WICHITA, Kan., April 13, 2000 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. (Nasdaq:STAR) announced first quarter earnings and revenues for the twelve week quarter ended March 21, 2000. Net income in the first quarter declined to $7,102,000 from $7,781,000 compared to the same period last year. Earnings per share, compared to the same period last year, increased to $ .25 ($.25 diluted) per share from $ .21 ($.21 diluted) per share. First quarter revenues decreased .5% to $139,254,000 compared with $139,938,000 for the same period last year.
Comparable store sales, by concept, increased 0.04% for domestic Lone Star Steakhouse and Saloon restaurants, 5.66% for Sullivan's Steakhouses, and 11.51% for Del Frisco's Double Eagle Steak House restaurants.
Australian Lone Star's comparable store sales declined 3.74%.
As previously announced, the Company closed 24 domestic Lone Star restaurants and one Mexican restaurant on January 4, 2000.
During the first quarter the Company purchased 2,970,600 shares of its common stock. The total number of shares repurchased by the Company since the announcement of its stock buy back program is 14,312,605.
The Board of Directors declared the Company's initial quarterly cash dividend of $.125 per share payable May 10, 2000 to shareholders of record on April 24, 2000.
The Company opened its New York Del Frisco's Double Eagle Steak House restaurant on March 7, 2000.
Lone Star owns and operates 241 domestic and 40 international Lone Star Steakhouse & Saloon restaurants; fourteen Sullivan's Steakhouse restaurants; and four Del Frisco's Double Eagle Steak House restaurants.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein, including the development plans of the Company, are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the press release will prove to be accurate.
Lone Star Steakhouse & Saloon, Inc.
Unaudited Summary Financial Data for the First Quarter 2000
( $ in thousands except for per share amounts )
March 21, Dec. 28,
2000 1999
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Current Assets:
Cash and cash equivalents $ 40,282 $ 50,673
Other current assets 18,409 18,696
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58,691 69,369
Property and equipment, net 433,811 430,482
Intangibles and other assets 35,337 33,682
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$ 527,839 $ 533,533
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Total current liabilities $ 55,779 $ 49,154
Noncurrent liabilities 8,750 -
Stockholders' equity 463,310 484,379
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$ 527,839 $ 533,533
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For the twelve weeks ended
Mar. 21, 2000 Mar. 23, 1999
$ % $ %
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Net Sales $139,254 $139,938
Costs and expenses:
Costs of sales 47,657 34.2 50,386 36.0
Restaurant operating expenses 63,109 45.3 61,630 44.0
Depreciation and amortization 6,550 4.7 7,232 5.2
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Restaurant costs and expenses 117,316 84.2 119,248 85.2
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Restaurant operating income 21,938 15.8 20,690 14.8
General and administrative expenses 11,341 8.2 8,289 5.9
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Income from operations 10,597 7.6 12,401 8.9
Other 416 0.3 247 0.2
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Income before taxes 11,013 7.9 12,648 9.1
Provision for income taxes 3,911 2.8 4,867 3.5
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Net Income $ 7,102 5.1 $ 7,781 5.6
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Basic earnings per share $ 0.25 $ 0.21
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Diluted earnings per share $ 0.25 $ 0.21
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Average Shares outstanding-Basic 28,376 37,514
Average shares outstanding-Diluted 28,567 37,681
Restaurants included at end of period 300 324
Comparable store sales growth 0.5% (10.3)%
CONTACT: Lone Star Steakhouse & Saloon, Inc.
John D. White
316-264-8899