McCormick & Schmick's Seafood Restaurants, Inc. Reports Fourth Quarter and Fiscal Year 2006 Financial Results.Revenues of $84.3 Million and $0.33 Diluted Earnings Per Share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of PORTLAND, Ore. -- McCormick & Schmick's Seafood Restaurants, Inc. (Nasdaq: MSSR MSSR Monopulse Secondary Surveillance Radar MSSR McCormick & Schmick's Seafood Restaurants, Inc. MSSR Moderated School Self Review (UK) MSSR Marine Scout Sniper Rifle MSSR Milestone Schedule and Status Report ) today reported financial results for its fiscal fourth quarter and fiscal year ended December 30, 2006. Financial highlights for the thirteen week fourth quarter 2006 compared to the fourteen week fourth quarter 2005: * Revenues increased 2.8% to $84.3 million from $82.0 million * Comparable restaurant sales increased 2.0%, thirteen week to thirteen week * Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 2.7% to $6.7 million from $6.6 million * Net income increased 7.6% to $4.8 million from $4.5 million * Diluted earnings per share increased to $0.33 from $0.31 Financial highlights for the fifty-two week fiscal year 2006 compared to the fifty-three week fiscal year 2005: * Revenues increased 10.6% to $308.3 million from $278.8 million * Comparable restaurant sales increased 3.0%, fifty-two week to fifty-two week * Operating income increased 15.8% to $19.1 million from $16.5 million * Net income increased 21.3% to $13.3 million from $11.0 million * Diluted earnings per share increased to $0.92 from $0.78 Revenues for the fourth quarter of 2006 increased 2.8% to $84.3 million from $82.0 million in the fourth quarter of 2005. The growth in revenues is attributable to a 2.0% increase in comparable restaurant sales and additional revenues from restaurants not in the comparable base, partly offset by $5.9 million in sales attributable to the fifty-third week in 2005. The Company opened three company-owned restaurants during the fourth quarter of 2006: in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. ; Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. ; and Burbank, California For the community in Santa Clara County, California, see Burbank, Santa Clara County, California. For other uses, see Burbank. Burbank is a city in Los Angeles County, California, United States. As of 2004, the city had a population of 105,400. . Revenues for the fiscal year ended December 30, 2006 increased 10.6% to $308.3 million from $278.8 million in the fiscal year ended December 31, 2005. The growth in revenues is attributable to a 3.0% increase in comparable restaurant sales and additional revenues from restaurants not in the comparable base. The 3.0% increase in comparable restaurant sales was primarily the result of increased guest counts. "We are very pleased with our record revenues and earnings for the fourth quarter and fiscal year 2006. The results reflect positive comparable sales for the quarter and year, as well as improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . For the fourteenth consecutive quarter, we have generated positive comparable sales growth, which we attribute to our strong brand recognition and our loyal customer base", said Douglas Schmick, Chairman and Chief Executive Officer. Mr. Schmick continued, "In the coming weeks, we anticipate the closing of The Boathouse acquisition, which will mark our entry into the Canadian market through a well established brand known for its premium locations, broad appeal, and operational excellence. In 2007, we look to add eleven domestic restaurants, and with the anticipated Boathouse acquisition, an additional six restaurants in the Vancouver, B.C. market. The future of our Company has never been brighter." Financial Guidance The Company expects first quarter 2007 revenues to be between $81.0 million and $82.0 million and a comparable restaurant sales increase between 2% and 3%. Diluted earnings per share are expected to be between $0.19 and $0.20. The Company intends to open one new restaurant in the first quarter of 2007, in Sacramento, CA, and intends to open a total of eleven new restaurants in fiscal 2007, excluding the anticipated addition of six Boathouse restaurants. The Company expects fiscal year 2007 revenues to be between $362.0 million and $366.0 million and a comparable restaurant sales increase between 2% and 3%. Diluted earnings per share are expected to be between $1.11 and $1.14. The guidance provided includes the expected financial results of The Boathouse Restaurants, subsequent to the anticipated acquisition. Conference Call The Company will host a conference call to discuss fourth quarter 2006 financial results today at 5:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Hosting the call will be Douglas Schmick, Chairman and Chief Executive Officer, and Manny Manny may refer to: In nobility:
The conference call can be accessed live over the phone by dialing 877-502-9274, or for international callers 913-981-5584. A replay will be available one hour after the call and can be accessed by dialing 888-203-1112 or 719-457-0820 for international callers; conference ID is 4999639. The replay will be available until February 21, 2007. The call will be webcast live from the Company's website at www.McCormickandSchmicks.com under the investor relations Investor relations The process by which the corporation communicates with its investors. section. About the Company McCormick & Schmick's Seafood Restaurants, Inc. is a leading national seafood restaurant operator in the affordable upscale dining segment. Over the past 35 years, it has successfully grown to 66 restaurants in 24 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). by focusing on serving a broad selection of fresh seafood. McCormick & Schmick's inviting atmosphere and high quality, diverse menu offering and compelling price-value proposition appeals to a broad customer base-from casual diners Diners can mean:
Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The financial guidance we provide for our first quarter and fiscal 2007 and the number of restaurants we intend to open in our first quarter and fiscal 2007, and the acquisition of The Boathouse Restaurants are forward-looking statements. These forward-looking statements are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: factors that could affect our ability to achieve and manage our planned expansion, such as the availability of qualified employees and the availability of a sufficient number of suitable new restaurant sites; changes in the availability and costs of food; potential fluctuation in our quarterly operating results due to seasonality and other factors; the continued service of key management personnel; our ability to protect our name and logo and other proprietary information; changes in consumer preferences, general economic conditions or consumer discretionary spending; health concerns about our food products; the impact of federal, state or local government regulations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our employees and the sale of food or alcoholic beverages
When a person begins a civil lawsuit, the person enters into a process called litigation. ; the potential effects of inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather or terrorist attacks; the effect of competition in the restaurant industry; cost and availability of capital; and other risk factors described from time to time in SEC reports filed by McCormick & Schmick's Seafood Restaurants, Inc. [TABLE OMITTED] |
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