Business
Kura Sushi USA Provides Business Update Related to COVID-19 and Announces Fiscal Second Quarter 2020 Financial Results
IRVINE, Calif., April 14, 2020 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a fast-growing technology-enabled
About this update from Kura Sushi Usa, Inc.
[{"type":"text","content":"IRVINE, Calif., April 14, 2020 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a fast-growing technology-enabled Japanese restaurant concept, today provided a COVID-19 business update and reported fiscal second quarter financial results for the period ended February 29, 2020.\n COVID-19 Business Update Highlights All 25 restaurants remain temporarily closed;Strong liquidity position with a cash and cash equivalents balance of approximately $24 million and no outstanding debt as of April 13, 2020;Entered into a $20 million Revolving Credit Agreement with Kura Sushi, Inc. (“Kura Sushi Japan”); andApplied for a Payroll Protection Program (“PPP”) loan under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Fiscal Second Quarter 2020 Highlights Total sales increased 28% to $19.4 million, compared to the second quarter of 2019;Comparable restaurant sales growth increased 10.8%;Operating loss was $0.2 million, compared to operating income of $0.3 million in the second quarter of 2019;Net loss was $0.1 million, or ($0.02) per diluted share, compared to net income of $0.2 million, or $0.04 per diluted share in the second quarter of 2019;Restaurant-level contribution* was $3.9 million, compared to $2.9 million in the second quarter of 2019; andAdjusted EBITDA* was $1.4 million, compared to $1.2 million in the second quarter of 2019. * Restaurant-level contribution 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, “With the safety and well-being of our team members and guests as our top priority, we have taken all the necessary actions to adhere to CDC, state, and local guidelines, including temporarily closing all of our restaurants. During these trying times, we are fortunate to have a strong balance sheet with a cash and cash equivalents balance of approximately $24 million and no debt as of April 13, 2020. Our financial stability, combined with other steps we have taken to bolster our liquidity, gives us the confidence that we can weather these challenging economic conditions.” Uba concluded, “We were pleased with our second quart...