Ruth's Hospitality 5.438M share Spot Secondary priced at $8.00 » 08:2205/2105/21/20
The deal range was…
The deal range was $8.00-$8.25. Jefferies acted as sole book running manager for the offering.
Fly Intel: After-Hours Movers » 19:1005/2005/20/20
SCVL, HVT, EXPE, NDSN, ACB, TTWO, CPLG, SKY, ZTO, YY, CPRT, BOOT, HUYA, GLPG, SCPH, FLXN, RUTH, BSX, KDP
Check out this evening's…
Ruth's Hospitality files to sell $43.5M of common stock » 16:4205/2005/20/20
Ruth's Hospitality Group announced that Jefferies has agreed to purchase $43.5M of the company's common stock to be reoffered by Jefferies at variable prices. In addition, the company has granted Jefferies an option, exercisable for up to 30 days, to purchase up to an aggregate of an additional $6.525M of shares.
|Over a week ago|
Ruth's Hospitality files automatic mixed securities shelf 17:2305/0805/08/20
Ruth's Hospitality withdraws financial guidance for 2020 06:0705/0805/08/20
Ruth's Hospitality reports Q1 non-GAAP EPS 9c, consensus 36c » 06:0605/0805/08/20
Reports Q1 revenue down…
Reports Q1 revenue down 9.4% to $108.5M, consensus $120.81M. Comparable restaurant sales at company-owned restaurants decreased 13.5% compared to the first quarter of 2019, which consisted of a 14.1% decrease in traffic, as measured by entrees, and an average check increase of 0.7%. Through the end of February, comparable restaurant sales increased 2.2%, including flat traffic and an average check increase of 2.2%. Comparable restaurant sales in March declined 50.5%.
Piper Sandler restaurants analysts to hold an analyst/industry conference call » 09:3105/0405/04/20
BJRI, CAKE, CHEF, CMG, DNKN, DRI, EAT, FRGI, HABT, MCD, NDLS, PBPB, PLAY, QSR, RUTH, SBUX, SHAK, STKS, SYY, TACO, WEN, WING
Analysts, along with Key…
Analysts, along with Key Opinion Leader Rom Krupp, Founder & CEO of OneDine, discuss how restaurants will use technology to aid in the crisis of re-opening and what does the future of the Restaurant Industry look like post COVID-19 on an Analyst/Industry conference call to be held on May 4 at 10:30 am.
|Over a month ago|
Week in Review: How Trump's policies moved stocks » 08:4304/2504/25/20
RUTH, SHAK, KRUS, BOOM, WVE, FRGI, BAYRY, MYL, TEVA, NVS, ABT, ALK, AAL, DAL, JBLU, LUV, SAVE, UAL, T
Catch up on the top…
Treasury asking public companies to repay small biz aid loans, WSJ says » 15:4404/2304/23/20
SPY, SPX, RUTH, SHAK, KRUS
After about 150 public…
After about 150 public companies received nearly $600M in rescue loans, the Treasury Department stated in update guidance that it was "unlikely that a public company with substantial market value and access to capital markets" would be able to demonstrate that a government-backed loan was necessary for it to support its ongoing business, noted The Wall Street Journal. Treasury is asking publicly traded companies to repay loans they received this month, the report added, noting that Ruth's Hospitality (RUTH) and Shake Shack (SHAK) were among those who received loans. Shake Shake and Kura Sushi USA (KRUS) have previously said they planned to return PPP funding, the report noted. Reference Link
Ruth's Hospitality withdraws FY20 guidance, suspends quarterly dividend » 06:0603/3003/30/20
Ruth's Hospitality announced steps that the company has taken to implement conservative cash management strategies designed to increase available liquidity and maximize financial flexibility until the COVID-19 pandemic abates and market conditions stabilize. "The safety and well-being of our team members and guests is our priority in these challenging times. Our brand has a rich history of rising to the occasion and I am proud of our team's response to this unprecedented situation," said Cheryl Henry, President and CEO of Ruth's Hospitality Group, Inc. "Our management team and Board of Directors have taken significant measures to enhance our financial flexibility during this time which includes drawing down and expanding our credit facility, suspending our dividend, and materially reducing capital expenditures as we weather the challenges related to COVID-19." As previously announced, on March 16th, 2020, the company increased its cash position by drawing down its remaining availability under its $120 million revolving credit facility. Additionally, on March 26, 2020, the company exercised the $30.0 million accordion feature in the existing facility and, as a precautionary measure, drew down that balance. As of March 27, 2020, the company had approximately $71.5 million of cash on hand. Additional measures to enhance the company's financial flexibility include suspending all new restaurant construction and non-essential capital expenditures which are expected to lower annual capital expenditures by over $35 million. The company has also suspended its quarterly dividend. Ruth's Chris has also made significant reductions in ongoing operating expenses, including curtailing operations in 23 restaurants locations where take-out and delivery is not viable, furloughing a significant number of field and home office team members, reducing base salaries of all non-furloughed team members and reevaluating other operating costs as opportunities arise. Certain operational team members have been re-deployed to support the take-out and delivery operations of restaurants which are still operating. Lastly, Henry and the other members of the executive team have elected to reduce their 2020 base salaries effective March 30, 2020. Non-employee directors of the company have also elected to suspend payment of their annual cash retainer fees for service on the board. Lastly, due to the ongoing uncertainty around the duration and severity of the COVID-19 pandemic, the company has withdrawn its financial guidance for fiscal year 2020. The company currently expects to provide additional updates on the business when it announces its first quarter 2020 financial results.