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Fish taco swims into rough seas: Rubio's mulls future after fourth-quarter struggles.

Article Excerpt
Analysts following Rubio's contend that their concern isn't so much with last year's change at the top, which placed founder Ralph Rubio in the CEO's seat following the abrupt resignation of Sheri Miksa, who had held the post since 2004.

They also aren't particularly vexed by this month's announcement of a fourth-quarter loss of $2.46 million, partly due to costs related to her resignation.

What seems to be troubling those who follow the industry in general and the fast-casual chain that hangs its reputation on the fish taco is its current growth pattern--or rather, its inability to expand much beyond its core California and Arizona markets. That, they say, and the fact that the 23-year-old publicly traded corporation seems to be suffering from an identity crisis.

The Carlsbad-based chain counts 150 restaurants in five states, mostly in California and Arizona. In announcing its quarterly and annual results on March 20, the firm also...

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