72.6 F
San Diego
Saturday, Jul 13, 2024
-Advertisement-

Lawsuit Settlement Leads to Net Loss for Rubio’s

Carlsbad-based Rubio’s Restaurants Inc. announced a net loss of $4.69 million, or 48 cents a share, including a charge of $4.83 million related to a class action lawsuit settlement, in the fourth quarter, compared with a net loss of $2.45 million, or 26 cents a share, in the like quarter of 2005.

In the March 26 announcement, Rubio’s, traded as RUBO on Nasdaq, also said revenues rose 19.8 percent to $41.3 million from $34.5 million for the 13-week fourth quarter last year. The settlement and related costs resulted in a 49 cent per share charge in 2006.

Comparable store sales increased 4.9 percent during the fourth quarter. Transactions decreased 2 percent and the check average rose 6.9 percent.

Rubio’s announced March 19 that it reached an agreement to settle its previously disclosed class action lawsuit related to how the company classified certain employees under California overtime laws.

The settlement agreement, which is subject to court approval, provides for a settlement payment of $7.5 million payable in three installments.

, Connie Lewis

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-