Business
Kura Sushi USA Announces Fiscal First Quarter 2021 Financial Results
IRVINE, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese
About this update from Kura Sushi Usa, Inc.
[{"type":"text","content":"IRVINE, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today provided a COVID-19 business update and reported fiscal first quarter 2021 financial results for the period ended November 30, 2020. COVID-19 Business Update As of November 30, 2020, the Company had 27 restaurants open in some capacity: indoor dining, outdoor dining or takeout only. Due to changes in local guidelines for public activities, the Company reduced certain restaurants’ operating capacities in December, and as of today, the Company had all 29 restaurants open, with 16 of them in California and Washington DC only providing takeout, one restaurant in Illinois only providing outdoor dining and takeout, and the remaining 12 restaurants operating at reduced indoor capacities of 25% to 75% and providing takeout, depending on local requirements. In response to COVID-19, the Company continues to focus on cleaning and sanitizing protocols at its restaurants. The Company has implemented additional training and operating processes for all of its employees, including increased handwashing procedures, the use of face masks and gloves, and requirement to pass a health screening process, which includes a temperature check, before the start of each shift. On September 2, 2020, the Company increased its revolving line of credit to $35 million, and extended the payback period from one year to five years from each borrowing date. In November 2020, the Company borrowed $3 million on the revolver and as of November 30, 2020, the Company had cash and cash equivalents of $2.7 million and $3 million in debt. Subsequent to November 30, 2020, the Company borrowed an additional $6 million. Fiscal First Quarter 2021 Highlights Total sales were $9.4 million, a decrease of $8.0 million compared to the first quarter of 2020;Operating loss was $6.3 million, compared to an operating loss of $1.4 million in the first quarter of 2020;Net loss was $6.4 million, or ($0.76) per diluted share, compared to net loss of $1.2 million, or ($0.15) per diluted share, in the first quarter of 2020. Adjusted net loss* was $6.0 million, or ($0.71) per diluted share, compared to adjusted net loss* of $1.2 million or ($0.15) per diluted share, in the first quarter of 2020;Restaurant-level operating...