Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 29, 2013 | Nov. 01, 2013 | Nov. 01, 2013 | |
Unvested Restricted Stock [Member] | Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Ruths Hospitality Group, Inc. | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 625,945 | 35,601,374 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001324272 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 29-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance SheetsbUnaudited (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,277 | $7,909 |
Accounts receivable, less allowance for doubtful accounts 2013 - $765; 2012 - $378 | 10,224 | 11,295 |
Inventory | 7,038 | 7,921 |
Assets held for sale | 0 | 1,153 |
Prepaid expenses and other | 1,926 | 1,863 |
Deferred income taxes | 2,034 | 1,855 |
Total current assets | 26,499 | 31,996 |
Property and equipment, net of accumulated depreciation 2013 - $121,935; 2012 - $112,292 | 91,957 | 89,979 |
Goodwill | 22,097 | 22,097 |
Franchise rights | 32,200 | 32,200 |
Trademarks | 10,676 | 10,676 |
Other intangibles, net of accumulated amortization 2013 - $2,643; 2012 - $2,456 | 5,864 | 6,031 |
Deferred income taxes | 31,677 | 35,472 |
Other assets | 2,357 | 2,906 |
Total assets | 223,327 | 231,357 |
Current liabilities: | ' | ' |
Accounts payable | 9,508 | 13,126 |
Accrued payroll | 14,951 | 16,023 |
Accrued expenses | 7,283 | 7,097 |
Deferred revenue | 20,289 | 31,214 |
Other current liabilities | 7,681 | 7,189 |
Total current liabilities | 59,712 | 74,649 |
Long-term debt | 37,000 | 45,000 |
Deferred rent | 23,056 | 24,358 |
Other liabilities | 4,682 | 4,962 |
Total liabilities | 124,450 | 148,969 |
Commitments and contingencies (Note 12) | 0 | 0 |
Shareholders' equity: | ' | ' |
Common stock, par value $.01 per share; 100,000,000 shares authorized, 34,974,309 shares issued and outstanding at September 29, 2013 34,434,858 shares issued and outstanding at December 30, 2012 | 350 | 344 |
Additional paid-in capital | 168,427 | 167,403 |
Accumulated deficit | -69,900 | -85,359 |
Treasury stock, at cost; 71,950 shares at September 29, 2013 and December 30, 2012 | 0 | 0 |
Total shareholders' equity | 98,877 | 82,388 |
Total liabilities and shareholders' equity | $223,327 | $231,357 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance SheetsbUnaudited (Parentheticals) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $765 | $378 |
Property and equipment, accumulated depreciation (in Dollars) | 121,935 | 112,292 |
Other intangibles, accumulated amortization (in Dollars) | $2,643 | $2,456 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 34,974,309 | 34,434,858 |
Common stock, shares outstanding (in Shares) | 34,974,309 | 34,434,858 |
Treasury stock, shares (in Shares) | 71,950 | 71,950 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss)bUnaudited (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Revenues: | ' | ' | ' | ' |
Restaurant sales | $84,376 | $80,901 | $282,304 | $268,674 |
Franchise income | 3,498 | 3,256 | 10,809 | 9,955 |
Other operating income | 708 | 177 | 4,645 | 3,081 |
Total revenues | 88,582 | 84,334 | 297,758 | 281,710 |
Costs and expenses: | ' | ' | ' | ' |
Food and beverage costs | 26,462 | 25,732 | 87,411 | 85,966 |
Restaurant operating expenses | 46,788 | 44,842 | 144,006 | 138,591 |
Marketing and advertising | 2,036 | 2,206 | 7,636 | 6,344 |
General and administrative costs | 7,257 | 5,969 | 21,849 | 19,082 |
Depreciation and amortization expenses | 3,061 | 3,577 | 9,804 | 10,923 |
Pre-opening costs | 317 | 145 | 460 | 266 |
Gain on settlements | -2,156 | 0 | -2,156 | 0 |
Total costs and expenses | 83,765 | 82,471 | 269,010 | 261,172 |
Operating income | 4,817 | 1,863 | 28,748 | 20,538 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -415 | -680 | -1,346 | -1,759 |
Debt issuance costs written-off | 0 | 0 | 0 | -807 |
Other | -92 | 16 | -54 | 89 |
Income from continuing operations before income tax expense | 4,310 | 1,199 | 27,348 | 18,061 |
Income tax expense | 1,370 | 320 | 7,788 | 5,296 |
Income from continuing operations | 2,940 | 879 | 19,560 | 12,765 |
Income (loss) from discontinued operations, net of income taxes | -53 | -77 | -1,246 | -35 |
Net income | 2,887 | 802 | 18,314 | 12,730 |
Preferred stock dividends | 0 | 0 | 0 | 514 |
Accretion of preferred stock redemption value | 0 | 0 | 0 | 73 |
Excess of redemption value over carrying value of preferred shares redeemed | 0 | 0 | 0 | 35,776 |
Net income (loss) applicable to preferred and common shareholders | $2,887 | $802 | $18,314 | ($23,633) |
Basic earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.08 | $0.02 | $0.57 | ($0.69) |
Discontinued operations (in Dollars per share) | $0 | $0 | ($0.04) | $0 |
Basic earnings (loss) per share (in Dollars per share) | $0.08 | $0.02 | $0.53 | ($0.69) |
Diluted earnings (loss) per common share: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.08 | $0.02 | $0.55 | ($0.69) |
Discontinued operations (in Dollars per share) | $0 | $0 | ($0.04) | $0 |
Diluted earnings (loss) per share (in Dollars per share) | $0.08 | $0.02 | $0.51 | ($0.69) |
Shares used in computing net income (loss) per common share: | ' | ' | ' | ' |
Basic (in Shares) | 34,956,353 | 34,373,629 | 34,688,579 | 34,283,068 |
Diluted (in Shares) | 35,795,508 | 35,185,209 | 35,729,451 | 34,283,068 |
Dividends declared per common share (in Dollars per share) | $0.04 | $0 | $0.08 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Shareholdersb EquitybUnaudited (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 25, 2011 | $341 | $200,524 | ($101,225) | ' | $99,640 |
Balance (in Shares) at Dec. 25, 2011 | 34,150 | ' | ' | 72 | ' |
Net income | ' | ' | 12,730 | ' | 12,730 |
Preferred stock dividends | ' | ' | -514 | ' | -514 |
Accretion of preferred stock redemption value | ' | -73 | ' | ' | -73 |
Excess of redemption value over carrying value of Preferred Shares redeemed | ' | -35,776 | ' | ' | -35,776 |
Shares issued under stock compensation plan including tax effects | 3 | 326 | ' | ' | 329 |
Shares issued under stock compensation plan including tax effects (in Shares) | 224 | ' | ' | ' | ' |
Stock-based compensation | ' | 1,632 | ' | ' | 1,632 |
Balance at Sep. 23, 2012 | 344 | 166,633 | -89,009 | ' | 77,968 |
Balance (in Shares) at Sep. 23, 2012 | 34,374 | ' | ' | 72 | ' |
Balance at Dec. 30, 2012 | 344 | 167,403 | -85,359 | ' | 82,388 |
Balance (in Shares) at Dec. 30, 2012 | 34,434 | ' | ' | 72 | ' |
Net income | ' | ' | 18,314 | ' | 18,314 |
Preferred stock dividends | ' | ' | ' | ' | 0 |
Excess of redemption value over carrying value of Preferred Shares redeemed | ' | ' | ' | ' | 0 |
Dividends | ' | ' | -2,854 | ' | -2,854 |
Shares issued under stock compensation plan including tax effects | 5 | -1,819 | ' | ' | -1,814 |
Shares issued under stock compensation plan including tax effects (in Shares) | 540 | ' | ' | ' | ' |
Excess tax benefit from stock based compensation | ' | 985 | ' | ' | 985 |
Stock-based compensation | ' | 1,858 | ' | ' | 1,858 |
Balance at Sep. 29, 2013 | $350 | $168,427 | ($69,900) | ' | $98,877 |
Balance (in Shares) at Sep. 29, 2013 | 34,974 | ' | ' | 72 | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash FlowsbUnaudited (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Net income | $18,314 | $12,730 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 9,804 | 10,923 |
Deferred income taxes | 3,615 | 2,611 |
Non-cash interest expense | 315 | 363 |
Debt issuance costs written-off | 0 | 807 |
Loss on the disposal of property and equipment, net | 3 | 0 |
Amortization of below market lease | 97 | 97 |
Stock-based compensation expense | 1,858 | 1,632 |
Accounts receivables | 1,071 | 3,766 |
Inventories | 883 | 472 |
Prepaid expenses and other | -63 | -966 |
Other assets | 233 | 48 |
Accounts payable and accrued expenses | -6,726 | -2,880 |
Deferred revenue | -10,925 | -7,689 |
Deferred rent | -1,302 | 429 |
Other liabilities | 1,627 | 472 |
Net cash provided by operating activities | 18,804 | 22,815 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -10,882 | -8,703 |
Proceeds from sale of property and equipment | 1,104 | 0 |
Net cash used in investing activities | -9,778 | -8,703 |
Cash flows from financing activities: | ' | ' |
Principal borrowings on long-term debt | 6,500 | 71,500 |
Principal repayments on long-term debt | -14,500 | -24,500 |
Redemption of Series A 10% redeemable convertible preferred stock | 0 | -59,740 |
Income tax benefits from the vesting of restricted stock | 985 | 0 |
Proceeds from exercise of stock options | 161 | 328 |
Tax payments pertaining to the vesting of restricted stock | -1,974 | 0 |
Dividend payments | -2,830 | -1,103 |
Deferred financing costs | 0 | -610 |
