Rubio's Restaurants, Inc. (NASDAQ:RUBO) owns and operates “fast-casual” Mexican restaurants under the Rubio's Fresh Mexican Grill name with restaurants located in CA, AZ, NV, CO and UT.
Rubio's restaurants serve fresh and affordable Mexican cuisine, including char-grilled chicken, steak and fresh seafood items, such as burritos, tacos and quesadillas inspired by the Baja, California region of Mexico.
Rubio's also licenses its concept to other restaurant operators for three non-traditional locations in the San Diego and Los Angeles areas of California at Petco Park Stadium, the San Diego International Airport food court and the Arrowhead Pond of Anaheim. Majority of the Company's restaurants are in high-traffic retail centers and are not standalone units. Currently, Rubio’s licenses or franchises more than 170 restaurants throughout the southwestern United States.
Rubio's Fresh Mexican Grill is a leader in the high quality, fresh, mexican, fast-casual dining segment, featuring Baja-inspired products. Rubio's operates, licenses or franchises more than 170 restaurants in California, Arizona, Colorado, Utah and Nevada; with its headquarters in Carlsbad, California.
In 1983, Ralph Rubio along with his father and business partner Ray Rubio opened the first Rubio’s – a walk-up stand in Mission Beach. Now each of the over 170 restaurants features design which is reminiscent of the relaxed, warm and inviting atmosphere of Baja California, a coastal state of Mexico.
In addition to char-grilled marinated chicken, lean carne asada steak, and slow-roasted pork carnitas, Rubio's menu features seafood items including grilled mahi mahi and shrimp. Guacamole and a variety of salsas and proprietary sauces are made from scratch daily, and Rubio's uses canola oil with zero grams trans fat per serving. The menu includes tacos, burritos, salads and bowls, quesadillas, HealthMex® offerings which are lower in fat and calories, and domestic and imported beer in most locations.
Rubio's is scheduled to release fourth quarter and full year earnings (FY07-08) earnings at the close of market, Thursday, March 27, 2008. More corporate information will be available at that time. Click here to listen: Conference Call (will take you to another site).
3Q revenues saw a 13.5% boost from last year’s $38.8 million (3Q) to $44 million. Additionally, this 3Q was the highest quarterly revenue experienced by Rubio’s since going public in 1999.
Comparable store sales increased 7.1%, contrasted with an only 1.8% increase same quarter last year. Transactions decreased 2.1% and check average increased 9.4% from the same quarter last year.
Net income increased 22.0% to $732,000 from $600,000 for the same quarter last year. Earnings per share were $0.07 per diluted share as compared to $0.06 per diluted share for the same quarter last year.
Adjusted EBITDA was $3.8 million up 22.6% from last year’s $3.1 million.
Year-to-date revenues compared to last year saw a 15.3% rise from FY06-07’s $111 million to this year’s $128 million.
Comparable store sales increased 7.7% against last year’s increase of 1.0% for the same three quarters. Transactions decreased 1.4% and check average increased 7.7%.
Net income increased 16.2% to $1.4 million from $1.2 million. Earnings per share were $0.14 per diluted share as compared to $0.13 per diluted share for the same three quarters last year.
Adjusted EBITDA was $9.8 million, 25.1% up compared to $7.9 million for the same three quarters of last year.