Ruth's Hospitality Group (RUTH) Misses Q1 EPS by 1c; Approves New $50M Stock Buyback Plan

Ruth's Hospitality Group (NASDAQ: RUTH) reported Q1 EPS of $0.33, $0.01 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $95.9 million versus the consensus estimate of $104.56 million.

Company-owned comparable restaurant sales increased 3.1% in the first quarter.

During the first quarter of 2016, the Company repurchased 732 thousand shares of common stock under the Company’s share repurchase program, for approximately $11.7 million or an average price of $15.92 per share.

On April 20, 2016, subsequent to the end of the first quarter, the Company’s Board of Directors approved a new share repurchase program under which it has authorized the Company to repurchase up to $60 million of its common shares outstanding. The new authorization replaces the Company’s previous $50 million share repurchase program announced in October 2014, which has now been retired. Share repurchases may be made from time to time in the open market, through negotiated transactions or otherwise (including, without limitation, the use of Rule 10b5-1 plans), depending on share price, market conditions and other factors. The Company intends to continue to conduct any open market share repurchase activities in compliance with the safe harbor provisions of Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of its common shares.

At the end of the first quarter of 2016, the Company had $8 million in debt outstanding under its senior credit facility.

For earnings history and earnings-related data on Ruth's Hospitality Group (RUTH) click here.

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