Net cash used in financing activities | -11,658 | -14,125 |
Net decrease in cash and cash equivalents | -2,632 | -13 |
Cash and cash equivalents at beginning of period | 7,909 | 3,925 |
Cash and cash equivalents at end of period | 5,277 | 3,912 |
Cash paid during the period for: | ' | ' |
Interest, net of capitalized interest | 1,061 | 1,462 |
Income taxes | 2,382 | 1,388 |
Noncash investing and financing activities: | ' | ' |
Excess accrual-based acquisition of property and equipment | $782 | ($410) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash FlowsbUnaudited (Parentheticals) | Sep. 23, 2012 |
Series A 10% redeemable convertible preferred stock | 10.00% |
Note_1_The_Company_and_Basis_o
Note 1 - The Company and Basis of Presentation | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
(1) The Company and Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Ruth’s Hospitality Group, Inc. and its subsidiaries (collectively, the Company) as of September 29, 2013 and December 30, 2012 and for the thirteen and thirty-nine weeks ended September 29, 2013 and September 23, 2012 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The consolidated financial statements include the financial statements of Ruth’s Hospitality Group, Inc. and its wholly owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. | |
Ruth’s Hospitality Group, Inc. is a leading restaurant company focused on the upscale dining segment. The Company owns the Ruth’s Chris Steak House, Mitchell’s Fish Market, Columbus Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse concepts. | |
As of September 29, 2013, there were 138 Ruth’s Chris Steak House restaurants, of which 63 were Company-owned, 74 were franchisee-owned, and one location was operating under a management agreement. All Company-owned restaurants are located in the United States. The franchisee-owned restaurants include seventeen international restaurants in Aruba, Canada, China (Hong Kong), El Salvador, Japan, Mexico, Singapore, Taiwan, and the United Arab Emirates. A Ruth’s Chris Steak House located at Harrah’s Casino in Cherokee, NC operates under a management agreement between the Company and the Eastern Band of Cherokee Indians. The management fee and our share of the income from the Cherokee, NC location are included in other operating income in the accompanying condensed consolidated statements of income (loss). | |
Three new Ruth’s Chris Steak House locations opened during the thirty-nine weeks ended September 29, 2013, including a second franchise restaurant located in San Juan in April 2013, a franchise restaurant located in Chattanooga, TN in July 2013 and a franchise restaurant opened in early 2013 in Las Vegas, NV under a licensing agreement with Harrah’s Casino. The fee from the licensing agreement is included in franchise income in the accompanying condensed consolidated statements of income (loss). Due to an expiring lease term, the Company closed its Ruth’s Chris Steak House location in Phoenix, AZ, on March 31, 2013 after twenty-seven years of operation. The Company-owned Ruth’s Chris Steak House location in Houston, TX was relocated in July 2013. A franchise restaurant located in Dubai was closed in July 2013. | |
The Company also operates 19 Mitchell’s Fish Markets and three Cameron’s/Mitchell’s Steakhouse restaurants, located primarily in the Mid-west and Florida. | |
The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. The interim results of operations for the periods ended September 29, 2013 and September 23, 2012 are not necessarily indicative of the results that may be achieved for the full year. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC’s rules and regulations. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2012. | |
The Company operates on a 52- or 53-week fiscal year ending on the last Sunday in December. The fiscal quarters ended September 29, 2013 and September 23, 2012 each contained 13 weeks and are referred to herein as the third quarter of fiscal year 2013 and the third quarter of fiscal year 2012, respectively. Fiscal year 2013 is a 52-week year and fiscal year 2012 was a 53-week year. | |
Estimates | |
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reporting of revenue and expenses during the periods to prepare these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill, franchise rights, trademarks and obligations related to workers’ compensation and medical insurance. Actual results could differ from those estimates. | |
Reclassifications | |
The operating results of a closed location (see Note 10) have been reclassified to the discontinued operations line of the condensed consolidated statements of income (loss). These reclassifications had no effect on previously reported net income. | |
Recent Accounting Pronouncements for Future Application | |
Accounting standards that have been issued by the Financial Accounting Standards Board (FASB) or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Note_2_Redeemable_Convertible_
Note 2 - Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
(2) Redeemable Convertible Preferred Stock | |
In February 2010, the Company issued and sold 25,000 shares of Preferred Stock to Bruckmann, Rosser, Sherrill & Co. Management, L.P. and affiliates (BRS) in a private placement transaction. The Company received proceeds of $23.2 million, net of approximately $1.8 million in closing and issuance costs. The Preferred Stock was classified as temporary shareholders’ equity since the shares had certain conditions that allowed the holder to redeem the Preferred Stock for cash, and for which redemption was not solely within the control of the Company. | |
Each share of the Preferred Stock had an initial liquidation preference of $1,000. The holders of the Preferred Stock were entitled to quarterly dividends accruing at a 10% annual rate. The Preferred Stock was also convertible, under certain circumstances, into the number of shares of the Company’s common stock equal to the quotient of the liquidation preference, including accrued dividends, divided by the conversion price. Using the liquidation preference of $25.0 million as of December 25, 2011, a conversion of Preferred Stock into the Company’s common stock would have resulted in the issuance of 8,620,690 additional common shares. The Preferred Stock was convertible at any time, at the option of the holders. The Company had the option to convert the Preferred Stock, in whole or in part, after February 12, 2012 if the closing price of the Company’s common stock equaled or exceeded 225% of the then applicable conversion price for a period of 20 trading days over any 30 consecutive trading day period. At the option of the Company, the Preferred Stock could have been redeemed on or after February 12, 2015 without regard to the Company’s stock price. At the option of the holders, the Preferred Stock could have been redeemed on or after February 12, 2017. The redemption price per share was to equal the liquidation preference, including any accrued dividends. In accordance with FASB Accounting Standards Codification (ASC) Topic 480-10-S99, the Company was accreting the carrying value of Preferred Stock to its redemption value of $25 million from the date of issuance to the earliest redemption date, February 12, 2015. | |
On March 8, 2012, the Company repurchased all of the outstanding Preferred Stock for $60.2 million. The purchase price, which includes payment of all accrued and unpaid dividends owed on the Preferred Stock, was funded using borrowings from the Company’s $100 million senior credit facility. After the repurchase and retirement of the Preferred Stock, the Company’s fully diluted common share base decreased by approximately 8.6 million shares and the 10% annual dividend on the preferred stock, which amounted to $2.5 million in fiscal year 2011, was eliminated. The Company recorded a reduction of net income applicable to shareholders of approximately $35.8 million in the first quarter of fiscal year 2012 to reflect the excess of the redemption value over the financial statement carrying value of the preferred shares redeemed. In connection with the repurchase of Preferred Stock, the BRS director designee resigned from his position as a member of the Company’s Board of Directors. |
Note_3_LongTerm_Debt
Note 3 - Long-Term Debt | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
(3) Long-term Debt | |||||||||
Long-term debt consists of the following (in thousands): | |||||||||
September 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Senior Credit Facility: | |||||||||
Revolving credit facility | $ | 37,000 | $ | 45,000 | |||||
Less current maturities | - | - | |||||||
$ | 37,000 | $ | 45,000 | ||||||
