Ruby Tuesday Reports Fourth Quarter and Fiscal 2015 Results and Provides Fiscal 2016 Outlook

  • Fourth Quarter Fiscal 2015 EPS of $0.07 vs. Net Loss Per Share of ($0.01) Last Year
  • Fourth Quarter Adjusted EPS of $0.12 vs. $0.06 Last Year
  • Annual Fiscal 2015 Adjusted EBITDA increased 51.9% to $80.6 Million

MARYVILLE, Tenn. - July 23, 2015 - (BUSINESS WIRE) - Ruby Tuesday, Inc. (NYSE: RT) today reported financial results for the fiscal fourth quarter and year ended June 2, 2015.

Financial Performance Highlights

Results for the fourth quarter include:

  • Net Income from Continuing Operations totaled $4.3 million, or $0.07 per diluted share, compared to a Net Loss from Continuing Operations of $881,000, or ($0.01) per diluted share, for the same quarter in the prior year. Adjusted Net Income from Continuing Operations* was $7.2 million, or Adjusted EPS* of $0.12 per diluted share, compared to Adjusted Net Income from Continuing Operations of $3.5 million, or Adjusted EPS of $0.06 per diluted share, in the same quarter of the prior year.
  • Total revenue was $296.8 million compared to $307.3 million last year, a decrease of $10.5 million, or 3.4%, primarily due to a net reduction of 10 Company-owned Ruby Tuesday restaurants compared to the fourth quarter last year and a same-restaurant sales decline of 1.7% at Company-owned Ruby Tuesday restaurants. Year-over-year same-restaurant guest counts were down 4.6% for the quarter.
  • During the quarter, the Company prepaid $5.2 million of mortgage debt. Subsequent to the end of fiscal 2015, the Company further simplified its debt structure by eliminating one mortgage lender with the payoff of $8.3 million of mortgage debt.

*A reconciliation of GAAP to non-GAAP financial measures is included in the schedules accompanying the consolidated financial statements in this release.

Results for the 2015 fiscal year include:

  • Net Loss from Continuing Operations of $3.2 million, or ($0.05) per diluted share, compared to Net Loss from Continuing Operations of $64.9 million, or ($1.08) per diluted share, in the prior year. Adjusted Net Income from Continuing Operations totaled $695,000, or Adjusted EPS of $0.01 per diluted share, compared to an Adjusted Net Loss from Continuing Operations of $39.4 million, or Adjusted EPS of ($0.65), in the prior year.
  • Total revenue from continuing operations was $1.13 billion, a decrease 3.6% from the prior year, primarily due to a net reduction of 10 Company-owned Ruby Tuesday restaurants year over year and a 0.5% decrease in same-restaurant sales at Company-owned restaurants. Year-over-year same-restaurant guest counts were down 1.4%.
  • Restaurant Level Margins improved 160 basis points to 16.7% of restaurant sales and operating revenue.
  • EBITDA* totaled $70.0 million, a 451% increase over $12.7 million last year. Adjusted EBITDA* totaled $80.6 million, a 51.9% increase versus $53.1 million last year. (*See non-GAAP reconciliation table)
  • Income tax from continuing operations was a net benefit of $1.9 million on a pre-tax loss from continuing operations of $5.1 million. During the year, the Company’s statutory income tax benefit was reduced by a $9.1 million increase in the tax valuation allowance. (See discussion of deferred income tax valuation allowance)
  • Total net capital expenditures were $30.6 million.
  • The Company had $75.3 million in cash on hand at the end of fiscal 2015 compared to $51.3 million of cash on hand at the end of the prior year.
  • Debt totaled $245 million at the end of the fiscal 2015 compared to $258.7 million at the end of fiscal year 2014.

