.1 1,739 0.6
Equity in earnings of unconsolidated franchises   0 0.0   (203 ) (0.1 )
Total operating costs and expenses   322,724   284,146  
Earnings before Interest and Taxes 7,621 2.3 18,540 6.1 (58.9 )
Interest expense, net   3,964 1.2   2,463   0.8
Pre-tax Profit 3,657 1.1 16,077 5.3 (77.3 )
Provision for income taxes   564 0.2   3,680   1.2
Net Income $ 3,093 0.9 $ 12,397   4.1 (75.1 )
Earnings Per Share:
Basic $ 0.05 $ 0.19   (73.7 )
Diluted $ 0.05 $ 0.19   (73.7 )
Basic   63,755   63,681  
Diluted   64,476   64,412  
Financial Results For the First Quarter
of Fiscal Year 2012
(Amounts in thousands)
    August 30,     May 31,
Cash and Short-Term Investments $ 8,287 $ 9,722
Accounts and Notes Receivable 8,252 7,531
Inventories 35,447 34,470
Income Tax Receivable 3,229 3,077
Deferred Income Taxes 14,819 14,429
Assets Held for Sale 3,839 1,340
Prepaid Rent and Other Expenses   13,011   12,797
Total Current Assets 86,884 83,366
Property and Equipment, Net 1,020,453 1,031,151
Unamortized Goodwill, Net 15,571 15,571
Other Assets   54,655   56,938
Total Assets $ 1,177,563 $ 1,187,026

Current Portion of Long Term Debt, including Capital Leases
$ 16,492 $ 15,090
Income Tax Payable
Other Current Liabilities 102,991 104,234
Long-Term Debt, including Capital Leases 330,168 329,184
Deferred Income Taxes 43,280 42,923
Deferred Escalating Minimum Rents 44,909 44,291
Other Deferred Liabilities   60,141   59,591
Total Liabilities 597,981 595,313

Shareholders’ Equity
  579,582   591,713
Total Liabilities and

Shareholders’ Equity
$ 1,177,563 $ 1,187,026

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