McCormick & Schmick's Seafood Restaurants, Inc. Reports Third Quarter 2006 Financial Results.Revenues of $75.6 Million and $0.19 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 third quarter and nine months ended September 30, 2006. Financial highlights for the third quarter of 2006 compared to the third quarter of 2005: [TABLE OMITTED] Co Comparable restaurant sales increased 2.9% [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] Financial highlights for the first nine months of 2006 compared to the first nine months of 2005: [TABLE OMITTED] Co Comparable restaurant sales increased 3.3% [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] "We are very pleased with our performance for the third quarter of 2006 with revenues and earnings meeting the high end of the range of our guidance. Once again, our comparable restaurant sales were partly driven by growth in comparable guest counts. This marks the fifth consecutive quarter in which our comparable restaurant sales reflect growth in comparable restaurant guest counts. As we enter the fourth quarter, our development pipeline for 2007 is very strong, and we are very excited with the opportunity to add The Boathouse restaurants to our Company in 2007," said Doug Schmick, Chairman and President. The Company announced The Boathouse acquisition agreement in a separate press release issued today. Revenues in the third quarter of 2006 increased 11.2% to $75.6 million from $68.0 million in the third quarter of 2005. The growth in revenues is attributable to a 2.9% increase in comparable restaurant sales and additional revenues from restaurants not in the comparable base. The Company opened one company-owned restaurant during the third quarter of 2006, in Chicago, Illinois. Revenues for the nine months ended September 30, 2006 increased 13.8% to $224.0 million from $196.8 million in the same period a year ago. The growth in revenues is attributable to a 3.3% increase in comparable restaurant sales and additional revenues from restaurants not in the comparable base. The 3.3% increase in comparable restaurant sales was primarily the result of increased guest counts. Financial Guidance The Company expects fourth quarter 2006 revenues to be between $83.0 million and $85.0 million and a comparable restaurant sales increase between 2% and 3%. Diluted earnings per share are expected to be between $0.29 and $0.31. The Company intends to open three new restaurants in 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. ; and intends to open seven new restaurants in fiscal 2006. The eighth previously scheduled 2006 restaurant opening, in Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. , is scheduled for January 2007. The Company intends to open at least eleven restaurants in 2007, excluding the anticipated addition of The Boathouse restaurants. The Company expects fiscal year 2006 revenues to be between $307.0 million and $309.0 million and a comparable restaurant sales increase between 2.9% and 3.2%. Diluted earnings per share are expected to be between $0.88 and $0.90. Conference Call The Company will host a conference call to discuss third 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 President, Saed Mohseni, Chief Executive Officer, and Manny Manny may refer to: In nobility:
The conference call can be accessed live over the phone by dialing 1-800-665-0430, or for international callers 1-913-312-1300. A replay will be available one hour after the call and can be accessed by dialing 1-888-203-1112 or 1-719-457-0820 for international callers; conference ID is 4315385. The replay will be available until November 8, 2006. 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 34 years, it has successfully grown to 63 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 fourth quarter and fiscal 2006 and the number of restaurants we intend to open in our fourth quarter and fiscal 2006, 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.
McCormick & Schmick's Seafood Restaurants, Inc. and Subsidiaries
Consolidated Statements of Income and Margin Analysis-Unaudited
(in thousands, except per share data)
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