WICHITA, Kan., July 15, 2002 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. ("Lone Star") (Nasdaq:STAR) held its annual meeting of shareholders today in New York City.
At the meeting, approximately 91% of the outstanding shares were voted in favor of the re-election of Fred B. Chaney and William B. Greene, Jr. and accordingly they will each serve until the 2005 Annual Meeting of Shareholders. In addition, the proposal to eliminate classification of the Board of Directors did not receive the requisite vote for approval. Finally, the shareholders approved the proposal to ratify the appointment of Ernst & Young, LLP as the Company's independent auditors for the fiscal year ending December 31, 2002.
Lone Star reaffirms its guidance given in its May 6, 2002 and June 19, 2002 press releases of sales ranging from $596 to $606 million, adjusted EBITDA of $95 to $100 million and Adjusted Earnings per Share of $1.67 to $1.73 for the fiscal year ending December 31, 2002.
Company officials indicated that they believed Adjusted Earnings per Share should grow at a rate of 15-20% in fiscal years 2003 and 2004. The Company further announced that the Company presentation at the annual meeting will be available on its Web page www.lonestarsteakhouse.com under press releases at 1 p.m. Central Time. The presentation will be archived for a period of thirty days.
Chief Executive Officer, Jamie B. Coulter, Executive Vice President, John D. White and Senior Vice President of Operations, T.D. O'Connell will meet with money managers in Boston, Massachusetts on July 16, 2002.
Lone Star owns and operates 249 domestic and 24 international Lone Star Steakhouse & Saloon restaurants; 15 Sullivan's Steakhouse restaurants; and five Del Frisco's Double Eagle Steak House restaurants. Licensees operate three domestic and one international Lone Star restaurants, and one domestic Del Frisco's Double Eagle Steak House restaurant.
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 are reasonable, any of the assumptions including future performance 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.