Ruby Tuesday Announces Guam Expansion
MARYVILLE, Tenn.--(BUSINESS WIRE)--Feb. 26, 2007--Ruby Tuesday, Inc. (NYSE: RI), one of the nation's leading casual dining restaurant companies, announced plans for the opening of its first franchised restaurant in Guam in late 2007. The restaurant will be developed and operated by RT Restaurants, LLC. Principle investors in the franchise company include Ron Mullers and Ted Davenport.
Ron Mullers is the developer of Papa Ron's Pizza restaurants and has been a restaurant franchisee in Indonesia for more than 25 years. He has over 35 years of experience in the hospitality business.
Ted Davenport, the current franchisee for highly successful Ruby Tuesdays in Hawaii, is also a principal of a Ruby Tuesday franchisee in Southern California.
"Over a million tourists visit Guam every year, so developing a Ruby Tuesday there creates a huge opportunity for exposure of our brand to people from throughout southeast Asia and Japan," said Mark Ingram, President-Franchising for Ruby Tuesday. "We believe this new franchise will be a spring board for additional development of Ruby Tuesdays in other counties in this part of the world, he added."
About Ruby Tuesday
The Ruby Tuesday concept was born more than 30 years ago, when current Chairman and CEO Sandy Beall opened the first restaurant near the University of Tennessee in Knoxville. Since then, the company has grown to over 900 company-owned and franchised restaurants in 43 states and 15 countries around the world. Ruby Tuesday is aggressively franchising territories in the western United States and in international locations. Ruby Tuesday, Inc. is traded on the New York Stock Exchange (NYSE: RI). More information about the company can be found at www.rubytuesday.com.
Special Note Regarding Forward-Looking Information
This press release contains various "forward-looking statements," which represent the Company's expectations or beliefs concerning future events, including one or more of the following: future financial performance and restaurant growth (both Company-owned and franchised), future capital expenditures, future borrowings and repayment of debt, payment of dividends, stock repurchase, and restaurant and franchise acquisitions. The Company cautions the reader that a number of important factors and uncertainties could, individually or in the aggregate, cause actual results to differ materially from those included in the forward-looking statements, including, without limitation, the following: changes in promotional, couponing and advertising strategies; guests' acceptance of changes in menu items; changes in our guests' disposable income; consumer spending trends and habits; mall-traffic trends; increased competition in the restaurant market; weather conditions in the regions in which Company-owned and franchised restaurants are operated; guests' acceptance of the Company's development prototypes; laws and regulations affecting labor and employee benefit costs, including potential increases in federally mandated minimum wage; costs and availability of food and beverage inventory; the Company's ability to attract qualified managers, franchisees and team members; changes in the availability and cost of capital; impact of adoption of new accounting standards; impact of food-borne illnesses resulting from an outbreak at either Ruby Tuesday or other restaurant concepts; effects of actual or threatened future terrorist attacks in the United States; significant fluctuations in energy prices; and general economic conditions.
CONTACT: Ruby Tuesday, Inc.
Rick Johnson, 865-379-5791
SOURCE: Ruby Tuesday, Inc.