Ruth’s Hospitality Group, Inc. (RUTH) today reported unaudited financial results for its second quarter ended June 29, 2014.
Highlights for the second quarter of 2014 compared to the second quarter of 2013 were as follows:
Net income was $6.9 million, or $0.19 per diluted share, in the second quarter of 2014 compared to net income of $7.8 million, or $0.22 per diluted share, in the second quarter of 2013.
- Net income in the second quarter of 2013 included a non-recurring $0.6 million income tax benefit pertaining to state employment credits.
- Excluding non-recurring income tax items and results from discontinued operations, non-GAAP diluted earnings per common share was $0.20 in the second quarter of 2014 compared to $0.20 in the second quarter of 2013. The Company believes that non-GAAP earnings per diluted share, which excludes non-recurring and non-operating items from both periods, provides a useful alternative measure of financial performance. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.