Ruth's Chris Steak House Up in IPO (Repub company alert!)

[JohnLocke]

Ruth's Chris Steak House Up in Initial Public Offering
Associated Press
Tuesday, August 9, 2005
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WASHINGTON (Dow Jones/AP) - Ruth's Chris Steak House Inc. served up a sizzling serving of stock Tuesday, its first day of trading.
The shares of Ruth's Chris rose to close at $20.70 Tuesday on the Nasdaq Stock Market. The Metairie, La., restaurant chain priced 13 million shares at $18 a share, above the expected range of $15 to $17.
Besides its name recognition, Ruth's rising financials - revenue rose 14.6 percent last year and operating income climbed 50.6 percent from the year earlier - helped draw investor interest.
The company is using the proceeds from the offering to pay off debt and to add five to six new restaurants a year for the next several years.
Steakhouse chains have had mixed performances in recent years. Smith & Wollensky Restaurant Group Inc., which went public in 2001 at $8.50 a share, closed Monday at $5.96. Texas Roadhouse Inc., on the other hand, has done well since its debut in October, doubling its IPO price of $17.50 a share to $35.91 at Monday's close.
Ruth's Chris is the largest restaurant IPO since Domino's Pizza Inc. went public in July 2004, and the first restaurant IPO to price above its expected range since last October's Texas Roadhouse, according to Thomson Financial.
(...)
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Read the rest here.
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Ruth's Chris Steak House is notorious for supporting Republicans and right-wing causes. They're a major supporter of the "Center for Consumer Freedom," a front group for gigantic food, tobacco, and alcohol corporations. William L. Hyde, Jr. of Ruth's Chris Steakhouse was a member of the CCF's advisory panel at one point, and the company's president and chief executive, Craig Miller, is the vice chairman of the National Restaurant Association, another industry group. They also paid for an endorsement from Sean Hannity.

[quiet.american]

1. Thanks for info; ironically, they just closed down near me.

The place was always empty; don't know if it was the food or the politics -- this branch was located in a pretty liberal neighborhood.

[JohnLocke]

2. Excellent.

Nobody at DU seems to be interested in this story, but I already have more than ten responses on the "runaway bride mowing lawns" story. Says a lot, doesn't it?

[quiet.american]

3. There's that ole' human nature, again. :) n/t

[KoKo]

7. It's a place for "high rollers" to eat. It's all ala carte and frankly

the steaks aren't any better than other places which focus on "just steaks." It's the kind of place one brings a "client" to when one is on an expense account. My hubby and one of his clients got sick from one of their meals there. They think it was the salad. '

Anyway...it's just not a place most of us care about and if they want to hype the place it doesn't much matter. The stock can be pumped like "Krispy Kreme" and then go down into the gutter when folks find out it's a scam. :shrug:

[Carni]

13. Their side dishes suck and it's over priced

The only decent item they have going are their filets IMO

I had no idea they were a right winged outfit--I will forego them based on their bush support (not that it matters because since Jr got in office I haven't been able to afford to eat there anyway!)

[MADem]

26. Yeah, what is up with those crispy fry things???

Terribly overpriced, you got that right, but you pay for the space between the tables (harder for anyone to overhear you when you are plotting an overthrow or a coup, I guess). I've been to the one in DC with the view of National, but I wasn't paying. I honestly think Morton's is much better...

[Carni]

39. I agree with you

Morton's is also one of those places that don't fit my budget but I like Morton's better than Ruth's Chris!

[T Roosevelt]

5. My guess would be price

that place is so expensive, and to me doesn't hold a candle to Outback (yes, I know, it's RW too, but soooo goood)...

[MissB]

11. That would be my guess as well.

We've walked by it several times during our nights out in town. It always has seating available, but we always decide against it mostly based on price. For the same money, I can get a decent meal and a couple of bottles of wine.

[TroglodyteScholar]

17. Probably neither..

I ate there a couple times in the early 90's when I was an early teen...The food was pretty good, although not outstanding.

I'm guessing they get closed down because of PRICES. That is the absolute most you'll ever pay for a dinner from a chain restaurant. It's really outrageous.

[LibDemAlways]

24. It was probably the prices.

Impossible to come in at much under $100.00 for two - hardly the kind of place you drop in to on a whim.

[AllieB]

4. Their steak isn't very good

i think it has to do with how they age their beef.

[jbane]

6. Best steak I every had....DAMN YOU RUTH'S CHRIS!

[Horse with no Name]

8. I always enjoyed my steak at RC

didn't know they were pub:(

[Carni]

14. Is Morton's a repuke funder as well? EOM

[sendero]

9. I ate there once...

... way back when I was on my first wife, in the early 80s. It was to be a special night out.

The meal was very expensive, even for the time. I expected it to be good. And it was, good. Just good. When I pay 4X the price I would pay at a regular steak house, I expected something more than "good".

Needless to say, it was my first and last visit :)

[Tanuki]

10. Thanks

I'm glad you brought it up, because there is one in the neighborhood of my new work location. I have never eaten there, and now that I know who they are and what they support, I will be sure never to go there!

[madrchsod]

12. may take on this--

you find a good butcher or if your in the country,a meat locker and ask for the best steak they got. fire up the grill or pan then ( after reading the proper way to cook a steak) cook it up. better taste and alot cheaper.