As of September 29, 2013, the Company had an aggregate of $37.0 million of outstanding indebtedness under its senior credit facility at a weighted average interest rate of 2.7% with approximately $58.9 million of borrowings available, net of outstanding letters of credit of approximately $4.1 million. The 2.7% weighted average rate includes a 2.2% interest rate on outstanding indebtedness, plus fees on the Company’s unused borrowing capacity and outstanding letters of credit. | |||||||||
On February 14, 2012, the Company entered into a Second Amended and Restated Credit Agreement with Wells Fargo Bank, as administrative agent, and certain other lenders (the Amended and Restated Credit Agreement). The Amended and Restated Credit Agreement allows for loan advances plus outstanding letters of credit of up to $100.0 million to be outstanding at any time that the conditions for borrowings are met. The Amended and Restated Credit Agreement sets the interest rates applicable to borrowings based on the Company’s actual leverage ratio, ranging (a) from 2.00% to 2.75% above the applicable LIBOR rate or (b) at the Company’s option, from 1.00% to 1.75% above the applicable base rate. | |||||||||
The Amended and Restated Credit Agreement contains customary covenants and restrictions, including, but not limited to: (1) prohibitions on incurring additional indebtedness and from guaranteeing obligations of others; (2) prohibitions on creating, incurring, assuming or permitting to exist any lien on or with respect to any property or asset; (3) limitations on the Company’s ability to enter into joint ventures, acquisitions, and other investments; (4) prohibitions on directly or indirectly creating or becoming liable with respect to certain contingent liabilities; and (5) restrictions on directly or indirectly declaring, ordering, paying, or making any restricted junior payments. The Amended and Restated Credit Agreement requires the Company to maintain a fixed charge coverage ratio of 1.25:1.00 and the maximum leverage ratio of 2.50:1.00. The agreement was amended in May 2013 to reset the limit applicable to junior stock payments, which include both cash dividend payments and repurchase of common and preferred stock. Junior stock payments made subsequent to December 30, 2012 through the end of the agreement are limited to $100 million; $2.8 million of such payments had been made as of September 29, 2013. The Company’s obligations under the Amended and Restated Credit Agreement are guaranteed by each of its existing and future subsidiaries and are secured by substantially all of its assets and a pledge of the capital stock of its subsidiaries. The Amended and Restated Credit Agreement includes customary events of default. As of September 29, 2013, the Company was in compliance with the covenants under the Amended and Restated Credit Agreement. | |||||||||
As a result of the February 2012 amendment, $100 thousand of legal fees were incurred in the first quarter of fiscal year 2012. In addition, $807 thousand of previously deferred debt issuance costs were written off because the participants of the lending group changed. |
Note_4_Shareholders_Equity
Note 4 - Shareholders' Equity | 9 Months Ended | ||||||||||
Sep. 29, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||
(4) Shareholders’ Equity | |||||||||||
On May 3, 2013, the Company announced that the Board of Directors approved a common stock repurchase program. Under the program the Company may from time to time purchase up to $30 million of its outstanding common stock. The share repurchases will be made at the Company’s discretion, within pricing parameters set by the Board of Directors, in the open market or in negotiated transactions depending on share price, market conditions or other factors. As of September 29, 2013, no shares have been repurchased under the common stock repurchase program. | |||||||||||
The Company’s Board of Directors declared the following dividends during the periods presented (amounts in thousands, except per share amounts): | |||||||||||
Declaration Date | Dividend per | Record Date | Total | Payment Date | |||||||
Share | Amount | ||||||||||
Fiscal Year 2013: | |||||||||||
3-May-13 | $ | 0.04 | 16-May-13 | $ | 1,430 | 30-May-13 | |||||
24-Jul-13 | $ | 0.04 | 15-Aug-13 | $ | 1,424 | 29-Aug-13 | |||||
Subsequent to the end of the third quarter of fiscal year 2013, the Company’s Board of Directors declared a $0.04 per share cash dividend ($1.4 million in total) payable on November 26, 2013. |
Note_5_Fair_Value_Measurements
Note 5 - Fair Value Measurements | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block [Abstract] | ' |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' |
(5) Fair Value Measurements | |
The carrying amounts of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to their short duration. Borrowings classified as long-term debt as of September 29, 2013 have variable interest rates that reflect currently available terms and conditions for similar debt. The carrying amount of this debt is a reasonable estimate of its fair value (Level 2). | |
During the third quarter of fiscal year 2013, the Company had no assets or liabilities measured on a recurring or nonrecurring basis subject to the disclosure requirements of “Fair Value Measurements and Disclosures,” FASB ASC Topic 820. |
Note_6_Segment_Information
Note 6 - Segment Information | 9 Months Ended | |||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||
(6) Segment Information | ||||||||||||||||||
The Ruth’s Chris Steak House, Mitchell’s Fish Market and Cameron’s Steakhouse restaurant concepts in North America are managed as operating segments. The concepts operate within the full-service dining industry, providing similar products to similar customers. Revenues from external customers are derived principally from food and beverage sales. The Company does not rely on any major customers as a source of revenue. | ||||||||||||||||||
For financial reporting purposes, the Company has determined that is has three reportable segments: Company-owned steakhouse restaurants, Company-owned fish market restaurants and franchise operations. The Company-owned Ruth’s Chris Steak House and Cameron’s Steakhouse restaurants are both included in the Company-owned steakhouse restaurant segment. As of September 29, 2013, (i) the Company-owned steakhouse restaurant segment included 63 Ruth’s Chris Steak House restaurants, three Cameron’s Steakhouse restaurants and one Ruth’s Chris Steak House restaurant operating under a management agreement,(ii) the Company-owned fish market restaurant segment included 19 Mitchell’s Fish Market restaurants and (iii) the franchise operations segment included 74 franchisee-owned Ruth’s Chris Steak House restaurants. Because the Company-owned steakhouse restaurant operating margins, measured by segment profit as a percentage of segment revenue, have been greater than the operating margins of the Company-owned fish market restaurants, the results of those segments are reported separately. Segment profits for the Company-owned steakhouse and fish market restaurant segments equals segment revenues less segment expenses. Segment revenues for the Company-owned steakhouse and fish market restaurant segments include restaurant sales, management agreement income and other restaurant income. Revenue from unredeemed gift cards is not allocated to operating segments. Segment expenses for the Company-owned steakhouse and fish market restaurant segments include food and beverage costs and restaurant operating expenses. No other operating costs are allocated to the segments for the purpose of determining segment profits because such costs are not directly related to the operation of individual restaurants. Except for health care costs, the accounting policies applicable to each segment are consistent with the policies used to prepare the consolidated financial statements; health care costs are allocated to the Company-owned steakhouse and fish market restaurant segments based on annual budgeted health care costs. Not all operating expenses are allocated to operating segments. The profit of the franchise operations segment equals franchise income, which consists of franchise royalty fees and franchise opening fees. No costs are allocated to the franchise operations segment. Segment information related to the Company’s three reportable business segments follows (in thousands): | ||||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenues: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 68,490 | $ | 64,504 | $ | 232,700 | $ | 218,021 | ||||||||||
Company-owned fish market restaurants | 16,694 | 16,934 | 52,154 | 52,374 | ||||||||||||||
Franchise operations | 3,498 | 3,256 | 10,809 | 9,955 | ||||||||||||||
