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Red Robin raises $30M through ATM equity offering program » 08:3506/1706/17/20
Red Robin announced that…
Red Robin announced that it has raised approximately $30M through its at-the-market equity offering program, or ATM program, satisfying the terms of its amended credit agreement. The issuance of this equity meets the "Minimum Capital Event" as defined in the first amendment to credit agreement and waiver to the company's amended and restated credit agreement. Therefore, the lenders have suspended the application of the leverage ratio covenant and FCCR covenant, in each case, through December 27 and increased the maximum leverage permitted for purposes of the leverage ratio covenant for each of the first three fiscal quarters ending in 2021. The company intends to use the net proceeds from sales of shares of its common stock under the ATM program for general corporate purposes, including repayment of indebtedness.
Red Robin announces $40M at-the-market equity offering program » 09:3906/1606/16/20
Red Robin announced that…
Red Robin announced that it has filed a prospectus supplement with the SEC under which it may offer and sell shares of its common stock having an aggregate offering price of up to $40M from time to time through an "at-the-market" equity offering program. The Shares will be offered through J.P. Morgan Securities as distribution agent.
Red Robin price target lowered to $14 from $30 at Wells Fargo » 08:1506/1106/11/20
Wells Fargo analyst Jon…
Wells Fargo analyst Jon Tower lowered the firm's price target on Red Robin to $14 from $30 and keeps an Equal Weight rating on the shares. The analyst notes that the company continues to lag the recovery at other casual diners and believes this largely relates to a combination of higher exposure to more risk-averse families, a potentially sharper media fall off, and a portion of the store base in lower quality malls. All of these factors are likely to continue to cloud its absolute and relative recovery trajectory, Tower adds.
Fly Intel: Pre-market Movers » 09:0306/1006/10/20
GMAB, FULC, TRUE, DUO, LAKE, UNFI, RRGB, CMCM, GME, SBUX, SALT, CSII
Check out this morning's…
Red Robin falls 8% to $15.50 pre-market after Q1 results miss estimates 07:3106/1006/10/20
Red Robin sees average cash burn of $1M-$2M per week for Q2 » 06:4106/1006/10/20
As of April 19, the…
As of April 19, the company was not in compliance with certain financial covenants due to the negative impact of COVID-19 on its business. As a result, the company entered into the First Amendment to the Credit Agreement and Waiver on May 29 that waives compliance of the lease adjusted leverage ratio financial covenant and fixed charge coverage ratio financial covenant for the remainder of fiscal 2020 provided the company issues new equity generating net cash proceeds of at least $25M on or before November 13. Per the maximum cash balance limitation required in the Amendment, the company made a $59M repayment on the revolving line of credit on May 29 to ensure cash on hand did not exceed $30M. As of June 7, the company had $30M of cash on hand, $54M of available borrowing capacity under its revolving line of credit and expects an average cash burn of $1M-$2M per week for the second fiscal quarter.
Red Robin has re-opened approximately 270 dining rooms as of June 7 » 06:3706/1006/10/20
As of June 7, the company…
As of June 7, the company has re-opened approximately 270 dining rooms with limited capacity, representing approximately 65% of currently open company-owned restaurants. These re-openings include restaurants located in the company's largest and highest volume markets on the West Coast. Notably, these restaurants have on average maintained off-premise sales that are approximately one and a half to two times pre-COVID-19 levels and 40% of sales mix since re-opening.
Red Robin seeing improvement in comparable restaurant revenue trends » 06:3606/1006/10/20
Paul J.B. Murphy III, Red…
Paul J.B. Murphy III, Red Robin's President and CEO, said, "We entered 2020 with accelerating business momentum, generating positive comparable restaurant revenue of 3.7% and positive Guest counts of 0.9% through the end of our second fiscal period. However, the COVID-19 pandemic resulted in an immediate shift of our priorities, inclusive of pivoting to a 100% off-premise model, the preservation of liquidity and the reduction of costs amid the ongoing uncertainty. Since the onset of the health crisis, we have significantly improved our off-premise execution, resulting in a material improvement in Guest satisfaction scores. Comparable restaurant revenue trends have also shown continual improvement week by week, including (39.7)% for the week ending June 7th. Importantly, we have recently begun opening dining rooms with limited capacities of up to 50% in our largest and highest volume market on the West Coast. In total, we have re-opened approximately 270 dining rooms with disciplined health and safety protocols and our new hospitality model we call TGX. Sales are exceeding our expectations, accompanied by record high dine-in Guest satisfaction scores and continued, strong retention of our elevated off-premise sales. For the week ending June 7th, restaurants with open dining rooms generated total comparable restaurant revenue of (26.7)%, including off-premise sales of 40% of total food and beverage sales. The substantive actions the organization implemented has positioned us well to not only manage through these near-term challenging times, but to succeed in the long-term, post-COVID environment."
Red Robin reports Q1 comparable restaurant revenue down 20.8% » 06:3306/1006/10/20
In Q1: Comparable…
In Q1: Comparable restaurant revenue decreased 20.8% for the quarter after growing comparable restaurant revenue by 3.7% through the second fiscal period; Comparable average Guest check increased 0.1%, resulting from a 1.6% increase in pricing and a 0.3% increase from lower discounting, partially offset by a 1.8% decrease from menu mix; Comparable restaurant Guest counts decreased 20.9% for the quarter after growing comparable restaurant Guest counts by 0.9% through the second fiscal period; Off-premise sales increased 86.1% and comprised 26.3% of total food and beverage sales.
Red Robin reports Q1 adjusted EPS ($6.66), consensus ($1.10) » 06:3106/1006/10/20
Reports Q1 revenue…
Reports Q1 revenue $306.1M, consensus $333.84M.