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Ruth’s Hospitality: Reconciliation Of Non-Gaap Financial Measures

The following excerpt is from the company's SEC filing.

We prepare our financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Within our investor presentation materials, we make reference to adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), a non-GAAP financial measure. We believe that this measurement represents a useful internal measure of performance. Accordingly, where we provide a non-GAAP measure like Adjusted EBITDA, it is done so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in assessing our underlying performance. However, because Adjusted EBITDA is not determined in accordance with GAAP, it is susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, Adjusted EBITDA as presented may not be directly comparable to a similarly titled measure presented by other companies. Adjusted EBITDA is presented as supplemental information and not as an alternative to any GAAP measurements.

Reconciliation of Non-GAAP Financial Measures - Unaudited

(amounts in thousands)

Fiscal Year

Net income (loss)

(53,883

2,419

15,957

19,549

16,379

22,489

16,455

30,004

Interest expense

10,334

7,756

4,244

2,892

3,171

1,640

1,159

Income tax expense (benefit)

(26,844

5,026

2,963

7,855

10,744

11,830

14,168

Depreciation and amortization expenses

12,757

13,217

12,182

11,516

11,050

10,229

10,917

12,520

Impact of excluding a cumulative catch-up adjustment from a change in accounting estimate related to gift card breakage revenue

1,306

Loss on impairment and asset disposals, net

24,355

9,640

3,262

Restructuring expense (benefit)

5,195

(1,457

Gain on settlements, net

(1,719

Loss (income) on discontinued operations, net of tax

60,546

2,004

10,255

32,460

32,572

36,275

37,185

40,847

46,693

50,616

57,644

(1) The net income (loss) for fiscal years 2008 and 2009 were last reported on Form 10-K for the fiscal years 2012 and 2013, respectively. The operating results of eighteen Mitchell's Fish Market and three Cameron's/Mitchell's Steakhouse restaurants sold in January 2015 and three Ruth's Chris Steak House restaurants closed in 2014 have been reclassified to discontinued operations. These reclassifications had no effect on previously reported net income.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Ruth's Hospitality Group releases salary data. CEO sees compensation rise 210% - April 18, 2016
Statement of acquisition of beneficial ownership by individuals - April 11, 2016