Ruth's Q2 earning up, income down; new CEO named - Orlando Business Journal:

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percent jump in seconx quarter revenue, but a 48 percentt decline in net income. The Heathrow-basexd company also announced the hiring ofMichae O'Donnell as its president and CEO. Ruth'a posted net income of $2.8 or 11 cents per on revenueof $108.1 million for the second quarter endedx June 29. That compared with net income of $5.4 million, or 23 cents per share, on revenuwe of $78.4 million for the same period in 2007. Ruth's (Nasdaq: RUTH) attributed the loss in net incomw toa $1.4 million charge related to the departur of former CEO Craig Miller, as well as a non-cash benefit of $1.2 million related to an interest rate according to a news release. Second-quarterr revenue included $23.
1 million from the February acquisition of 22 restaurantsfrom . Company-owned same-restaurant sales for fell 7.1 percenf in the second quarter, which compared with a 0.4 percenyt decrease in the same periodin 2007. Combined average weeklyu sales atthe Mitchell's restaurants were $80,800, versus $86,900 duringv the same period in 2007. Meanwhile, second quartee food and beverage costs as a percentage of restaurantt sales droppedto 30.7 percent when comparerd to the same period the previousd year. This was primarily driven by favorabled beef costs and modestpricer increases, partially offset by higher grocery and dairyu costs, the release said.
Bob Vincent, executived vice president and chieffinanciapl officer, said in a prepared statement that second quarter performancde was consistent with macro-economic challenges in the upscal e dining sector and the restaurant industr as a whole. Ruth's Hospitality continue s to expect fiscal 2008 earnings per share from continuinfg operations of 55 to 60 cents per excluding non-recurring costs associated with Miller'sd departure. About an hour after releasing itsearnings report, Ruth's announced the hiring of O'Donnell. O'Donnelll was previously CEO, presideng and chairman of , whicn sold to the in late 2007. O'Donnelpl also has held executive positionswith , and Roy'e restaurants.