Comments on Fiscal Year 2015 Accomplishments

JJ Buettgen, Chairman of the Board, President, and CEO, commented, "While we were disappointed with the fourth quarter top-line results, both same-restaurant sales and guest counts improved throughout the quarter and into the first quarter of fiscal 2016. We are pleased with the progress we made on our brand transformation and business model initiatives in fiscal 2015. Our annual same-restaurant guest counts were in-line with the Knapp TrackTM industry benchmark, we improved restaurant level margins and lowered SG&A expense which resulted in a meaningful improvement in Adjusted EBITDA. We have continued to strengthen our balance sheet by reducing debt and building cash reserves. We are laying a strong foundation for the future of the brand and company.”

Buettgen continued, “Over the past fiscal year, we’ve made headway on each of the four pillars that support our brand transformation:

  • We have continued to innovate and improve our menu, adding new food and drink options, resulting in increased guest satisfaction ratings on both taste and quality as well as increased average check.
  • We have enhanced our guest service experience by implementing our Memorable Service Training platform, resulting in improved scores in server attentiveness and increased add-on sales.
  • We began work on enhancing the restaurant atmosphere by developing new design elements to be tested in fiscal 2016.
  • We are becoming more strategic and targeted in our communication and marketing efforts as we diversify our communications model to achieve a broader reach and focusing marketing spend on new product and service launches.”

Fiscal 2016 Outlook

Management estimates Adjusted EPS to range from $0.12 to $0.17, based on the following assumptions:

  • Same-Restaurant Sales – Fiscal 2016 same-restaurant sales to be in the range of flat to up 2%. First quarter-to-date, same-restaurant sales are in-line with this range.
  • Unit Development – A net reduction of 11-14 Company-owned Ruby Tuesday restaurants.
  • Restaurant Level Margins – Fiscal 2016 Restaurant Level Margins ranging from 17.0% to 17.5% of restaurant sales and operating revenue which compares to 16.7% in fiscal 2015.
  • Selling, General, and Administrative Expense – Fiscal 2016 SG&A ranging from $116 to $120 million, compared to $115.3 million in fiscal 2015.
  • Effective Tax Rate and Taxes – An effective tax rate of approximately 44%. As discussed below, the Company is limited in the amount of tax credits that can be utilized each year based upon taxable income for that year and currently cannot recognize a full benefit of any year’s currently generated tax credits or tax credit carry-forwards.
  • Capital Expenditures – Fiscal 2016 capital expenditures ranging from $34 to $38 million.

Deferred Income Tax Valuation Allowance

The Company has a three-year cumulative pre-tax loss, which management considered when evaluating the realization of gross deferred tax assets. In accordance with generally accepted accounting principles, the three-year cumulative pre-tax loss is taken into account in the analysis of the realization of these deferred tax assets, despite the Company’s expectation that it will realize earnings during this period, and has resulted in the establishment of the valuation allowance, which was $62.8 million at the end of fiscal 2015. Given the nature of the Company’s deferred tax assets and the long carry-forward period associated with its employment tax credits and state net operating loss carry- forwards, the Company expects to eventually recover a substantial amount of the deferred tax assets to the extent the Company generates sufficient levels of income.

*Non-GAAP Reconciliations

The Company believes excluding certain items from its financial results provides investors with a clearer understanding of the Company’s operating performance and comparison to prior-period results. In addition, management uses these non-GAAP financial measures and ratios to assess the results of the Company’s operations.

We have included Adjusted EBITDA, Adjusted Net Income / (Loss) from Continuing Operations and Adjusted EPS to provide investors with supplemental measures of our operating performance. We believe these are important supplemental measures of operating performance because they eliminate items that have less bearing on our Company-wide operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on financial measures in accordance with United States Generally Accepted Accounting Principles (GAAP). We also believe that securities analysts, investors and other interested parties frequently use EBITDA, Adjusted EBITDA, and Adjusted Net Income / (Loss) from Continuing Operations in the evaluation of issuers. Because other companies in some cases calculate EBITDA, Adjusted EBITDA, Adjusted Net Income / (Loss) from Continuing Operations, or Adjusted EPS differently from the way we calculate such measures, these metrics may not be comparable to similarly titled measures reported by other companies. Additionally, supplemental non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The use of these measures permits a comparative assessment of the Company's operating performance relative to its performance based on U.S. GAAP results, while isolating the effects of certain items that vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, the inclusion of these adjusted measures should not be construed as an indication that future results will be unaffected by unusual or infrequent items or that the items for which the adjustments have been made are unusual or infrequent.