Unallocated other revenue and revenue discounts | (100 | ) | (360 | ) | 2,095 | 1,360 | ||||||||||||
Total revenues | $ | 88,582 | $ | 84,334 | $ | 297,758 | $ | 281,710 | ||||||||||
Segment profits: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 10,527 | $ | 9,415 | $ | 47,071 | $ | 40,502 | ||||||||||
Company-owned fish market restaurants | 1,146 | 1,292 | 5,078 | 5,209 | ||||||||||||||
Franchise operations | 3,498 | 3,256 | 10,809 | 9,955 | ||||||||||||||
Total segment profit | 15,171 | 13,963 | 62,958 | 55,666 | ||||||||||||||
Unallocated operating income | 161 | (203 | ) | 3,383 | 1,487 | |||||||||||||
Marketing and advertising expenses | (2,036 | ) | (2,206 | ) | (7,636 | ) | (6,344 | ) | ||||||||||
General and administrative costs | (7,257 | ) | (5,969 | ) | (21,849 | ) | (19,082 | ) | ||||||||||
Depreciation and amortization expenses | (3,061 | ) | (3,577 | ) | (9,804 | ) | (10,923 | ) | ||||||||||
Pre-opening costs | (317 | ) | (145 | ) | (460 | ) | (266 | ) | ||||||||||
Gain on settlements | 2,156 | 0 | 2,156 | 0 | ||||||||||||||
Interest expense, net | (415 | ) | (680 | ) | (1,346 | ) | (1,759 | ) | ||||||||||
Debt issuance costs written off | 0 | 0 | 0 | (807 | ) | |||||||||||||
Other income (expense) | (92 | ) | 16 | (54 | ) | 89 | ||||||||||||
Income from continuing operations before income tax expense | $ | 4,310 | $ | 1,199 | $ | 27,348 | $ | 18,061 | ||||||||||
Capital expenditures: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 3,094 | $ | 2,445 | $ | 8,565 | $ | 6,708 | ||||||||||
Company-owned fish market restaurants | 668 | 295 | 1,569 | 927 | ||||||||||||||
Corporate assets | 848 | 449 | 1,511 | 657 | ||||||||||||||
Total capital expenditures | $ | 4,610 | $ | 3,189 | $ | 11,645 | $ | 8,292 | ||||||||||
September 29, | December 30, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Total assets: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 142,163 | $ | 143,573 | ||||||||||||||
Company-owned fish market restaurants | 32,183 | 32,430 | ||||||||||||||||
Franchise operations | 1,545 | 1,920 | ||||||||||||||||
Corporate assets - unallocated | 15,759 | 17,962 | ||||||||||||||||
Deferred income taxes - unallocated | 31,677 | 35,472 | ||||||||||||||||
Total assets | $ | 223,327 | $ | 231,357 | ||||||||||||||
There are 74 Ruth’s Chris Steak House franchise locations, including 17 international locations. During the third quarters of fiscal years 2013 and 2012, franchise income attributable to international locations was $0.7 million and $0.6 million, respectively. During the first thirty-nine weeks of fiscal years 2013 and 2012, franchise income attributable to international locations was $2.1 million and $1.9 million, respectively. During the thirty-nine weeks ended September 29, 2013, three new Ruth’s Chris Steak House franchise locations opened, including a second franchise restaurant located in San Juan in April 2013, a franchise restaurant located in Chattanooga in July 2013 and a location in Las Vegas, NV operating under a license agreement with the Company. A franchise restaurant located in Dubai was closed in July 2013. In January 2013, the Company signed an agreement with the Ko Group for the development of four new franchised Ruth’s Chris Steak House restaurants to be opened in the People’s Republic of China over the next three years. |
Note_7_StockBased_Employee_Com
Note 7 - Stock-Based Employee Compensation | 9 Months Ended |
Sep. 29, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
(7) Stock-Based Employee Compensation | |
At the Annual Meeting of Stockholders of the Company held on May 30, 2013, the stockholders of the Company approved the proposed amendment to the Company’s Amended and Restated 2005 Equity Incentive Plan to, among other things, increase the number of shares covered by the Plan by 2,000,000 shares to 5,862,500 shares, extend the Plan’s expiration date to May 30, 2018, and approve the material terms of performance goals under the Plan. | |
Under the 2000 Stock Option Plan, there were 9,527 shares of common stock issuable upon exercise of currently outstanding options at September 29, 2013 and no future grants are able to be made. Under the Amended and Restated 2005 Equity Incentive Plan, at September 29, 2013 there were 1,308,137 shares of common stock issuable upon exercise of currently outstanding options, 625,945 currently outstanding restricted stock awards and 2,437,287 shares available for future grants. Outstanding restricted stock is not included in common stock outstanding amounts. Total stock compensation expense recognized during the third quarters of fiscal years 2013 and 2012 was $0.5 million and $0.6 million, respectively. Total stock compensation expense recognized for the first thirty-nine weeks of September 29, 2013 and September 23, 2012 was $1.9 million and $1.6 million, respectively. |
Note_8_Settlement_of_Gain_Cont
Note 8 - Settlement of Gain Contingency | 9 Months Ended |
Sep. 29, 2013 | |
Settlement Of Gain Contingency [Abstract] | ' |
Settlement Of Gain Contingency [Text Block] | ' |
(8) Settlement of Gain Contingency | |
During the third quarter of fiscal year 2013, the Company settled two casualty loss claims which previously arose and recognized an aggregate gain of $2.2 million, net of fees incurred. The majority of the gain pertained to compensation awarded by the claims administrator pursuant to the settlement agreement reached in litigation related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
(9) Income Taxes | |||||||||
A reconciliation of the U.S. statutory rate to the effective rate applicable to continuing operations for the first thirty-nine weeks of fiscal years 2013 and 2012 follows: | |||||||||
39 Weeks Ended | |||||||||
September 29, | September 23, | ||||||||
2013 | 2012 | ||||||||
Income tax expense at statutory rates | 35 | % | 35 | % | |||||
Increase (decrease) in income taxes resulting from: | |||||||||
State income taxes, net of federal benefit | 4.1 | % | 4.6 | % | |||||
Federal employment tax credits | -9.4 | % | -13.6 | % | |||||
Prior year state credits | -2.2 | % | 0 | % | |||||
Other | 1 | % | 3.3 | % | |||||
Effective tax rate | 28.5 | % | 29.3 | % | |||||
Income tax expense (benefit) is allocated to discontinued operations based on the marginal tax impact of discontinued operations. The Company’s effective tax rate for combined income from continuing operations and discontinued operations was 31.7% and 26.0% for the third quarters of fiscal years 2013 and 2012, respectively. The Company’s effective tax rate for combined income from continuing operations and discontinued operations was 27.7% and 29.2% for the first thirty-nine weeks of fiscal years 2013 and 2012, respectively. During the first thirty-nine weeks of fiscal year 2013, the Company recognized a state income tax benefit for employment related tax credits aggregating $1.0 million based on qualified employee wages during the years 2006 through 2012. These prior year state tax credits resulted in a discrete $600 thousand reduction (net of federal and state tax consequences) in income tax expense. Approximately half of the benefit will be realized on a carryback basis by amending prior year state income tax returns and management expects that the remainder of the benefit will be realized on a carryforward basis. Pursuant to state legislation enacted in July 2013, restaurant companies will not be able to claim credits for employees hired after January 1, 2014 and the carryforward period for existing credits is limited to ten years. | |||||||||
The Company files consolidated and separate income tax returns in the United States Federal jurisdiction and many state jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal income or state tax examinations for years before 2009. |
Note_10_Discontinued_Operation
Note 10 - Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
(10) Discontinued Operations | |||||||||||||||||
The Company accounts for its closed restaurants in accordance with the provisions of “Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets,” FASB ASC Topic 360-10. Therefore, when a restaurant is closed, and the restaurant is either held for sale or abandoned, the restaurant’s operations are eliminated from the ongoing operations. Accordingly, the operations of such restaurants, net of applicable income taxes, are presented as discontinued operations and prior period operations of such restaurants, net of applicable income taxes, are reclassified. | |||||||||||||||||
Discontinued operations consist of the following (in thousands): | |||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
September 29, | September 23, | September 29, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | $ | - | $ | 461 | $ | 808 | $ | 1,800 | |||||||||
