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Ruth’s Hospitality Group, Inc. Reports Fourth Quarter With a Return to Positive Net Income
March 5, 2021 GMT
WINTER PARK, Fla. (BUSINESS WIRE) Mar 5, 2021
Ruth’s Hospitality Group, Inc. (the “Company”) (NASDAQ: RUTH) today provided a business update on the impact of the COVID-19 pandemic and reported unaudited financial results for its fourth quarter and fiscal year ended December 27, 2020.
Business and Liquidity Update:
At the end of the fourth quarter of 2020, 91% (70 of 77) of company-owned and managed restaurants were open, which included 48 restaurants offering limited capacity dining service, three restaurants offering outdoor seating only, and 19 restaurants offering to-go and delivery service only. Beginning in the second half of November, the Company faced an increasing number of local COVID-19 pandemic-related governmental restrictions, including all of the Company�
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“That’s up to Congress it’s not something that we in the administration can do by ourselves,” Mr. Ramamurti said.
Mr. Ramamurti said officials are closely monitoring the data to measure demand and the available funds left in the program.
Congress authorized another $284 billion for the program in the coronavirus relief package lawmakers passed late last year.
Approximately half of the new money is spoken for after the Small Business Administration reopened the program for applications in mid-January.
The $1.9 trillion coronavirus relief package making its way through Congress now includes an additional $7 billion for PPP and expands eligibility for some nonprofit groups, though it doesn’t extend the end-of-March deadline to apply.