WICHITA, Kan., March 14, 2003 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. (Nasdaq:STAR) ("Lone Star") announced that it will file its 10-K today for the fiscal year ended December 31, 2002, including audited financials. For 2002 (a 53-week year), the Company reported revenue from continuing operations increased 3.9% to $615,715,000 from $592,459,000 for the fiscal year. Adjusted for unusual items, EBITDA from continuing operations increased 27.5% to $94,203,000 for the year. Income from continuing operations before unusual items increased 49.2% to $42,276,000 for the year.
As previously disclosed, the Company elected to change its method of accounting for stock based compensation in fiscal 2002 and adopted the fair value recognition provisions of SFAS No. 123 on a retroactive basis and has restated all historical periods. The Company announced that it had not fully taken into account SFAS No. 123 in its calculation of diluted average shares outstanding in its February 5, 2003 preliminary unaudited earnings release. Additionally, the Company has set forth revised basic average shares outstanding for fiscal 2002.
The corrected amounts are as follows: (All amounts in thousands, except per share amounts)
Q4-02 Q4-01 FY02 FY01
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Income from continuing
operations $12,900 $ 9,085 $40,065 $24,615
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Weighted average shares
outstanding-basic
As previously reported 21,157 24,048 22,099 24,037
Audited and actual 21,157 24,048 22,909 24,037
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Difference 0 0 810 0
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Weighted average shares
outstanding-diluted
As previously reported 23,271 25,740 25,295 25,324
Audited and actual 24,272 26,120 26,310 25,373
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Difference 1,001 380 1,015 49
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Income from continuing
operations per share-basic
As previously reported $ .61 $ .38 $ 1.81 $ 1.02
Audited and actual .61 .38 $ 1.75 1.02
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Difference $ 0 $ 0 $ .06 $ 0
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Income from continuing
operations per
share-diluted
As previously reported $ .55 $ .35 $ 1.58 $ .97
Audited and actual .53 .35 $ 1.52 .97
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Difference $ .02 $ 0 $ .06 $ 0
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Note that all other financial statement data remained as previously reported. The Company also reaffirmed the average shares outstanding assumed in the calculation of the 2003 earnings per share guidance announced in its February 5, 2003 preliminary unaudited earnings release.
Lone Star owns and operates 249 domestic and 20 international Lone Star Steakhouse & Saloon restaurants; 15 Sullivan's Steakhouse restaurants; five Del Frisco's Double Eagle Steak House restaurants and one Frankie's Italian Grille. 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.