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KRUS Stock Price Correlated With Kura Sushi USA Financials
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Income Statement
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Balance Sheet
KRUS Income Statement
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KRUS Cash Flow
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KRUS Balance Sheet
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COMPANY PROFILE
Note 1—Organization and Description of Business
Kura Sushi USA, Inc. (the “Company”) is a technology-enabled Japanese restaurant concept that provides guests with a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model, which the Company refers to as the “Kura Experience.” Kura Sushi encourages healthy lifestyles by serving freshly prepared Japanese cuisine using high-quality ingredients that are free from artificial seasonings, sweeteners, colorings, and preservatives. Kura Sushi aims to make quality Japanese cuisine accessible to its guests across the United States through affordable prices and an inviting atmosphere.
Initial Public Offering
On August 5, 2019, the Company completed the initial public offering of its Class A common stock at a public offering price of $14.00 per share. The Company issued 3,335,000 shares, including 435,000 shares sold to the underwriters pursuant to their over -allotment option. After underwriter discounts and commissions and offering expenses, net proceeds from the offering were $38.6 million. No payments were made by the Company to directors, officers or persons owning 10% or more of the Company’s common stock or to their associates, or to the Company’s affiliates.
Follow-On Offering
On July 23, 2021, the Company completed a follow-on offering and sold an aggregate of 1,265,000 shares of Class A common stock, including the exercise in full of the underwriters’ option to purchase 165,000 additional shares, at the price of $45.00 per share less an underwriting discount of $2.48 per share. The Company received aggregate net proceeds of $53.5 million after deducting the underwriting discounts and commissions and offering expenses payable by the Company. The Company used a portion of the net proceeds to repay all of the $17.0 million borrowings outstanding under the Company’s credit facility with Kura Japan, with the remaining proceeds to be used to support new unit growth, for working capital and general corporate purposes. No payments were made by the Company to directors, officers or persons owning 10% or more of the Company’s common stock or to their associates, or to the Company’s affiliates.
Effects of COVID-19
The negative effects of the COVID-19 pandemic on the Company’s business have been significant. In March 2020, the World Health Organization declared the novel strain of coronavirus COVID-19 a global pandemic. This contagious virus, which has continued to spread, has adversely affected workforces, customers, economies and financial markets globally. In response to this outbreak, many state and local authorities mandated the temporary closure of non-essential businesses and dine-in restaurant activity or limited indoor dining capacities. COVID-19 and the government measures taken to control it have caused a significant disruption to the Company’s business operation. As of fiscal year-end August 31, 2021, the Company had all of its 32 restaurants operating at 100% indoor dining capacity. In October 2021, the Company opened one new restaurant in San Francisco, California. As of the filing date of this Annual Report on Form 10-K, the Company had all of its 33 restaurants operating at 100% indoor dining capacity.
In response to the ongoing COVID-19 pandemic, the Company has prioritized taking steps to protect the health and safety of its employees and customers. The Company has maintained cleaning and sanitizing protocols of its restaurants and has implemented additional training and operational manuals for its restaurant employees, as well as increased handwashing procedures. The Company also provides each restaurant employee with face masks and gloves, and requires each employee to pass a health screening process, which includes a temperature check, before the start of each shift.
The reduced capacities at the Company’s restaurants have caused a substantial decline in its sales in the most recently completed fiscal year comp
Kura Sushi USA, Inc. (the “Company”) is a technology-enabled Japanese restaurant concept that provides guests with a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model, which the Company refers to as the “Kura Experience.” Kura Sushi encourages healthy lifestyles by serving freshly prepared Japanese cuisine using high-quality ingredients that are free from artificial seasonings, sweeteners, colorings, and preservatives. Kura Sushi aims to make quality Japanese cuisine accessible to its guests across the United States through affordable prices and an inviting atmosphere.
Initial Public Offering
On August 5, 2019, the Company completed the initial public offering of its Class A common stock at a public offering price of $14.00 per share. The Company issued 3,335,000 shares, including 435,000 shares sold to the underwriters pursuant to their over -allotment option. After underwriter discounts and commissions and offering expenses, net proceeds from the offering were $38.6 million. No payments were made by the Company to directors, officers or persons owning 10% or more of the Company’s common stock or to their associates, or to the Company’s affiliates.
Follow-On Offering
On July 23, 2021, the Company completed a follow-on offering and sold an aggregate of 1,265,000 shares of Class A common stock, including the exercise in full of the underwriters’ option to purchase 165,000 additional shares, at the price of $45.00 per share less an underwriting discount of $2.48 per share. The Company received aggregate net proceeds of $53.5 million after deducting the underwriting discounts and commissions and offering expenses payable by the Company. The Company used a portion of the net proceeds to repay all of the $17.0 million borrowings outstanding under the Company’s credit facility with Kura Japan, with the remaining proceeds to be used to support new unit growth, for working capital and general corporate purposes. No payments were made by the Company to directors, officers or persons owning 10% or more of the Company’s common stock or to their associates, or to the Company’s affiliates.
Effects of COVID-19
The negative effects of the COVID-19 pandemic on the Company’s business have been significant. In March 2020, the World Health Organization declared the novel strain of coronavirus COVID-19 a global pandemic. This contagious virus, which has continued to spread, has adversely affected workforces, customers, economies and financial markets globally. In response to this outbreak, many state and local authorities mandated the temporary closure of non-essential businesses and dine-in restaurant activity or limited indoor dining capacities. COVID-19 and the government measures taken to control it have caused a significant disruption to the Company’s business operation. As of fiscal year-end August 31, 2021, the Company had all of its 32 restaurants operating at 100% indoor dining capacity. In October 2021, the Company opened one new restaurant in San Francisco, California. As of the filing date of this Annual Report on Form 10-K, the Company had all of its 33 restaurants operating at 100% indoor dining capacity.
In response to the ongoing COVID-19 pandemic, the Company has prioritized taking steps to protect the health and safety of its employees and customers. The Company has maintained cleaning and sanitizing protocols of its restaurants and has implemented additional training and operational manuals for its restaurant employees, as well as increased handwashing procedures. The Company also provides each restaurant employee with face masks and gloves, and requires each employee to pass a health screening process, which includes a temperature check, before the start of each shift.
The reduced capacities at the Company’s restaurants have caused a substantial decline in its sales in the most recently completed fiscal year comp
Free historical financial statements for Kura Sushi USA Inc.. See how revenue, income, cash flow, and balance sheet financials have changed over 18 quarters since 2019. Compare with KRUS stock chart to see long term trends.
Data imported from Kura Sushi USA Inc. SEC filings. Check original filings before making any investment decision.