Income (loss) before income taxes | $ | (86 | ) | $ | (114 | ) | $ | (2,033 | ) | $ | (77 | ) | |||||
Income (loss) from discontinued operations, net of income taxes | $ | (53 | ) | $ | (77 | ) | $ | (1,246 | ) | $ | (35 | ) | |||||
In March 2013, the Company closed the Ruth’s Chris Steak House located in Phoenix, AZ after twenty-seven years of operation. As the closing of this restaurant coincided with the termination of the lease agreement, the Company did not incur significant expenses related to closing this location. The results of operations with respect to this location for all periods prior to closing have been reclassified and are now included in discontinued operations in the accompanying condensed consolidated statements of income (loss). | |||||||||||||||||
The Company accounts for the exit costs in accordance with the provisions of “Exit or Disposal Cost Obligations,” FASB ASC Topic 420, which requires that such costs be expensed in the periods when such costs are incurred. All of the losses incurred are included in discontinued operations in the accompanying consolidated statements of income (loss). In August 2005, the Company ceased operations at its location near the United Nations in Manhattan. The Company has remaining lease commitments of $0.6 million per fiscal year through September 2016. The Company entered into a sublease agreement in April 2011 in order to recover some of the amounts due under the remaining lease term. As of December 30, 2012, the Company had recorded a contingent lease liability of $0.8 million related to this property which was net of a contra-liability for the present value of anticipated sublease income. In March 2013, the subtenant vacated the property. The Company has commenced legal proceedings to recover all amounts due. Loss from discontinued operations for the first thirty-nine weeks of 2013 includes the impact of a remeasurement of our lease exit costs. The remeasurement included (a) the write-off of the $1.4 million contra liability and (b) the write-off of past due rent and utility amounts owed by the subtenant. The loss before income taxes on discontinued operations for the first thirty-nine weeks of 2013 includes $1.2 million from the location near the United Nations in Manhattan. As of September 29, 2013, the recorded contingent lease liability was $1.9 million and the subtenant owed the Company $570 thousand for past due rent and utilities. |
Note_11_Earnings_Per_Share
Note 11 - Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
(11) Earnings Per Share | |||||||||||||||||
Basic earnings per common share is computed under the two-class method as provided in “Earnings Per Share,” FASB ASC Topic 260. Under the two-class method a portion of net income is allocated to participating securities, such as the Company’s Preferred Stock, and therefore is excluded from the calculation of earnings per share allocated to common shares. Diluted earnings per common share is computed by dividing the net income applicable to common shareholders for the period by the weighted average number of common and potential common shares outstanding during the period. Net income, in both the basic and diluted earnings per common share calculations, is reduced by the Preferred Stock dividends and accretion of the Preferred Stock to its redemption value. Additionally, net income for the thirty-nine weeks ended September 23, 2012 in both the basic and diluted earnings per share calculations was reduced by the excess of the redemption value over the carrying value of the preferred shares redeemed. | |||||||||||||||||
Diluted earnings per share for the third quarters of fiscal years 2013 and 2012 excludes stock options and restricted shares of 159,909 and 848,607, respectively, which were outstanding during the period but were anti-dilutive. The weighted average exercise prices of the anti-dilutive stock options for third quarters of fiscal years 2013 and 2012 were $18.67 and $10.18 per share, respectively. | |||||||||||||||||
Diluted earnings per share for the first thirty-nine weeks of fiscal year 2013 and 2012 excludes stock options and restricted shares of 234,830 and 745,562, respectively, which were outstanding during the period but were anti-dilutive. Diluted earnings per share for the first thirty-nine weeks ended September 23, 2012 also excludes the 8,620,690 shares of common stock issuable upon the conversion of 25,000 shares of Preferred Stock, which were outstanding until their repurchase and retirement on March 8, 2012, but were anti-dilutive. The weighted average exercise prices of the anti-dilutive stock options for the thirty-nine weeks of fiscal years 2013 and 2012 were $18.66 and $11.59 per share, respectively. | |||||||||||||||||
The following table sets forth the computation of basic earnings per share (amounts in thousands, except share and per share amounts): | |||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
September 29, | September 23, | September 29, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 2,940 | $ | 879 | $ | 19,560 | $ | 12,765 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (53 | ) | (77 | ) | (1,246 | ) | (35 | ) | |||||||||
Net income | 2,887 | 802 | 18,314 | 12,730 | |||||||||||||
Preferred stock dividends | - | - | - | 514 | |||||||||||||
Accretion of preferred stock redemption value | - | - | - | 73 | |||||||||||||
Excess of redemption value over carrying value of preferred stock redeemed | - | - | - | 35,776 | |||||||||||||
Undistributed net income (loss) | 2,887 | 802 | 18,314 | (23,633 | ) | ||||||||||||
Undistributed net income (loss) allocated to preferred shareholders | - | - | - | - | |||||||||||||
Net income (loss) applicable to common shareholders | $ | 2,887 | $ | 802 | $ | 18,314 | $ | (23,633 | ) | ||||||||
Shares: | |||||||||||||||||
Weighted average number of common shares outstanding - basic | 34,956,353 | 34,373,629 | 34,688,579 | 34,283,068 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.02 | $ | 0.57 | $ | (0.69 | ) | ||||||||
Discontinued operations | - | - | (0.04 | ) | - | ||||||||||||
Basic earnings per common share | $ | 0.08 | $ | 0.02 | $ | 0.53 | $ | (0.69 | ) | ||||||||
The following table sets forth the computation of diluted earnings per share (amounts in thousands, except share and per share amounts): | |||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
September 29, | September 23, | September 29, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 2,940 | $ | 879 | $ | 19,560 | $ | 12,765 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (53 | ) | (77 | ) | (1,246 | ) | (35 | ) | |||||||||
Net income | 2,887 | 802 | 18,314 | 12,730 | |||||||||||||
Preferred stock dividends | - | - | - | 514 | |||||||||||||
Accretion of preferred stock redemption value | - | - | - | 73 | |||||||||||||
Excess of redemption value over carrying value of preferred stock redeemed | - | - | - | 35,776 | |||||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | 2,887 | $ | 802 | $ | 18,314 | $ | (23,633 | ) | ||||||||
Shares: | |||||||||||||||||
Weighted average number of common shares outstanding - basic | 34,956,353 | 34,373,629 | 34,688,579 | 34,283,068 | |||||||||||||
Dilutive shares | 839,155 | 811,580 | 1,040,872 | - | |||||||||||||
Dilutive convertible preferred stock | - | - | - | - | |||||||||||||
Weighted-average number of common shares outstanding - diluted | 35,795,508 | 35,185,209 | 35,729,451 | 34,283,068 | |||||||||||||
Diluted earnings per common share: | |||||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.02 | $ | 0.55 | $ | (0.69 | ) | ||||||||
Discontinued operations | - | - | (0.04 | ) | - | ||||||||||||
Diluted earnings per common share | $ | 0.08 | $ | 0.02 | $ | 0.51 | $ | (0.69 | ) | ||||||||
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(12) Commitments and Contingencies | |
The Company is subject to various claims, possible legal actions, and other matters arising in the normal course of business. Management does not expect disposition of these other matters to have a material adverse effect on the financial position, results of operations or liquidity of the Company. The Company expenses legal fees as incurred. | |
