Ruths Hospitality (RUTH) 8-K/A Completion of Acquisition or Disposition of Assets

Exhibit 99.2

To the Stockholder and Member

Selected Franchisee Owned Ruth’s Chris Steak Houses

Baton Rouge, LA

We have compiled the accompanying combined balance sheet of Selected Franchisee Owned Ruth’s Chris Steak Houses as of June 30, 2006, and the related combined statements of operations, changes in stockholder’s deficit and cash flows for the six months then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.

Management has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures and statements were included in the financial statements, they might influence the user’s conclusions about the Companies’ financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

Baton Rouge, Louisiana

September 20, 2006

8550 United Plaza Blvd, Suite 1001    •    Baton Rouge, LA 70809    •    Tel: 225.922.4600    •    Fax: 225.922.4611

SELECTED FRANCHISEE OWNED RUTH’S CHRIS STEAK HOUSES

COMBINED BALANCE SHEET

JUNE 30, 2006

ASSETS

CURRENT ASSETS
Cash and cash equivalents		3,549,542
Accounts receivable		48,906
Inventory		722,100
Prepaid expenses		145,115
Total current assets		4,465,663
PROPERTY AND EQUIPMENT
Furniture, fixtures and equipment		1,930,401
Leasehold improvements		3,327,098
		5,257,499
Less: Accumulated depreciation		(3,199,696	)
Net property and equipment		2,057,803
OTHER ASSETS
Deposits and other		78,611
Cash Surrender Value of Life Insurance		68,967
Total other assets		147,578
TOTAL ASSETS	$	6,671,044

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LIABILITIES AND STOCKHOLDER’S

AND MEMBER’S EQUITY

CURRENT LIABILITIES
Accounts payable		773,023
Accrued expenses		850,122
Related party payable		2,940,000
Deferred revenue		2,556,705
Deferred rent		64,170
Total current liabilities		7,184,020
Deferred rent		1,928,475
Total liabilities		9,112,495
COMMITMENTS AND CONTINGENCIES
STOCKHOLDER’S AND MEMBERS DEFICIT
Combined capital stock - common, 4,100 shares authorized, 300 issued and outstanding no par value		3,000
Additional paid-in capital		4,000
Retained earnings		614,178
Member Capital		(3,062,629	)
Total stockholder’s deficit and Member deficit		(2,441,451	)
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY AND MEMBER’S DEFICIT	$	6,671,044

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SELECTED FRANCHISEE OWNED RUTH’S CHRIS STEAK HOUSES

COMBINED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2006

REVENUE
Restaurant sales		18,591,988
COSTS and EXPENSES
Food and beverage cost		6,364,017
Restaurant operating expenses		8,390,679
Marketing and advertising		307,079
General and administrative		982,119
Depreciation and amortization		78,503
Operating income		2,469,591
OTHER INCOME (EXPENSE)
Interest income		56,572
Interest expense		—
Other miscellaneous income (expense)		9,906
NET INCOME	$	2,536,069

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SELECTED FRANCHISEE OWNED RUTH’S CHRIS STEAK HOUSES

COMBINED STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2006

	Common Stock		Additional Paid-In Capital		Retained Earnings			Member Capital		Total
Balance, December 31, 2005		3,000		4,000		99,373		(3,606,129	)		(3,499,756	)
Distributions						(977,432	)	(500,332	)		(1,477,764	)
Net income						1,492,237		1,043,832			2,536,069
Balance, June 30, 2006	$	3,000	$	4,000	$	614,178		(3,062,629	)	$	(2,441,451	)

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SELECTED FRANCHISEE OWNED RUTH’S CHRIS STEAK HOUSES

COMBINED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2006

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	2,536,069
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization		78,503
Changes in operating assets and liabilities:
Accounts receivable		13,657
Inventory		(6,540	)
Prepaid expenses		(80,115	)
Deposits and other		36,306
Accounts payable		(149,613	)
Accrued expenses		(964,768	)
Deferred revenue		(496,941	)
Deferred rent		(31,009	)
Net cash provided by operating activities		935,549
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to stockholders		(955,464	)
Net advances to related parties		40,000
Net cash used in financing activities		(915,464	)
NET INCREASE IN CASH		20,085
CASH AT BEGINNING OF PERIOD		3,529,457
CASH AT END OF PERIOD	$	3,549,542
Non-Cash Transactions
A non cash distribution for $522,300 was made to distribute an apartment that was owned by the Company to a shareholder.

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