| << Back |
| Morton's Restaurant Group, Inc. Reports Results For First Quarter 2009 |
- First Quarter Revenues Decreased 19.7% to - Company Provides Guidance for Second Quarter 2009 and Revised Guidance for Full Year 2009 - The three month period ended
-- Revenues decreased 19.7% to
As previously reported, Morton's revenues and results have been pressured by the continuing global recession, which has impacted guest traffic throughout the industry. Negative comparable restaurant revenues adversely impacted earnings due to the deleveraging on the fixed cost base. "The economic slowdown in the Restaurant Development On Second Quarter Fiscal 2009 and Revised Full Year Fiscal 2009 Financial Guidance The current economic environment significantly increases the inherent uncertainty of guidance. Actual results could differ materially from the guidance provided herein as a result of numerous factors, many of which are beyond the Company's control and are highly dependent upon overall economic conditions. In particular, a further decrease in consumer and/or business spending in one or more of the geographic areas in which the Company operates could cause actual results to differ materially from the Company's guidance. Refer to "Cautionary Note on Forward-Looking Statements" later in this press release. The Company currently expects second quarter of fiscal 2009 revenues to
range between The Company revised its fiscal 2009 guidance and now expects fiscal year
2009 revenues to range between Conference Call
Date:
Alternatively, the conference call will be available via webcast at www.mortons.com under the "Investor Relations" tab. About the Company CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS Except for the historical information contained in this news release, the
matters addressed are forward-looking statements within the meaning of
Sections 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements,
written, oral or otherwise made, represent the Company's expectation or belief
concerning future events. Without limiting the foregoing, the words
"believes," "thinks," "anticipates," "estimates," "plans," "expects" and
similar expressions are intended to identify forward-looking statements. The
Company cautions that forward-looking statements are subject to risks,
uncertainties, assumptions and other important factors that could cause actual
results to differ materially, or otherwise, from those expressed or implied in
the forward-looking statements, including, without limitation, (i) a reduction
in consumer and/or business spending in one or more of the Company's markets
due to business layoffs or budget reductions, negative consumer sentiment,
access to consumer credit, commodity and other prices, events or occurrences
affecting the securities and/or financial markets, occurrences affecting the
Company's common stock, housing values, changes in federal, state, foreign
and/or local tax levels or other factors, (ii) risks relating to the
restaurant industry and the Company's business, including competition, changes
in consumer tastes and preferences, risks associated with opening new
locations, increases in food and other raw materials costs, increases in
energy costs, demographic trends, traffic patterns, weather conditions,
employee availability, benefits and cost increases, perceived product safety
issues, supply interruptions, litigation, judgments or settlements in pending
litigation, government regulation, the Company's ability to maintain adequate
financing facilities, the Company's liquidity and capital resources,
prevailing interest rates and legal and regulatory matters, (iii) public
health issues, including, without limitation risks relating to the spread of
H1N1 influenza and other pandemic diseases and (iv) other risks detailed from
time to time in the Company's most recent Form 10-K, Forms 10-Q and other
reports filed with the
Morton's Restaurant Group, Inc.
Consolidated Statements of Operations and Margin Analysis - Unaudited
(Amounts in thousands, except per share data)
Three Month Periods Ended
-------------------------
April 5, 2009 March 30, 2008
------------- --------------
Revenues $75,861 100.0% $94,439 100.0%
Food and beverage costs 23,994 31.6% 31,320 33.2%
Restaurant operating expenses 42,459 56.0% 45,844 48.5%
Pre-opening costs 770 1.0% 970 1.0%
Depreciation and amortization 3,054 4.0% 3,254 3.4%
General and administrative expenses 4,542 6.0% 6,958 7.4%
Marketing and promotional expenses 1,703 2.2% 1,894 2.0%
----- -----
Operating (loss) income (661) (0.9%) 4,199 4.4%
Write-off of deferred financing costs 206 0.3% - -
Interest expense, net 688 0.9% 749 0.8%
--- ---
(Loss) income before income taxes (1,555) (2.0%) 3,450 3.7%
Income tax expense 487 0.6% 1,088 1.2%
--- -----
Net (loss) income (2,042) (2.7%) 2,362 2.5%
Net loss attributable to
noncontrolling interest (272) (0.4%) - -
---- ----
Net (loss) income attributable to
controlling interest $(1,770) (2.3%) $2,362 2.5%
======= ======
Net (loss) income per share:
Basic $(0.11) $0.14
Diluted $(0.11) $0.14
Shares used in computing net
(loss) income per share:
Basic 15,854.3 16,614.9
Diluted 15,854.3 16,614.9
Morton's Restaurant Group, Inc.
Adjusted Net (Loss) Income and Adjusted Diluted Net (Loss)
Income Per Share (Note 1)
(In thousands, except per share data)
Three Month Periods Ended
-------------------------
April 5, 2009 March 30, 2008
------------- --------------
Net (loss) income attributable to
controlling interest, as reported $(1,770) $2,362
Net loss attributable to
noncontrolling interest (272) -
Income tax expense 487 1,088
--- -----
(Loss) income before income
taxes, as reported (1,555) 3,450
Adjustment (1):
Write-off of deferred financing
costs (2) 206 -
--- ---
Adjusted (loss) income before
income taxes (1,349) 3,450
Adjusted income tax (benefit) expense (91) (3) 809 (4)
Net loss attributable to
noncontrolling interest (272) -
---- ----
Adjusted net (loss) income
attributable to controlling
interest $(986) $2,641
===== ======
Adjusted diluted net (loss) income
per share $(0.06) $0.16
Shares used in computing adjusted
diluted net (loss) income
per share 15,854.3 16,614.9
Notes:
------
(1) The Company includes these adjusted calculations for the three
month periods ended
SOURCE
CONTACT: |
| Could not find file '\\us1p-ccsfs01a\Content3\IRXMLDATA\19\196267\Disclaimers.xml'. |