The legislation and regulations related to tax and unclaimed property matters are complex and subject to varying interpretations by both government authorities and taxpayers. The Company remits a variety of taxes and fees to various governmental authorities, including excise taxes, property taxes, sales and use taxes, and payroll taxes. The taxes and fees remitted by the Company are subject to review and audit by the applicable governmental authorities which could assert claims for additional assessments. Although management believes that the tax positions are reasonable and consequently there are no accrued liabilities for claims which may be asserted, various taxing authorities may challenge certain of the positions taken by the Company which may result in additional liability for taxes and interest. These tax positions are reviewed periodically based on the availability of new information, the lapsing of applicable statutes of limitations, the conclusion of tax audits, the identification of new tax contingencies, or the rendering of relevant court decisions. An unfavorable resolution of assessments by a governmental authority could negatively impact our results of operations and cash flows in future periods. | |
The Company is subject to unclaimed or abandoned property (escheat) laws which require the Company to turn over to certain state governmental authorities the property of others held by the Company that has been unclaimed for specified periods of time. The Company is subject to audit by individual U.S. states with regard to its escheatment practices. During fiscal year 2012, the Company agreed to pay $2.5 million to settle certain liabilities pertaining to unclaimed property returns which had not been filed timely, which was paid during the first quarter of fiscal year 2013. The settlement liability was previously accrued and did not affect the fiscal year 2012 or fiscal year 2013 income statements. During fiscal years 2013 and 2014, management expects to enter into settlement discussions with other states in an effort to settle liabilities pertaining to unclaimed property returns which have not been filed timely. Management does not expect the settlement of these liabilities to have a material adverse effect on the financial position, results of operations or liquidity of the Company. | |
The Company currently buys a majority of its beef from two suppliers. Although there are a limited number of beef suppliers, management believes that other suppliers could provide similar product on comparable terms. A change in suppliers, however, could cause supply shortages and a possible loss of sales, which would affect operating results adversely. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Fair Value Measurement, Policy [Policy Text Block] | ' |
The carrying amounts of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to their short duration. Borrowings classified as long-term debt as of September 29, 2013 have variable interest rates that reflect currently available terms and conditions for similar debt. The carrying amount of this debt is a reasonable estimate of its fair value (Level 2). | |
During the third quarter of fiscal year 2013, the Company had no assets or liabilities measured on a recurring or nonrecurring basis subject to the disclosure requirements of “Fair Value Measurements and Disclosures,” FASB ASC Topic 820. |
Note_3_LongTerm_Debt_Tables
Note 3 - Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
September 29, | December 30, | ||||||||
2013 | 2012 | ||||||||
Senior Credit Facility: | |||||||||
Revolving credit facility | $ | 37,000 | $ | 45,000 | |||||
Less current maturities | - | - | |||||||
$ | 37,000 | $ | 45,000 |
Note_4_Shareholders_Equity_Tab
Note 4 - Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||
Sep. 29, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Schedule of Dividends Payable [Table Text Block] | ' | ||||||||||
Declaration Date | Dividend per | Record Date | Total | Payment Date | |||||||
Share | Amount | ||||||||||
Fiscal Year 2013: | |||||||||||
3-May-13 | $ | 0.04 | 16-May-13 | $ | 1,430 | 30-May-13 | |||||
24-Jul-13 | $ | 0.04 | 15-Aug-13 | $ | 1,424 | 29-Aug-13 |
Note_6_Segment_Information_Tab
Note 6 - Segment Information (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenues: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 68,490 | $ | 64,504 | $ | 232,700 | $ | 218,021 | ||||||||||
Company-owned fish market restaurants | 16,694 | 16,934 | 52,154 | 52,374 | ||||||||||||||
Franchise operations | 3,498 | 3,256 | 10,809 | 9,955 | ||||||||||||||
Unallocated other revenue and revenue discounts | (100 | ) | (360 | ) | 2,095 | 1,360 | ||||||||||||
Total revenues | $ | 88,582 | $ | 84,334 | $ | 297,758 | $ | 281,710 | ||||||||||
Segment profits: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 10,527 | $ | 9,415 | $ | 47,071 | $ | 40,502 | ||||||||||
Company-owned fish market restaurants | 1,146 | 1,292 | 5,078 | 5,209 | ||||||||||||||
Franchise operations | 3,498 | 3,256 | 10,809 | 9,955 | ||||||||||||||
Total segment profit | 15,171 | 13,963 | 62,958 | 55,666 | ||||||||||||||
Unallocated operating income | 161 | (203 | ) | 3,383 | 1,487 | |||||||||||||
Marketing and advertising expenses | (2,036 | ) | (2,206 | ) | (7,636 | ) | (6,344 | ) | ||||||||||
General and administrative costs | (7,257 | ) | (5,969 | ) | (21,849 | ) | (19,082 | ) | ||||||||||
Depreciation and amortization expenses | (3,061 | ) | (3,577 | ) | (9,804 | ) | (10,923 | ) | ||||||||||
Pre-opening costs | (317 | ) | (145 | ) | (460 | ) | (266 | ) | ||||||||||
Gain on settlements | 2,156 | 0 | 2,156 | 0 | ||||||||||||||
Interest expense, net | (415 | ) | (680 | ) | (1,346 | ) | (1,759 | ) | ||||||||||
Debt issuance costs written off | 0 | 0 | 0 | (807 | ) | |||||||||||||
Other income (expense) | (92 | ) | 16 | (54 | ) | 89 | ||||||||||||
Income from continuing operations before income tax expense | $ | 4,310 | $ | 1,199 | $ | 27,348 | $ | 18,061 | ||||||||||
Capital expenditures: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 3,094 | $ | 2,445 | $ | 8,565 | $ | 6,708 | ||||||||||
Company-owned fish market restaurants | 668 | 295 | 1,569 | 927 | ||||||||||||||
Corporate assets | 848 | 449 | 1,511 | 657 | ||||||||||||||
Total capital expenditures | $ | 4,610 | $ | 3,189 | $ | 11,645 | $ | 8,292 | ||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||
September 29, | December 30, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Total assets: | ||||||||||||||||||
Company-owned steakhouse restaurants | $ | 142,163 | $ | 143,573 | ||||||||||||||
Company-owned fish market restaurants | 32,183 | 32,430 | ||||||||||||||||
Franchise operations | 1,545 | 1,920 | ||||||||||||||||
Corporate assets - unallocated | 15,759 | 17,962 | ||||||||||||||||
Deferred income taxes - unallocated | 31,677 | 35,472 | ||||||||||||||||
Total assets | $ | 223,327 | $ | 231,357 |
Note_9_Income_Taxes_Tables
Note 9 - Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
39 Weeks Ended | |||||||||
September 29, | September 23, | ||||||||
2013 | 2012 | ||||||||
Income tax expense at statutory rates | 35 | % | 35 | % | |||||
Increase (decrease) in income taxes resulting from: | |||||||||
State income taxes, net of federal benefit | 4.1 | % | 4.6 | % | |||||
Federal employment tax credits | -9.4 | % | -13.6 | % | |||||
Prior year state credits | -2.2 | % | 0 | % | |||||
Other | 1 | % | 3.3 | % | |||||
Effective tax rate | 28.5 | % | 29.3 | % |
Note_10_Discontinued_Operation1
Note 10 - Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
September 29, | September 23, | September 29, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | $ | - | $ | 461 | $ | 808 | $ | 1,800 | |||||||||
Income (loss) before income taxes | $ | (86 | ) | $ | (114 | ) | $ | (2,033 | ) | $ | (77 | ) | |||||
Income (loss) from discontinued operations, net of income taxes | $ | (53 | ) | $ | (77 | ) | $ | (1,246 | ) | $ | (35 | ) |
Note_11_Earnings_Per_Share_Tab
Note 11 - Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
September 29, | September 23, | September 29, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 2,940 | $ | 879 | $ | 19,560 | $ | 12,765 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (53 | ) | (77 | ) | (1,246 | ) | (35 | ) | |||||||||
Net income | 2,887 | 802 | 18,314 | 12,730 | |||||||||||||
Preferred stock dividends | - | - | - | 514 | |||||||||||||
Accretion of preferred stock redemption value | - | - | - | 73 | |||||||||||||
Excess of redemption value over carrying value of preferred stock redeemed | - | - | - | 35,776 | |||||||||||||
Undistributed net income (loss) | 2,887 | 802 | 18,314 | (23,633 | ) | ||||||||||||
Undistributed net income (loss) allocated to preferred shareholders | - | - | - | - | |||||||||||||
Net income (loss) applicable to common shareholders | $ | 2,887 | $ | 802 | $ | 18,314 | $ | (23,633 | ) | ||||||||
Shares: | |||||||||||||||||
Weighted average number of common shares outstanding - basic | 34,956,353 | 34,373,629 | 34,688,579 | 34,283,068 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.02 | $ | 0.57 | $ | (0.69 | ) | ||||||||
Discontinued operations | - | - | (0.04 | ) | - | ||||||||||||
Basic earnings per common share | $ | 0.08 | $ | 0.02 | $ | 0.53 | $ | (0.69 | ) | ||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||||
