WICHITA, Kan., Feb. 5, 2003 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. (Nasdaq:STAR) announced today that its Board of Directors approved an increase in the Company's quarterly cash dividend, commencing with the second quarter of 2003, by 10% from $.15 per share to $.165 per share. On an annualized basis, the dividend will increase from $.60 per share to $.66 per share. In announcing the decision, Clark Mandigo, the Company's Chairman of the Board, said that "this is the second consecutive year in which the Company has increased its dividend, reflecting the Company's continued strong operating results and consistently strong cash flow and balance sheet as well as the Company's ongoing commitment to enhance total returns to its stockholders."
Lone Star owns and operates 249 domestic and 20 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, including 2003 operating performance, comparable sales and 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.