>CARLSBAD, Calif., May 13, 2009 (GLOBE NEWSWIRE) — Rubio’s(r) Restaurants, Inc. (Nasdaq:RUBO) today announced financial results for the 13-week first quarter ended March 29, 2009.
First Quarter Results
Revenues rose 9.9% to $46.3 million from $42.2 million for the 13- week quarter in 2008.
Comparable store sales increased 1.9%, versus a comparable store sales decrease of 3.3% for the same quarter last year. The impact of increased average check more than offset a decline in customer visits.
Net income was $245,000 as compared to a net loss of $(745,000) for the same quarter last year.
Earnings per share was $0.02 per share as compared to a loss per share of $(0.07) for the same quarter last year.
Restaurant operating margins (see definition below) were 15.7% as compared to 13.7% for the same quarter last year. As a percentage of restaurant sales, restaurant labor remained consistent, while cost of sales decreased by 230 basis points and restaurant occupancy and other costs rose by 20 basis points.
Pre-opening expense decreased to $171,000 as compared to $219,000 for the same quarter last year. We opened 5 restaurants by early May of this year as compared to 7 by the same time last year.
General and administrative expenses were $4.1 million in the first quarter of 2009 compared to $4.6 million in the first quarter of 2008. Lower wages and wage-related expense due to our restructuring in Q1 of last year, lower non-cash stock compensation expenses and a reduction in costs associated with cancelled development deals were the primary drivers behind the improvement.
Adjusted EBITDA (see table below) increased 134.8% to $3.2 million from $1.4 million for the same quarter last year, driven by a $1.7 million increase in operating income.
Average unit volumes for the trailing 52 weeks were $1,008,000 as compared to $1,026,000 for the same quarter last year.
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