September 29, | September 23, | September 29, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 2,940 | $ | 879 | $ | 19,560 | $ | 12,765 | |||||||||
Income (loss) from discontinued operations, net of income taxes | (53 | ) | (77 | ) | (1,246 | ) | (35 | ) | |||||||||
Net income | 2,887 | 802 | 18,314 | 12,730 | |||||||||||||
Preferred stock dividends | - | - | - | 514 | |||||||||||||
Accretion of preferred stock redemption value | - | - | - | 73 | |||||||||||||
Excess of redemption value over carrying value of preferred stock redeemed | - | - | - | 35,776 | |||||||||||||
Net income (loss) applicable to preferred and common shareholders | $ | 2,887 | $ | 802 | $ | 18,314 | $ | (23,633 | ) | ||||||||
Shares: | |||||||||||||||||
Weighted average number of common shares outstanding - basic | 34,956,353 | 34,373,629 | 34,688,579 | 34,283,068 | |||||||||||||
Dilutive shares | 839,155 | 811,580 | 1,040,872 | - | |||||||||||||
Dilutive convertible preferred stock | - | - | - | - | |||||||||||||
Weighted-average number of common shares outstanding - diluted | 35,795,508 | 35,185,209 | 35,729,451 | 34,283,068 | |||||||||||||
Diluted earnings per common share: | |||||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.02 | $ | 0.55 | $ | (0.69 | ) | ||||||||
Discontinued operations | - | - | (0.04 | ) | - | ||||||||||||
Diluted earnings per common share | $ | 0.08 | $ | 0.02 | $ | 0.51 | $ | (0.69 | ) |
Note_1_The_Company_and_Basis_o1
Note 1 - The Company and Basis of Presentation (Details) | Sep. 29, 2013 |
Company-owned Steakhouse Restaurants [Member] | Management Agreement Operating Unit [Member] | Ruth's Chris Steak House [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 1 |
Company-owned Steakhouse Restaurants [Member] | Ruth's Chris Steak House [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 63 |
Company-owned Steakhouse Restaurants [Member] | Cameron's/Mitchell's Steakhouse [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 3 |
Franchise Operations [Member] | Opened During Period [Member] | Ruth's Chris Steak House [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 3 |
Franchise Operations [Member] | Ruth's Chris Steak House [Member] | International [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 17 |
Franchise Operations [Member] | Ruth's Chris Steak House [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 74 |
Company-owned Fish Market Restaurants [Member] | Mitchell's Fish Market [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 19 |
Ruth's Chris Steak House [Member] | ' |
Note 1 - The Company and Basis of Presentation (Details) [Line Items] | ' |
Number of Restaurants | 138 |
Note_2_Redeemable_Convertible_1
Note 2 - Redeemable Convertible Preferred Stock (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |
Mar. 08, 2012 | Dec. 25, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Feb. 28, 2010 | |
Redeemable Convertible Preferred Stock [Member] | |||||
Note 2 - Redeemable Convertible Preferred Stock (Details) [Line Items] | ' | ' | ' | ' | ' |
Preferred Stock Issued And Sold During Period (in Shares) | ' | ' | ' | ' | 25,000 |
Proceeds from Issuance of Redeemable Convertible Preferred Stock | ' | ' | ' | ' | $23,200,000 |
Equity Offering Costs | ' | ' | ' | ' | 1,800,000 |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | ' | ' | ' | ' | $1,000 |
Preferred Stock, Dividend Rate, Percentage | 10.00% | ' | ' | ' | 10.00% |
Preferred Stock, Liquidation Preference, Value | ' | 25,000,000 | ' | ' | ' |
Number of Common Stock That Would Have Been Issued Had Preferred Stock Converted (in Shares) | ' | 8,620,690 | ' | ' | ' |
Preferred Stock Conversion Date | ' | 12-Feb-12 | ' | ' | ' |
Closing Price as Percentage of Conversion Price | ' | 225.00% | ' | ' | ' |
Applicable Conversion Price for Period of Trading Days | ' | '20 days | ' | ' | ' |
Consecutive Trading Day Period | ' | '30 days | ' | ' | ' |
Preferred Stock Expected Redemption Date | ' | 12-Feb-15 | ' | ' | ' |
Preferred Stock Redeem Date Option for Holders | ' | 12-Feb-17 | ' | ' | ' |
Preferred Stock, Redemption Amount | ' | 25,000,000 | ' | ' | ' |
Payments for Repurchase of Convertible Preferred Stock | 60,200,000 | ' | 0 | 59,740,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 100,000,000 | ' | ' | ' | ' |
Diluted Common Share Decreased Due to Repurchase of Preferred Stock (in Shares) | 8,600,000 | ' | ' | ' | ' |
Dividend Amount Eliminated | 2,500,000 | ' | ' | ' | ' |
Reduction in Net Income Due to Redemption of Preferred Stock | $35,800,000 | ' | ' | ' | ' |
Note_3_LongTerm_Debt_Details
Note 3 - Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
Sep. 29, 2013 | Sep. 23, 2012 | Mar. 25, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Jun. 30, 2013 | Mar. 08, 2012 | Feb. 14, 2012 | Sep. 29, 2013 | Feb. 14, 2012 | Feb. 14, 2012 | |
Senior Credit Facility [Member] | Maximum [Member] | Minimum [Member] | |||||||||
Note 3 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $37,000,000 | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 58,900,000 | ' | ' |
Letters of Credit Outstanding, Amount (in Dollars) | 4,100,000 | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 100,000,000 | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 2.00% |
Debt Instrument Basis Spread on Base Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 1.00% |
Fixed Charge Coverage Ratio after Amendment | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' |
Maximum Leverage Ratio after Amendment | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' |
Debt Instrument Covenants on Cash Dividend Payments and Repurchases of Common or Preferred Stock (in Dollars) | ' | ' | ' | ' | ' | 2,800,000 | ' | 100,000,000 | ' | ' | ' |
Legal Fees (in Dollars) | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost (in Dollars) | $0 | $0 | $807,000 | $0 | $807,000 | ' | ' | ' | ' | ' | ' |
Note_3_LongTerm_Debt_Details_S
Note 3 - Long-Term Debt (Details) - Summary of Long-Term Debt (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Senior Credit Facility: | ' | ' |
Revolving credit facility | $37,000 | $45,000 |
Less current maturities | 0 | 0 |
$37,000 | $45,000 |
Note_4_Shareholders_Equity_Det
Note 4 - Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended |
3-May-13 | Sep. 29, 2013 | |
Subsequent Event [Member] | ||
Note 4 - Shareholders' Equity (Details) [Line Items] | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $30,000,000 | ' |
Dividends Payable, Amount Per Share (in Dollars per share) | ' | $0.04 |
Dividends Payable | ' | $1,400,000 |
Dividends Payable, Date to be Paid | ' | 26-Nov-13 |
Note_4_Shareholders_Equity_Det1
Note 4 - Shareholders' Equity (Details) - Dividends Declared by Board of Directors (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 |
May 3 2013 Declaration Date [Member] | ' |
Fiscal Year 2013: | ' |
Dividend per share | $0.04 |
Record Date | 16-May-13 |
Total Amount (in Dollars) | $1,430 |
Payment Date | 30-May-13 |
July 24 2013 Declaration Date [Member] | ' |
Fiscal Year 2013: | ' |
Dividend per share | $0.04 |
Record Date | 15-Aug-13 |
Total Amount (in Dollars) | $1,424 |
Payment Date | 29-Aug-13 |
Note_6_Segment_Information_Det
Note 6 - Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Company-owned Steakhouse Restaurants [Member] | Company-owned Steakhouse Restaurants [Member] | Company-owned Steakhouse Restaurants [Member] | Company-owned Fish Market Restaurants [Member] | Franchise Operations [Member] | Franchise Operations [Member] | Franchise Operations [Member] | Franchise Operations [Member] | Franchise Operations [Member] | Franchise Operations [Member] | Ruth's Chris Steak House [Member] | |||||
Management Agreement Operating Unit [Member] | Ruth's Chris Steak House [Member] | Cameron's/Mitchell's Steakhouse [Member] | Mitchell's Fish Market [Member] | Opened During Period [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | ||||||
Ruth's Chris Steak House [Member] | Ruth's Chris Steak House [Member] | International Locations [Member] | International Locations [Member] | International Locations [Member] | International Locations [Member] | ||||||||||
Note 6 - Segment Information (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | ' | ' | ' | ' | 1 | 63 | 3 | 19 | 3 | 17 | ' | 17 | ' | 74 | 138 |
Number of Reportable Segments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Franchise Revenue (in Dollars) | $3,498 | $3,256 | $10,809 | $9,955 | ' | ' | ' | ' | ' | $700 | $600 | $2,100 | $1,900 | ' | ' |
Number Of Franchise Restaurants To Be Developed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | ' |
Note_6_Segment_Information_Det1