The following table shows the reconciliation of Net Income / (Loss) from Continuing Operations, the most directly comparable GAAP measure, to EBITDA, Adjusted EBITDA, Adjusted Net Income / (Loss) from Continuing Operations and Adjusted EPS, all non-GAAP financial measures. The Company defines EBITDA as income before interest, taxes, and depreciation and amortization and Adjusted EBITDA is defined as EBITDA, excluding certain non-cash and non-recurring expenses including, but not limited to: Restaurant Closing Costs, Impairments, Executive Transition & Severance, Other Corporate Restructuring Charges, and Loss on the Extinguishment of Debt. Adjusted Net Income / (Loss) from Continuing Operations is defined as Net Income / (Loss) from Continuing Operations, excluding certain non-cash or non-recurring expenses as detailed in Adjusted EBITDA, net of tax as well as adjustments related to Debt Prepayment Penalties, Deferred Financing Fees and Income Tax Valuation Allowance. Adjusted EPS is defined as Adjusted Net Income / (Loss) from Continuing Operations divided by shares outstanding.

Non-GAAP Reconciliation Table

Reconciliation of Adjusted EBITDA, Adjusted Net Income / (Loss) From Continuing Operations, and Adjusted EPS
(Amounts in thousands except per share amounts)
(Unaudited)
 
        13 Weeks     13 Weeks     52 Weeks     52 Weeks
        Ended     Ended     Ended     Ended
        June 2,     June 3,     June 2,     June 3,
        2015     2014     2015     2014
                           
  Net (Loss)/Income from Continuing Operations     $ 4,283     $ (881 )     $ (3,194 )     $ (64,910 )
                           
  Depreciation       12,547       13,377         50,148         54,828  
  Amortization of Intangibles       525       586         2,243         2,519  
  Interest Expense, Net       5,952       5,605         22,735         24,945  
  Provision/(Benefit) for Income Taxes from Continuing Operations       1,430       3,205         (1,911 )       (4,665 )
  EBITDA     $ 24,737     $ 21,892       $ 70,021       $ 12,717  
  Restaurant Closures, Impairments(1)       3,994       6,884         10,542         32,831  
  Executive Transition (2)       -       213         -         1,188  
  Intangible Impairment Costs (3)       -       -         -         855  
  Severance & Other Corporate Restructuring Charges       -       -         -         4,095  
  Loss on Extinguishment of Debt(4)       -       181         -         1,364  
                           
  Adjusted EBITDA     $ 28,731     $ 29,170       $ 80,563       $ 53,050  
                           
 

Net Income/(Loss) from Continuing Operations

    $ 4,283     $ (881 )     $ (3,194 )     $ (64,910 )
                           
  Restaurant Closures, Impairments (net of tax)(1)(5)       2,409       4,152         6,358         19,800  
  Executive Transition (net of tax)(2)(5)       -       128         -         716  
  Intangible Impairment Costs (net of tax)(3)(5)       -       -         -         516  
  Severance & Other Corporate Restructuring Charges (net of tax)(5)       -       -         -         2,470  
  Loss on Extinguishment of Debt (net of tax)(4)(5)       -       109         -         823  
  Debt Prepay Penalties & Deferred Financing Fees (net of tax)(5) (6)       482       -        

705

        1,167  
  Income Tax Valuation Allowance (7)       -       -         (3,174 )       -  
                           
 

Adjusted Net Income/(Loss) from Continuing Operations

    $ 7,174     $ 3,508       $

695

      $ (39,418 )
                           
                           
  EPS ((Loss) Per Share from Continuing Operations) (8)     $ 0.07     $ (0.01 )     $ (0.05 )     $ (1.08 )
                           
  Adjusted EPS (8)     $ 0.12     $ 0.06       $ 0.01       $ (0.65 )
                           
  Basic Shares Outstanding       60,725      

60,353

        60,580         60,231  
                           
  Diluted Shares Outstanding       61,709      

60,895

        61,390         60,231  
                         

May not add due to rounding

                       
                           

(1)

Includes impairments, lease reserves, and closing cost adjustments.

