Earniings out. RT worse than before....
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Fiscal Third Quarter 2017 Highlights (13 weeks ended February 28, 2017, compared to the 13 weeks ended March 1, 2016):
Total revenue declined 16.8% to $225.7 million, which included a net reduction of 105 Company-owned Ruby Tuesday restaurants compared to the third quarter of the prior fiscal year.
95 of these restaurants were closed in connection with our Fresh Start Initiative announced on August 11, 2016.
Same-restaurant sales declined 4.0% compared to a 3.1% decrease in the third quarter of the prior fiscal year.
Closures and Impairments expense was $13.4 million compared to $6.1 million in the third quarter of the prior fiscal year.
Net Loss was $19.8 million, or ($0.33) per diluted share, compared to Net Loss of $3.1 million, or ($0.05) per diluted share in the third quarter of the prior fiscal year.
Restaurant level margin* declined 130 basis points to 15.8%.
Adjusted Net Loss* was $3.8 million, or ($0.06) per diluted share, compared to Adjusted Net Income of $1.6 million, or $0.03 per diluted share in the third quarter of the prior fiscal year.
Adjusted EBITDA* was $8.7 million compared to $20.3 million in the third quarter of the prior fiscal year.
As of February 28, 2017, the Company had cash on hand of $32.6 million.
AI