Note 6 - Segment Information (Details) - Summary of Segment Revenues, Profit, and Capital Expenditures (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Mar. 25, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Revenues: | ' | ' | ' | ' | ' |
Segment Revenues | $84,376 | $80,901 | ' | $282,304 | $268,674 |
Franchise operations | 3,498 | 3,256 | ' | 10,809 | 9,955 |
Total revenues | 88,582 | 84,334 | ' | 297,758 | 281,710 |
Segment profits: | ' | ' | ' | ' | ' |
Profits | 15,171 | 13,963 | ' | 62,958 | 55,666 |
Unallocated operating income | 708 | 177 | ' | 4,645 | 3,081 |
Marketing and advertising expenses | -2,036 | -2,206 | ' | -7,636 | -6,344 |
General and administrative costs | -7,257 | -5,969 | ' | -21,849 | -19,082 |
Depreciation and amortization expenses | -3,061 | -3,577 | ' | -9,804 | -10,923 |
Pre-opening costs | -317 | -145 | ' | -460 | -266 |
Gain on settlements | 2,156 | 0 | ' | 2,156 | 0 |
Interest expense, net | -415 | -680 | ' | -1,346 | -1,759 |
Debt issuance costs written off | 0 | 0 | -807 | 0 | -807 |
Other income (expense) | -92 | 16 | ' | -54 | 89 |
Income from continuing operations before income tax expense | 4,310 | 1,199 | ' | 27,348 | 18,061 |
Capital expenditures: | ' | ' | ' | ' | ' |
Capital Expenditures | 4,610 | 3,189 | ' | 11,645 | 8,292 |
Company-owned Steakhouse Restaurants [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Segment Revenues | 68,490 | 64,504 | ' | 232,700 | 218,021 |
Segment profits: | ' | ' | ' | ' | ' |
Profits | 10,527 | 9,415 | ' | 47,071 | 40,502 |
Capital expenditures: | ' | ' | ' | ' | ' |
Capital Expenditures | 3,094 | 2,445 | ' | 8,565 | 6,708 |
Company-owned Fish Market Restaurants [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Segment Revenues | 16,694 | 16,934 | ' | 52,154 | 52,374 |
Segment profits: | ' | ' | ' | ' | ' |
Profits | 1,146 | 1,292 | ' | 5,078 | 5,209 |
Capital expenditures: | ' | ' | ' | ' | ' |
Capital Expenditures | 668 | 295 | ' | 1,569 | 927 |
Other Segments [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Unallocated other revenue and revenue discounts | -100 | -360 | ' | 2,095 | 1,360 |
Segment profits: | ' | ' | ' | ' | ' |
Unallocated operating income | 161 | -203 | ' | 3,383 | 1,487 |
Franchise Operations [Member] | ' | ' | ' | ' | ' |
Segment profits: | ' | ' | ' | ' | ' |
Profits | 3,498 | 3,256 | ' | 10,809 | 9,955 |
Corporate Segment [Member] | ' | ' | ' | ' | ' |
Capital expenditures: | ' | ' | ' | ' | ' |
Capital Expenditures | $848 | $449 | ' | $1,511 | $657 |
Note_6_Segment_Information_Det2
Note 6 - Segment Information (Details) - Summary of Segment Assets (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Total assets: | ' | ' |
Total Assets | $223,327 | $231,357 |
Deferred income taxes - unallocated | 31,677 | 35,472 |
Company-owned Steakhouse Restaurants [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 142,163 | 143,573 |
Company-owned Fish Market Restaurants [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 32,183 | 32,430 |
Franchise Operations [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 1,545 | 1,920 |
Corporate Segment [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | $15,759 | $17,962 |
Note_7_StockBased_Employee_Com1
Note 7 - Stock-Based Employee Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | 30-May-13 | Sep. 29, 2013 | Sep. 29, 2013 |
Equity Incentive Plan [Member] | Equity Incentive Plan [Member] | Stock Option Plan [Member] | |||||
Note 7 - Stock-Based Employee Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | ' | ' | 2,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | 5,862,500 | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Shares Issuable | ' | ' | ' | ' | ' | 1,308,137 | 9,527 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | 625,945 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | 2,437,287 | ' |
Share-based Compensation (in Dollars) | $500 | $600 | $1,858 | $1,632 | ' | ' | ' |
Note_8_Settlement_of_Gain_Cont1
Note 8 - Settlement of Gain Contingency (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Settlement Of Gain Contingency [Abstract] | ' | ' | ' | ' |
Gain (Loss) Related to Litigation Settlement | $2,156 | $0 | $2,156 | $0 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Continuing Operations and Discontinued Operations | 31.70% | 26.00% | 27.70% | 29.20% |
Income Tax Credits and Adjustments (in Dollars) | ' | ' | $1,000,000 | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount (in Dollars) | ' | ' | $600,000 | ' |
Note_9_Income_Taxes_Details_Re
Note 9 - Income Taxes (Details) - Reconciliation of the U.S. Statutory Rate to the Effective Rate | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Reconciliation of the U.S. Statutory Rate to the Effective Rate [Abstract] | ' | ' |
Income tax expense at statutory rates | 35.00% | 35.00% |
Increase (decrease) in income taxes resulting from: | ' | ' |
State income taxes, net of federal benefit | 4.10% | 4.60% |
Federal employment tax credits | -9.40% | -13.60% |
Prior year state credits | -2.20% | 0.00% |
Other | 1.00% | 3.30% |
Effective tax rate | 28.50% | 29.30% |
Note_10_Discontinued_Operation2
Note 10 - Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Note 10 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' |
Lease Commitments | $600,000 | ' | $600,000 | ' | ' |
Date of Sublease Agreement | ' | ' | 'April 2011 | ' | ' |
Contingent Lease Liability | 1,900,000 | ' | 1,900,000 | ' | 800,000 |
Writeoff Of Contra Liability | 1,400,000 | ' | 1,400,000 | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -86,000 | -114,000 | -2,033,000 | -77,000 | ' |
Accounts Receivable, Net, Current | 10,224,000 | ' | 10,224,000 | ' | 11,295,000 |
Past Due Rent And Utilities [Member] | ' | ' | ' | ' | ' |
Note 10 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' |
Accounts Receivable, Net, Current | 570,000 | ' | 570,000 | ' | ' |
Manhattan [Member] | ' | ' | ' | ' | ' |
Note 10 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ($1,200,000) | ' | ' |
Note_10_Discontinued_Operation3
Note 10 - Discontinued Operations (Details) - Summary of Discontinued Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Summary of Discontinued Operations [Abstract] | ' | ' | ' | ' |
Revenues | $0 | $461 | $808 | $1,800 |
Income (loss) before income taxes | -86 | -114 | -2,033 | -77 |
Income (loss) from discontinued operations, net of income taxes | ($53) | ($77) | ($1,246) | ($35) |
Note_11_Earnings_Per_Share_Det
Note 11 - Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 159,909 | 848,607 | 234,830 | 745,562 |
Weighted Average Exercise Prices Anti Dilutive Stock Options (in Dollars per share) | $18.67 | $10.18 | $18.66 | $11.59 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Upto On Conversion | ' | ' | ' | 8,620,690 |
Preferred Stock Shares to be Converted | ' | ' | ' | 25,000 |
Note_11_Earnings_Per_Share_Det1
Note 11 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Computation of Basic and Diluted Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $2,940 | $879 | $19,560 | $12,765 |
Income (loss) from discontinued operations, net of income taxes | -53 | -77 | -1,246 | -35 |
Net income | 2,887 | 802 | 18,314 | 12,730 |
Preferred stock dividends | 0 | 0 | 0 | 514 |
Accretion of preferred stock redemption value | 0 | 0 | 0 | 73 |
Excess of redemption value over carrying value of preferred stock redeemed | 0 | 0 | 0 | 35,776 |
Undistributed net income (loss) | 2,887 | 802 | 18,314 | -23,633 |
Undistributed net income (loss) allocated to preferred shareholders | 0 | 0 | 0 | 0 |
Net income (loss) available to common shareholders/Net income (loss) applicable to preferred and common shareholders | $2,887 | $802 | $18,314 | ($23,633) |
Shares: | ' | ' | ' | ' |
Weighted average number of common shares outstanding - basic (in Shares) | 34,956,353 | 34,373,629 | 34,688,579 | 34,283,068 |
Dilutive shares (in Shares) | 839,155 | 811,580 | 1,040,872 | 0 |
Dilutive convertible preferred stock (in Shares) | 0 | 0 | 0 | 0 |
Weighted-average number of common shares outstanding - diluted (in Shares) | 35,795,508 | 35,185,209 | 35,729,451 | 34,283,068 |
Diluted earnings per common share: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.08 | $0.02 | $0.55 | ($0.69) |
Discontinued operations (in Dollars per share) | $0 | $0 | ($0.04) | $0 |
Diluted earnings per common share (in Dollars per share) | $0.08 | $0.02 | $0.51 | ($0.69) |
Basic earnings per common share: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | $0.08 | $0.02 | $0.57 | ($0.69) |
Discontinued operations (in Dollars per share) | $0 | $0 | ($0.04) | $0 |
Basic earnings per common share (in Dollars per share) | $0.08 | $0.02 | $0.53 | ($0.69) |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 26, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation Settlement, Amount | $2.50 |