Rubio's Restaurants Inc. has reported financial results for the second quarter and first half of the fiscal year ended June 28.
Comparable store sales increased 0.9 percent for the quarter versus a same-store sales decrease of 3.9 percent reported in the same quarter last year. The impact of increased check averages per customer offset a decline in customer visits, according to the company earnings release.
Revenues in the second quarter totaled a record $48.7 million, an 8 percent increase from $45.1 million reported in the same period last year.
Net income was $512,000, or 5 cents per basic and diluted share, an increase of 53 percent from $335,000, or 3 cents per basic and diluted share, reported in the same year-ago quarter. During the quarter, the company recognized a pre-tax, non-cash asset impairment charge of $359,000 due to four underperforming stores, which reduced the second quarter diluted earnings per share by 3 cents.
Rubio's opened three restaurants in the second quarter of 2009, compared with five in the same period a year ago, increasing the total to seven units by the end of the second quarter. Pre-opening expenses in the second quarter of 2009 were $105,000, a decrease of 24 percent from $139,000 in the same quarter last year.
Average unit volume was slightly more than $1 million, virtually unchanged from the same year-ago quarter.
Six month results
Revenue for the first half of 2009 totaled $95.0 million, up 9 percent from $87.3 million in the same year-ago period.
For the first half of 2009, net income was $757,000, or 8 cents per basic and diluted share, an improvement from a net loss of $410,000, or 4 cents per basic and diluted share, in the same year-ago period.
For the first half of 2009, a $1.8 million increase in operating income primarily drove adjusted EBITDA to a record $7.2 million, up 50 percent from $4.8 million in the same year-ago period.
"After adjusting to the sudden downturn in the economy starting in the first quarter of 2008, we continue to be encouraged by our results," said Dan Pittard, Rubio's president and CEO. "On the development side, we continue to be very selective in choosing new unit sites, focusing on mature development areas with fully occupied offices and homes. We also have more than 70 leases coming up for renewal this year and next, and we are working with our landlords to keep renewal rates flat or reduced as the real estate market continues to weaken."
Conference Call
Rubio's will host a conference today at 5 p.m. Eastern time (2 p.m. Pacific time) to discuss the financial results for the quarter and first half of 2009. The conference call will be broadcast simultaneously and available for replay via the investor section of the company's Web site.