(2)

Includes search fees, signing and retention bonuses, relocation, and travel-related expenses resulting from Executive transitions.

(3)

Q3 FY14 relates to the Lime Fresh trademark impairment.

(4)

Includes loss on extinguishment of debt not included in interest expense.

(5)

Adjusted for taxes based on a statutory tax rate of 39.69%.

(6)

Debt prepayment penalties and the write-off of deferred financing fees are classified within Interest expense and included in EBITDA calculation and therefore not a separate add-back for Adjusted EBITDA.

(7)

Represents an immaterial prior period correction to our deferred tax valuation allowance.

(8)

Net Income and Adjusted Net Income per share figures are calculated based on diluted shares outstanding whereas Net Loss and Adjusted Net Loss per share figures are calculated based on basic shares outstanding.

   

About Ruby Tuesday, Inc.

Ruby Tuesday, Inc. has 736 Company-owned and/or franchise Ruby Tuesday brand restaurants in 44 states, 13 foreign countries, and Guam, in addition to 26 Company-owned and/or franchise Lime Fresh brand restaurants in six states and the District of Columbia. As of June 2, 2015, we owned and operated 658 Ruby Tuesday restaurants and franchised 78 Ruby Tuesday restaurants, comprised of 29 domestic and 49 international restaurants. We also owned and operated 19 Lime Fresh restaurants and franchised seven Lime Fresh domestic restaurants. Our Company-owned and operated restaurants are concentrated primarily in the Southeast, Northeast, Mid-Atlantic, and Midwest of the United States, which we consider to be our core markets.

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 website:

http://www.rubytuesday.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 (including our estimates of growth in same-restaurant sales, average sales per restaurant, operating margins, expenses and other items), future capital expenditures, the effect of strategic initiatives (including statements relating to cost savings initiatives and the benefits of our television marketing), the opening or closing of restaurants by us or our franchisees, sales of our real estate or purchases of new real estate, future borrowings and repayments of debt, availability of financing on terms attractive to the Company, compliance with financial covenants in our debt instruments, payment of dividends, stock and bond repurchases, restaurant acquisitions, and changes in senior management and in the Board of Directors. 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, including, without limitation, the following: general economic conditions; changes in promotional, couponing and advertising strategies; changes in our customers’ disposable income; consumer spending trends and habits; increased competition in the restaurant market; governmental laws and regulations, including those affecting labor and employee benefit costs, such as further potential increases in state and federally mandated minimum wages, and healthcare reform; the impact of pending litigation; customers’ acceptance of changes in menu items; changes in the availability and cost of capital; potential limitations imposed by debt covenants under our debt instruments; weather conditions in the regions in which Company-owned and franchised restaurants are operated; costs and availability of food and beverage inventory, including supply and delivery shortages or interruptions; significant fluctuations in energy prices; security breaches of our customers’ or employees’ confidential information or personal data or the failure of our information technology and computer systems; 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 one of our restaurant concepts or other competing restaurant concepts; and effects of actual or threatened future terrorist attacks in the United States.

 

Ruby Tuesday, Inc.

