Business Context and Reporting Period
Company: Red Robin Gourmet Burgers, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 30, 2005 (Event Date)
Reporting Period: Immediate notice regarding potential delisting effective April 8, 2005.
Key Financial Metrics
This filing is a current report regarding regulatory compliance and listing status. It does not contain specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The filing text does not provide a clear value for these metrics.
Material Changes
- Delisting Notice: The Company received notice from The Nasdaq Stock Market, Inc. that its securities are subject to potential delisting as of April 8, 2005.
- Reason for Action: Failure to file the 2004 Annual Report on Form 10-K on a timely basis, resulting in non-compliance with Nasdaq Marketplace Rule 4310(c)(14).
- Trading Symbol Change: Nasdaq will change the Company's trading symbol from "RRGB" to "RRGBE" beginning April 1, 2005.
- Root Cause: The delay in the Form 10-K filing is due to a review of lease accounting policies in light of recent interpretations by the SEC Staff, a review affecting many companies in the retail and restaurant industries.
Guidance, Outlook, and Risks
- Management Outlook: The Company expects to complete its lease accounting review and file its Form 10-K on or before April 7, 2005.
- Compliance Strategy: Upon filing the Form 10-K, the Company believes it will be in compliance with Nasdaq listing standards. If necessary, the Company intends to request a hearing before the Nasdaq Office of Listing Qualifications Hearings to seek an extension of time.
- Risks and Contingencies: A hearing request, if made, will stay the delisting pending a final determination. However, there is no assurance that the Nasdaq Listing Qualifications Panel will grant the request for continued listing.
Investor Verification Checklist
- Verify the status of the Form 10-K filing for the fiscal year ended December 31, 2004.
- Confirm the outcome of the Company's review of lease accounting policies.
- Monitor the trading symbol change from "RRGB" to "RRGBE" effective April 1, 2005.
- Check for any subsequent announcements regarding the Nasdaq Listing Qualifications Panel hearing or final delisting decision.