Business
Kura Sushi USA Announces Fiscal Second Quarter 2021 Financial Results
IRVINE, Calif., April 13, 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., April 13, 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 second quarter 2021 financial results for the period ended February 28, 2021. COVID-19 Business Update As of February 28, 2021, the Company had 28 of its 30 restaurants open in some capacity: indoor dining, outdoor dining or takeout only. Due to changes in local guidelines for public activities, the Company increased certain restaurants’ operating capacities starting in March. As of today, the Company has all 31 restaurants, including one new opening in the fiscal third quarter, operating at indoor capacities of 25% to 100%, depending on local requirements. During the second quarter of 2021, the Company borrowed $9.0 million on its revolver and as of February 28, 2021, the Company had cash, cash equivalents and restricted cash of $2.3 million and $12.0 million of debt. Subsequent to the end of the fiscal second quarter, the Company borrowed an additional $2.0 million and on April 9, 2021, the Company increased its revolving line of credit facility to $45 million from $35 million. As permitted under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company recognized a $2.6 million employee retention credit during the fiscal second quarter ended February 28, 2021. Fiscal Second Quarter 2021 Highlights Total sales were $9.1 million compared to $19.4 million in the second quarter of 2020;Operating loss was $3.8 million, compared to an operating loss of $0.2 million in the second quarter of 2020;Net loss was $3.9 million, or ($0.46) per diluted share, compared to net loss of $0.1 million, or ($0.02) per diluted share, in the second quarter of 2020. Adjusted net loss* was $6.5 million, or ($0.78) per diluted share, compared to adjusted net loss* of $0.1 million or ($0.02) per diluted share, in the second quarter of 2020;Restaurant-level operating loss* was $1.3 million;Adjusted EBITDA* was ($4.7) million; andTwo new restaurants opened during the second quarter of 2021. * Adjusted net loss, Restaurant-level operating profit (loss) and Adjusted EBITDA are non-GAAP measures and are defined below under “Key Financial Definitions”. Please see the reconciliation of non-GAAP measures a...