Number of restaurants at end of period

            June 2,           June 3,
            2015           2014
Ruby Tuesday:                        
Company-Owned           658           668
Domestic Franchised           29           31
International Franchised           49           48
Total           736           747
                         
Lime Fresh:                        
Company-Owned           19           20
Domestic Franchised           7           6
Total           26           26
                         
Total Restaurants:                        
Company-Owned           677           688
Domestic Franchised           36           37
International Franchised           49           48
System-wide total           762           773
                         

 

                   
Financial Results For the Fourth Quarter and Year Ended June 2, 2015
(Amounts in thousands except per share amounts)
(Unaudited)
                                   
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   
                                   
    13 Weeks       13 Weeks         52 Weeks       52 Weeks    
    Ended       Ended         Ended       Ended    
    June 2,   Percent   June 3,   Percent     June 2,   Percent   June 3,   Percent
    2015   of Revenue   2014   of Revenue     2015   of Revenue   2014   of Revenue
                                   
Revenue:                                  
Restaurant sales and operating revenue   $ 295,087   99.4   $ 305,648     99.5       $ 1,120,142     99.4     $ 1,162,423     99.5  
Franchise revenue     1,725   0.6     1,663     0.5         6,424     0.6       6,323     0.5  
Total Revenue     296,812   100.0     307,311     100.0         1,126,566     100.0       1,168,746     100.0  
                                   
Operating Costs and Expenses:                                  
(as a percent of Restaurant sales and operating revenue)                                  
Cost of goods sold     80,717   27.4     82,934     27.1         305,306     27.3       321,521     27.7  
Payroll and related costs     96,775   32.8     102,778     33.6         383,261     34.2       404,379     34.8  
Other restaurant operating costs     62,928   21.3     63,463     20.8         244,352     21.8       260,447     22.4  
                                   
Restaurant Level Margin (excludes franchise revenue).     54,667   18.5     56,473     18.5         187,223     16.7       176,076     15.1  
                                   
Depreciation     12,547   4.3     13,377     4.4         50,148     4.5       54,828     4.7  
(as a percent of Total revenue)                                  
Selling, general and administrative, net     28,186   9.5     29,765     9.7         115,327     10.2       137,151     11.7  
Closures and impairments, net     3,994   1.3     6,884     2.2         10,542     0.9       32,831     2.8  
Trademark impairments     -   -     -     0.0         -     -       855     0.1  
Total operating costs and expenses     285,147         299,201             1,108,936           1,212,012      
                                   
Earnings/(Loss) From Operations     11,665   3.9     8,110     2.6         17,630     1.6       (43,266 )   (3.7 )
                                   
Interest expense, net     5,952   2.0     5,605     1.8         22,735     2.0       24,945     2.1  
                                   
Loss on extinguishment of debt     -   -     181     0.1         -     -       1,364     0.1  
                                   
Income/(loss) from continuing operations before income taxes     5,713   1.9     2,324     0.8         (5,105 )   (0.5 )     (69,575 )   (6.0 )
Provision/(benefit) for income taxes from continuing operations     1,430   0.5     3,205     1.0         (1,911 )   (0.2 )     (4,665 )   (0.4 )
Net Income/(Loss) from Continuing Operations     4,283   1.4     (881 )   (0.3 )       (3,194 )   (0.3 )     (64,910 )   (5.6 )
                                   
Income from discontinued operations, net of tax     -   -     467     0.2         -     -       564     0.0  
                                   
Net Income/(Loss)   $ 4,283   1.4   $ (414 )   (0.1 )     $ (3,194 )   (0.3 )   $ (64,346 )   (5.5 )
                                   
                                   
Basic Income/(Loss) Per Share:                                  
Income/(Loss) from continuing operations   $ 0.07       $ (0.01 )         $ (0.05 )       $ (1.08 )    
Income from discontinued operations     -         -             -           0.01      
Basic Net Income/(Loss) Per Share   $ 0.07       $ (0.01 )         $ (0.05 )       $ (1.07 )    
                                   
Diluted Income/(Loss) Per Share:                                  
Income/(Loss) from continuing operations   $ 0.07       $ (0.01 )         $ (0.05 )       $ (1.08 )    
Income from discontinued operations     -         -             -           0.01      
Diluted Net Income/(Loss) Per Share   $ 0.07       $ (0.01 )         $ (0.05 )       $ (1.07 )    
                                   