[Carni]

41. Addtionally DO NOT buy *select beef*

If the packaging doesn't say Choice then it's select (and that sucks--trust me on this)

Prime is the best but is almost impossible to find as a joe blow consumer unless you are shopping at Peter Luger's or something.

Costco has good steaks for a very reasonable price and the meat is choice.

[davidinalameda]

15. I should have known something was up

when they didn't serve A-1

[SouthernDem2004]

16. Ack, sauce on a steak! Surely you will burn...

[Horse with no Name]

19. I like ketchup on mine

:)

[SouthernDem2004]

28. Ok, that is just plain wrong. :)

[TroglodyteScholar]

20. At least nobody mentioned ketchup..

I've never seen my father more angry than when he had family over for grilled filet mignon and my uncle asked for ketchup. He wasn't kidding, either. ;)

[mojavekid]

33. No kidding, my old man would go nuts,

when we would take his steaks and turn them into sandwiches...

[davidinalameda]

25. that's one of the reasons I eat steak

is for the sauce

yum

[Dulcinea]

31. Garlic pepper.

Anything else is just WRONG. Ketchup??!! That's for fries!

[kskiska]

18. Hannity's sponsor

He's always giving them BIG plugs.

[CottonBear]

21. You beat me to it: Hannity does their ads.

They constantly run those ads on WSB 750 am in Atlanta. :(

[DiverDave]

22. Ate there once, and ONLY once.

Nice night out with the wife...steaks were mediocre at best, service was TERRIBLE, I guess the waiter decided to concentrate on the 5 top of fat business pukes next to us.

WAY too expensive!

That was in 1997, we haven't been back since.

[LibDemAlways]

23. My brother won a Ruth's Chris gift certificate

in a raffle. I think it was worth $100.00. His meal came in at $96 and they refused to give him his change until he fought for it and asked to speak with the manager.

They are way overpriced, too. The steak is good but not break the bank good. And you'd think for those prices, they could throw in the potato or a small dinner salad. Sheesh.

[Ilsa]

27. I ate there once on someone else's dime.

They asked me if I wanted my steak swimming in butter or drowning in it. I said neither and got the evil eye. Aside from that, I didn't think it was all that great. I thought Lawry's prime rib was better at the time.

I don't eat that stuff anymore, though.

[The_Casual_Observer]

29. What exactly is a "Chris" and why does Ruth possess one?

I have been wondering about this since the first time I saw the ad in the in-flight magazine. Also, they make that steak look really tall in the ad by using a small plate and nothing to compare the size with.

[smirkymonkey]

36. My friends and I called them once and asked what was up with

their incredibly stupid, cumbersome name.

Apparently, it used to be called "Chris Steak House", that is, until some idiot named Ruth bought them out and subsequently named it "Ruth'
s Chris Steak House."

That's right - not even Chris's Steak House, but "Chris Steak House."

Republicans :eyes:

[The_Casual_Observer]

44. Thanks for the data. I'll never forget that one!

:thumbsup:

[truthisfreedom]

30. last time i went there, i realized they marinate their meat. veggies are

always overcooked and mushy. meat, although well-cooked, has a strongly marinated flavor which masks the natural flavor of the beef.

i won't be going back, especially because i can get an excellent steak at several restaraunts in the near vacinity.

[Carni]

43. Funny you should say that-I swear they inject the porterhouses with brine

The PH steaks at RC have the same gel like consistency as the steaks at Applebees (a God awful excuse for a restaurant IMO)

[bribri16]

32. Mad Cow will take them out. n/t

[Jane Austin]

34. I haven't been back since I had to pay extra for three spears of asparagus

Seems like the $25 for the steak would have maybe covered a few asaparagus, but I guess not.

[TheCowsCameHome]

35. I'd eat dirt before I ate where Repugs gather

Hope Hannity and the other Steakhouse hawkers get overcooked chunks of meat stuck in their throats and Dr. Heimlich is on vacation.

[KeepItReal]

37. Met Ruth Fertel in school. She seemed nice back then...

She was cool enough to come to my Entrepreneur class at the Univ. of New Orleans and talk about her business 10 years ago. Very inspiring lady.

[FightinNewDem]

40. You're a UNO grad?

Class of '96 (College of Liberal Arts)

:woohoo:

[KeepItReal]

45. Yep! Class of '95

School of Biz

:-)

[ShockediSay]

38. Big Advertiser for Rush L

Used to be, at least, probably still is.

Wonder if there's a connection???

Running with the Fat

[ignatius 2]

42. I think they are too damned expensive anyway. I have eaten ther

only once(I wasn't paying) and I wasn't that impressed.

[loudsue]

46. I've eaten there twice. I thought I'd give 'em a second chance.

The first time was SOOOO lame (food AND service), and I figured that it must have been an "off" night, since they were so famous.

But, I was on expense account, and I was in a different State. So...I gave 'em another chance. The second time the food was absolutely awful, and there WAS no service.

I refuse to waste my time...much less my MONEY...going there. For a whole helluva lot less money, you can get a BETTER steak at TGI Fridays.

If I had known they were republican-owned, I would have never gone there.

Now, Mortons!? That's a different issue. They're always good!

:kick::kick::kick:

[JohnLocke]

47. Kick (nt).