Dallas, Texas 12/05/2014 (FINANCIALSTRENDS) – Texas Roadhouse Inc (NASDAQ:TXRH) has delivered more than 20% returns over the past three months. The stock recently hit a fresh 52-week high of $33.43 and is currently trading nearly 44% above its 52-week low of $22.48.
The surge in stock price is supported by strong 3Q14 top-line growth and recognition of Texas Roadhouse CEO as Operator of the Year during the 2014 MUFSO Industry Awards Gala. Among other corporate updates the company filed about the acquisition of New Berlin, Wisconsin Franchise and retirement of Texas Roadhouse veteran and Chief Operating Officer Steve Ortiz.
Acquisition and Retirement
Texas Roadhouse Inc (NASDAQ:TXRH) recently inked a Member Interest Purchase Agreement with certain of its subsidiaries and related parties. Pursuant to the agreement, the company’s wholly owned subsidiary Texas Roadhouse Holdings LLC acquired all of the ownership interests in Franchisee. In exchange, the company issued an aggregate 42,841 shares of common stock. Prior to this acquisition, Franchisee was owned by New Berlin Holdings, Zitro and Texas Roadhouse Holdings with 65%, 30% and 5% ownership interest.
Texas Roadhouse also filed Form 8-K with the SEC to inform the retirement planning of its COO, Steve Ortiz, effective January 12, 2015. His current employment agreement expires on January 7, 2015.
The company also announced to appoint Doug Thompson as its Vice President of Operations, following Mr. Ortiz’s retirement. Thompson is working with the company for more than a decade and brings nearly three decades of industry experience. Currently, he is Regional Market Partner for the Company.
Texas Roadhouse Inc (NASDAQ:TXRH) reported strong 3Q14 results with strong 4.4% traffic growth. The company reported 5.9% increase in comparable restaurant sales at company restaurants. Total revenue increased 15% YoY to $385.21 million during the quarter.
Kent Taylor, Company CEO, expressed that Texas Roadhouse is well-positioned for continued success and is on track with its development plan to open 25 to 30 in 2015.