21.02.2014 12:47:46
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Ruth's Hospitality Q4 Adj. Profit Tops View; Hikes Dividend - Quick Facts
(RTTNews) - Ruth's Hospitality Group, Inc. (RUTH) said that its fourth quarter of 2013 net income was $4.2 million or $0.12 per share, up from $3.7 million or $0.10 per share, in the fourth quarter of 2012.
Expenses in the fourth quarter of 2013 included a $750 thousand pre-tax charge related to a fee for the early termination of a lease and a $2.5 million non-cash impairment of restaurant assets.
Additionally in the fourth quarter of 2013, the Company changed from the delayed method to the preferable redemption method for recognizing gift card breakage revenue. This resulted in a change in accounting estimate affected by a change in accounting principle and included a revision in expected redemptions based on consumer redemption patterns. The cumulative effect of the change in estimate and the change in principle was recorded in the fourth quarter and reduced other operating income by $2.0 million.
Expenses in the fourth quarter of 2012 included a $683 thousand gain on the settlement of unclaimed property liabilities and a $5.0 million net charge related to the relocation of one restaurant, the non-cash impairment of assets at two other units, and the disposal of property and equipment.
The Company's fourth quarter of 2013 consisted of 13 weeks compared to 14 weeks in the fourth quarter of 2012. The Company estimates that the extra week in last year's fourth quarter increased earnings by approximately $0.02 per share.
Excluding these charges and income from discontinued operations, non-GAAP earnings per common share increased 18.2% to $0.21 compared to $0.18 in the prior year fourth quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Restaurant sales in the fourth quarter of 2013 decreased 3.6% compared to the prior year fourth quarter. Company-owned comparable restaurant sales for Ruth's Chris Steak House increased 5.5% in the fourth quarter. Company-owned comparable restaurant sales for Mitchell's Fish Market increased 2.6% in the fourth quarter.
Total revenues in the fourth quarter of 2013 were $108.9 million compared to $114.3 million in the prior year fourth quarter. Four analysts estimated revenues of $109.63 million for the quarter. The Company estimates that revenues in the fourth quarter of 2012 were positively impacted by approximately $9.2 million as a result of the 14th week in the period.
The Company's Board of Directors has approved the payment of a quarterly dividend to shareholders of $0.05 per share. This dividend will be paid to shareholders on March 27, 2014 to shareholders of record as of March 13, 2014. This dividend represents a 25% increase from the previous quarterly dividend paid to shareholders on November 26, 2013.
Looking ahead for full year 2014, the company expects Capital expenditures of $20 million to $22 million, Cost of goods sold of 31.0% to 33.0% of restaurant sales, Restaurant operating expenses of 49.0% to 51.0% of restaurant sales, Marketing and advertising of 3.0% to 3.2% of total revenues, General and administrative expenses of $27.5 million to $28.5 million.
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