Texas Roadhouse offers expanded To-Go and Curbside service options in response to the COVID-19/Coronavirus outbreak
March 19 2020 - 4:35PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), announced today that it has
expanded its “To-Go” program for its company-owned restaurants to
include “curbside” and/or “drive-up” operating models as many
states implement limited or no in-restaurant dining. At this time,
Texas Roadhouse has no domestic restaurants closed due to the
COVID-19/Coronavirus outbreak and is operating restaurants in a
full, limited, or To-Go capacity depending on the store location.
“In the areas where our dining rooms are
temporarily closed, we are committed to serving our communities
across America with ramped-up To-Go, Family Value Packs, and
curbside service,” said Kent Taylor, Founder and CEO of Texas
Roadhouse. “As we know, Texas Roadhouse and the entire foodservice
industry play a vital role in our nation’s food supply and you can
count on us to do our part to support our communities.”
Increasing Cash Reserves
The Company has increased its cash position by
drawing down $190 million under its revolving credit facility to
bolster its already strong cash position. With the draw down, and
existing cash, the Company will have over $300 million in cash on
hand with an option to increase its credit facility by an
additional $200 million.
The increased borrowing was taken as a
precautionary measure to provide enhanced financial flexibility
considering the uncertain market conditions arising from the
COVID-19/Coronavirus pandemic.
2020 Outlook
Due to the current unprecedented global market
and economic conditions in the United States and around the world,
the Company is withdrawing financial guidance for the fiscal year
ending December 29, 2020. The Company plans to provide an
update on the business on its First Quarter earnings call and will
provide updated financial guidance to the extent it can reasonably
estimate the impact of the outbreak and changing market
conditions.
About the Company
Texas Roadhouse is a casual dining concept that
first opened in 1993 and today has grown to over 610 restaurants
system-wide in 49 states and ten foreign countries. For more
information, please visit the Company’s Website at
www.texasroadhouse.com.
Forward-looking
Statements
Certain statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended. These statements include, but are not limited to,
statements related to the potential impact of the
COVID-19/Coronavirus outbreak and other non-historical
statements. Such statements are based upon the current
beliefs and expectations of the management of Texas
Roadhouse. Actual results may vary materially from those
contained in forward-looking statements based on a number of
factors including, without limitation, conditions beyond our
control such as weather, natural disasters, disease outbreaks,
epidemics or pandemics impacting our customers or food supplies;
food safety and food-borne illness concerns; and other factors
disclosed from time to time in our filings with the U.S. Securities
and Exchange Commission. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors include but are not limited to those described under “Part
I—Item 1A. Risk Factors” of our Annual Report on Form 10-K for the
fiscal year ended December 31, 2019. These factors should not be
construed as exhaustive and should be read in conjunction with our
other filings with the Securities and Exchange Commission.
Investors should take such risks into account when making
investment decisions. Shareholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are
made. We undertake no obligation to update any
forward-looking statements, except as required by applicable
law.
Contacts:
Investor RelationsTonya Robinson(502)
515-7269
MediaTravis Doster (502) 638-5457
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