SAN DIEGO, May 12 /PRNewswire-FirstCall/ -- Steakhouse Partners, Inc. announced financial results for the first quarter ended March 28, 2006 in its Quarterly Report on Form 10-Q filed with the Securities Exchange Commission. The net revenue and net income for the first quarter were $12.9 million and breakeven, respectively, or $.00 per share. Last year, the net revenue and net income for the first quarter were $13.3 million and $153,000, respectively, or $.03 per share. The Company reported that the decline in net income was principally the result of higher beef costs and freight fuel surcharges across many product lines versus same period in 2005, as well as the effect of non-cash compensation expense associated with the Company's adoption of SFAS 123R, which was effective January 1, 2006.
Chairman and CEO A. Stone Douglass said, "Although we were disappointed that our net income was not comparable to last year first quarter, we still believe that the strategic initiatives we have implemented are working and are helping to position the Company for future growth." Mr. Douglass continued, "After the profitable fourth quarter of 2005, I am very pleased with the continued progress demonstrated by our Company. In fact, if it wasn't for the additional non-cash expense related to the SFAS 123R adoption, our net income would have exceeded $148,000."
About Steakhouse Partners, Inc.
Steakhouse Partners, Inc. operates 25 full-service steakhouse restaurants located in eight states. The Company's restaurants specialize in complete steak and prime rib meals, and offer fresh fish and other lunch and dinner dishes. The Company operates principally under the brand names of Hungry Hunter, Hunter Steakhouse, Mountain Jack's, and Carvers.
This news release contains forward-looking statements, which involve risk and uncertainties, including risks that the Company may not be successful in achieving revenue enhancement or cost reductions. Actual results may differ from those forward-looking statements and those differences may be material. Factors that could cause or contribute to such differences include: our ability to develop and achieve market acceptance of new menu items, commodity price increases, competition and general market conditions in the steakhouse segment, as well as other risks detailed from time to time in the reports that the Company files with the Securities and Exchange Commission, including the Company's Form 10-K for the fiscal year ended December 27, 2005. The Company disclaims any intent or obligation to update any such forward-looking statement.
Contact: (858) 689-2333 or e-mail
for Steakhouse Partners Inc. / STKP.PK