Shares:                                  
Basic     60,725         60,353             60,580           60,231      
Diluted     61,709         60,353             60,580           60,231      
                                   

 

                       
Financial Results For the Fourth Quarter
of Fiscal Year 2015
(Amounts in thousands)
(Unaudited)
            June 2,         June 3,
CONDENSED BALANCE SHEETS           2015         2014
Assets                    
Cash and Cash Equivalents         $ 75,331         $ 51,326
Receivables           5,287           4,861
Inventories           20,411           21,174
Income Tax Receivable           -           2,133
Deferred Income Taxes, Net           -           3,397
Prepaid Rent and Other Expenses           13,181           12,216
Assets Held for Sale             5,453           4,683
                     
Total Current Assets           119,663           99,790
                     
Property and Equipment, Net           752,174           794,846
Other Assets             57,554           61,791
                     
Total Assets         $ 929,391         $ 956,427
                     
Liabilities                    

Current Portion of Long Term Debt, including Capital Leases

        $ 10,861         $ 4,816
Income Tax Payable     1,069           -
Other Current Liabilities           99,234           109,007
                     
Total Current Liabilities           111,164           113,823
                     
Long-Term Debt, including Capital Leases           234,173           253,875
Deferred Income Taxes, Net           1,442           3,500
Deferred Escalating Minimum Rents           50,768           48,827
Other Deferred Liabilities           66,261           75,193
                     
Total Liabilities           463,808           495,218
                     
Shareholders' Equity           465,583           461,209
                     

Total Liabilities and Shareholders' Equity

        $ 929,391         $ 956,427
                     

 

                                           
Non-GAAP Reconciliation Table
Reconciliation of Adjusted EBITDA, Adjusted Net Income / (Loss) From Continuing Operations, and Adjusted EPS
(Amounts in thousands except per share amounts)
(Unaudited)                                        
      52 Weeks   13 Weeks   13 Weeks   13 Weeks   13 Weeks   52 Weeks   13 Weeks   13 Weeks   13 Weeks   13 Weeks
      Ended   Ended   Ended   Ended   Ended   Ended   Ended   Ended   Ended   Ended
      June 2,   June 2,   March 3,   December 2,   September 2,   June 3,   June 3,   March 4,   December 3,   September 3,
      2015   2015   2015   2014   2014   2014   2014   2014   2013   2013
                                           
  Net (Loss)/Income from Continuing Operations   $ (3,194 )   $ 4,283   $ (769 )   $ (9,273 )   $ 2,565     $ (64,910 )   $ (881 )   $ (7,393 )   $ (34,737 )   $ (21,899 )
                                           
  Depreciation     50,148       12,547     12,405       12,538       12,658       54,828       13,377       13,327       13,915       14,209  
  Amortization of Intangibles     2,243       525     556       581       581       2,519       586       585       683       665  
  Interest Expense, Net     22,735       5,952     5,446       5,915       5,422       24,945       5,605       5,967       6,620       6,753  
  Provision/(Benefit) for Income Taxes from Continuing Operations     (1,911 )     1,430     (112 )     (595 )     (2,634 )     (4,665 )     3,205       (807 )     (1,910 )     (5,153 )
  EBITDA   $ 70,021     $ 24,737   $ 17,526     $ 9,166     $ 18,592     $ 12,717     $ 21,892     $ 11,679     $ (15,429 )   $ (5,425 )
  Closures and Impairments(1)     10,542       3,994     3,991       1,075       1,482       32,831       6,884       3,771       14,143       8,033  
  Executive Transition (2)     -       -     -       -       -       1,188       213       190       355       430  
  Intangible Impairment Costs(3)     -       -     -       -       -       855       -       855       -       -  
  Severance & Other Corporate Restructuring Charges     -       -     -       -       -       4,095       -       464       2,564       1,067  
  Loss on Extinguishment of Debt(4)     -       -     -       -       -       1,364       181       -       672       511  
                                           
