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McCormick & Schmick's Seafood Restaurants, Inc. Updates Third Quarter 2007 Financial Guidance

Posted on: Tuesday, 25 September 2007, 09:00 CDT

McCormick & Schmick's Seafood Restaurants, Inc. (Nasdaq: MSSR) today updated its financial guidance for the third quarter of 2007.

The Company now anticipates revenues of approximately $88.0 million, flat comparable sales, and earnings per share of approximately $0.16. This compares to earlier guidance of $90.0 million to $91.0 million in revenues, an increase in comparable sales of 1.5% to 2.5%, and earnings per share of $0.21 to $0.23. The Company will provide additional details on its third quarter results and fiscal year 2007 expectations during its upcoming quarterly conference call, which is scheduled for early November.

During the third quarter of 2007, the Company has opened five McCormick and Schmick's restaurants in Schaumburg and Oakbrook, Illinois, both suburbs of Chicago; Dayton and Cleveland, Ohio; and Austin, Texas.

"Our updated third quarter outlook reflects weakness in September traffic, which we attribute primarily to less demand from our aspirational guest, as a result of economic pressures currently affecting this segment of the U.S. consumer base. While we are certainly disappointed with the revision in our guidance, we have proven the timeliness and relevance of our fresh seafood concept for more than 35 years and are confident that we can weather the current softness in our business," said Doug Schmick, Chairman and Chief Executive Officer of the Company.

About the Company

McCormick & Schmick's Seafood Restaurants, Inc. is a leading seafood restaurant operator in the affordable upscale dining segment. The Company now operates 77 restaurants, including 72 restaurants in the United States and five restaurants in Canada under The Boathouse brand. McCormick & Schmick's has successfully grown over the past 35 years 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 diverse base of casual diners, families, travelers and the business community.

Forward-Looking Statements

The financial guidance we provide for our third quarter and fiscal 2007 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 our employees and the sale of food or alcoholic beverages; the impact of litigation; the potential effects of inclement 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.

Source: Business Wire

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