Business
Kura Sushi USA Announces Fiscal Third Quarter 2021 Financial Results
IRVINE, Calif., July 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., July 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 third quarter 2021 financial results for the period ended May 31, 2021. COVID-19 Business Update As of May 31 2021, the Company had all 31 of its restaurants open with indoor dining capacities of 50% to 100%, depending on local requirements. As of today, the Company has all 32 restaurants operating at an indoor capacity of 100%, including one new restaurant opened in the fiscal fourth quarter. During the third quarter of 2021, the Company borrowed $5.0 million on its revolving line of credit and as of May 31, 2021, the Company had cash and cash equivalents of $4.7 million and $17.0 million of debt. As permitted under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company recognized a $6.3 million employee retention credit during the fiscal third quarter ended May 31, 2021. Fiscal Third Quarter 2021 Highlights Total sales were $18.5 million compared to $2.8 million in the third quarter of 2020;Operating income was $0.9 million, compared to an operating loss of $8.0 million in the third quarter of 2020;Net income was $0.8 million, or $0.09 per diluted share, compared to net loss of $9.2 million, or ($1.10) per diluted share, in the third quarter of 2020.Adjusted net loss* was $4.5 million, or ($0.54) per diluted share, compared to an adjusted net loss* of $10.7 million or ($1.29) per diluted share, in the third quarter of 2020;Restaurant-level operating profit* was $1.1 million;Adjusted EBITDA* was ($2.6) million; andOne new restaurant opened during the third 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 accompanying this release. See also “Non-GAAP Financial Measures” below. Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “We are thrilled with the continued recovery of our restaurants during the fiscal third quarter, characterized by meaningful improvement in sales and restaurant-level profitability, as we slowly increased our dining room capacity in accordance with th...