- Expenses in the fourth quarter of 2012 included a $683 thousand gain on the settlement of unclaimed property liabilities and a $4.96 million net charge related to the future relocation of one restaurant, the non-cash impairment of assets at two other units, and the disposal of property and equipment. Expenses in the fourth quarter of 2011 included a $3.0 million non-cash charge for the impairment of an intangible asset and a $0.4 million non-cash loss on the disposal of property and equipment related to restaurant renovations.
- Excluding these non-cash charges and income from discontinued operations, non-GAAP diluted earnings per common share was $0.18 compared to $0.09 in the prior year period. The Company believes that non-GAAP earnings per diluted share, which excludes non-recurring and non-operating items from both periods, provides a useful alternative measure of financial performance. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measures table for additional information.
- The Company’s fourth quarter of 2012 consisted of 14 weeks compared to 13 weeks in the fourth quarter of 2011. The Company estimates that the extra week increased earnings by approximately $0.02 per share.
Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its fourth quarter and full year ended December 30, 2012. Highlights for the 14-week fourth quarter of 2012 compared to the 13-week fourth quarter of 2011 were as follows: Net income was $3.6 million or $0.10 per diluted share in the fourth quarter of 2012 compared to net income applicable to preferred and common shareholders of $1.9 million or $0.04 per diluted share in the fourth quarter of 2011.