SAN DIEGO, Aug. 11 /PRNewswire-FirstCall/ -- Steakhouse Partners, Inc. announced financial results for the quarter ended June 27, 2006 in its Quarterly Report on Form 10-Q filed with the Securities Exchange Commission. Net revenue for the thirteen weeks ended June 27, 2006 was $12.7 million as compared to net revenue of $13.3 million for the same period in 2005. The decrease in revenue is attributable principally to an approximate 2.7% decrease in entree counts and a 1.5% decrease in average ticket price. Net revenue for the twenty-six weeks ended June 27, 2006 was $25.6 million as compared to net revenue of $26.6 million for the same period in 2005.
Net loss was approximately $0.3 million or $0.05 per share for the thirteen weeks ended June 27, 2006 as compared to net loss of approximately $0.04 million or $0.01 per share for the same period of 2005. Net loss for the twenty-six weeks ending June 27, 2006 was approximately $0.3 million or $0.05 per share as compared to net income of approximately $0.1 million or $0.02 per share for the same period in 2005. 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 our net income was not comparable to last year, we still believe that the strategic initiatives we have implemented are working to position the Company for future growth."
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.
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Steakhouse Partners Inc. / STKP.PK