  Adjusted EBITDA   $ 80,563     $ 28,731   $ 21,517     $ 10,241     $ 20,074     $ 53,050     $ 29,170     $ 16,959     $ 2,305     $ 4,616  
                                           
  Net Income/(Loss) from Continuing Operations   $ (3,194 )   $ 4,283   $ (769 )   $ (9,273 )   $ 2,565     $ (64,910 )   $ (881 )   $ (7,393 )   $ (34,737 )   $ (21,899 )
                                           
  Closures and Impairments (net of tax)(1)(5)     6,358       2,409     2,407       648       894       19,800       4,152       2,274       8,530       4,845  
  Executive Transition (net of tax)(2)(5)     -       -     -       -       -       716       128       115       214       259  
  Intangible Impairment Costs (net of tax)(3)(5)     -       -     -       -       -       516       -       516       -       -  
  Severance & Other Corporate Restructuring Charges (net of tax)(5)     -       -     -       -       -       2,470       -       280       1,546       644  
  Loss on Extinguishment of Debt (net of tax)(4)(5)     -       -     -       -       -       823       109       -       405       308  
  Debt Prepay Penalties & Deferred Financing Fees (net of tax)(5) (6)    

705

      482     -      

223

      -       1,167       -       -       1,167       -  
  Income Tax Valuation Allowance (7)     (3,174 )     -     -       -       (3,174 )     -       -       -       -       -  
                                           
  Adjusted Net Income/(Loss) from Continuing Operations   $

695

    $ 7,174   $ 1,638     $

(8,402

)   $ 285     $ (39,418 )   $ 3,508     $ (4,209 )   $ (22,875 )   $ (15,843 )
                                           
                                           
  Income/(Loss) Per Share from Continuing Operations (8)   $ (0.05 )   $ 0.07   $ (0.01 )   $ (0.15 )   $ 0.04     $ (1.08 )   $ (0.01 )   $ (0.12 )   $ (0.58 )   $ (0.36 )
                                           
  Adjusted EPS (8)   $ 0.01     $ 0.12   $ 0.03     $ (0.14 )   $ 0.00     $ (0.65 )   $ 0.06     $ (0.07 )   $ (0.38 )   $ (0.26 )
                                           
  Basic Shares Outstanding     60,580       60,725     60,643       60,534       60,419       60,231      

60,353

      60,351       60,196       60,026  
                                           
  Diluted Shares Outstanding     61,390       61,709     61,506       60,534       61,053       60,231      

60,895

      60,351       60,196       60,026  
                                         

May not add due to rounding

                                       
                                         

(1)

Includes impairments, lease reserves, and closing cost adjustments.

(2)

Includes search fees, signing and retention bonuses, relocation, and travel-related expenses resulting from Executive transitions.

(3)

Q3 FY14 relates to the Lime Fresh trademark impairment.

(4)

Includes loss on extinguishment of debt not included in interest expense.

(5)

Adjusted for taxes based on a statutory tax rate of 39.69%.

(6)

Debt prepayment penalties and the write-off of deferred financing fees are classified within Interest expense and included in EBITDA calculation and therefore not a separate add-back for Adjusted EBITDA.

(7)

Represents an immaterial prior period correction to our deferred tax valuation allowance.

(8)

Net Income and Adjusted Net Income per share figures are calculated based on diluted shares outstanding whereas Net Loss and Adjusted Net Loss per share figures are calculated based on basic shares outstanding.

         

SOURCE Ruby Tuesday, Inc.

Contact:

Jill Golder
Ruby Tuesday, Inc.
Corporate Relations
865-379-5700
EVP & Chief Financial Officer

Dominique Piccolo
Ruby Tuesday, Inc.
Analyst Relations
865-379-5725
Director, Treasury and Investor Relations  

###

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