Rubio's(R) Restaurants, Inc. (NASDAQ:RUBO) today announced financial results for the second quarter and year-to-date ended July 1, 2007.
Second Quarter Results
* Revenues rose 15.9% to $43.0 million, the highest quarterly revenue the Company has reported since going public in 1999, from $37.2 million for the same quarter last year.
* Comparable store sales increased 7.8%, versus a comparable store sales increase of 0.3% for the same quarter last year. Transactions decreased 2.5% and check average increased 10.5% from the same quarter last year.
* Net income increased 14.6% to $503,000, from $439,000 for the same quarter last year.
* Earnings per share were $0.05 per diluted share as compared to $0.05 per diluted share for the same quarter last year. The second quarter of last year benefited from a $247,000 reversal of the Company's store closure reserve.
* Restaurant operating margins (see definition below) improved 90 basis points to 17.0%, from 16.1% for the same quarter last year.
* Adjusted EBITDA (see table below) was $3.3 million as compared to $2.6 million for the same quarter last year, an increase of 27.4%.
* Average unit volume for the trailing four quarters was a record $1,023,000 per restaurant.
Year-to-Date Results
* Revenues rose 16.3% to $84.0 million, from $72.2 million for the same two quarters last year.
* Comparable store sales increased 8.0%, versus a comparable store sales increase of 0.6% for the same two quarters last year. Transactions decreased 1.1% and check average increased 9.2% from the same two quarters last year.
* Net income increased 10.6% to $698,000, from $631,000 for the same two quarters last year.
* Earnings per share were $0.07 per diluted share as compared to $0.07 per diluted share for the same two quarters last year.
* Restaurant operating margins (see definition below) improved 50 basis points to 16.2%, from 15.7% for the same two quarters of last year.
* Adjusted EBITDA (see table below) was $6.0 million as compared to $4.7 million for the same two quarters of last year, an increase of 27.0%.
"We believe our strong sales performance in the second quarter and year- to-date is evidence that our strategic shift to great taste rather than low price is succeeding," said Dan Pittard, Rubio's President and Chief Executive Officer. "We have made great strides in improving our guests' experience, enhancing the brand and driving our top line growth. We continued to experience higher food costs in the second quarter. However, we are making progress on initiatives that are expected to improve both our food and labor costs."
The differences between Adjusted EBITDA and GAAP net income for the second quarter and year-to-date are as follows:
13 weeks 13 weeks 26 weeks 26 weeks
ended ended ended ended
7/1/07 6/25/06 7/1/07 6/25/06
(in thousands) (in thousands)
Net income $503 $439 $698 $631
Income tax expense 336 263 479 384
Other income (96) (130) (199) (231)
Loss on disposal/sale
of property 32 60 50 74
Store closure reversal 0 (247) 0 (247)
Depreciation and
amortization 2,199 2,069 4,407 3,929
Share-based compensation 277 97 575 193
$3,251 $2,551 $6,010 $4,733
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