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McCormick & Schmick's Seafood Restaurants reports decrease in Q2 net income

Posted on: Fri, 07 Aug 2009 10:45:00 EDT

Symbols: MSSR

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Aug 07, 2009 (Datamonitor via COMTEX) --
MSSR | Quote | Chart | News | PowerRating -- McCormick & Schmick's Seafood Restaurants has reported net income for the 13-week period ended June 27, 2009 of $1.19 million or $0.08 per diluted share, compared to $2.35 million or $0.16 per diluted share for the 13-week period ended June 28, 2008.

For the 13-week period ended June 27, 2009, revenues were $92.74 million compared to $99.69 million in the corresponding period for 2008.

Net income for the 26-week period ended June 27, 2009 was $0.04 million, compared to $2.47 million or $0.17 per diluted share in the same period of 2008.

For the 26-week period ended June 27, 2009, revenues were $184.64 million compared to $192.04 million in the corresponding period for 2008.

Bill Freeman, CEO of the restaurant group, said: "While the challenging economic environment resulted in a decrease in comparable sales for the quarter, we are pleased with the impact our cost savings initiatives have had on our operating results.

"Throughout the second quarter we remained focused on our efforts to contain costs while introducing new revenue building initiatives for the future. I am encouraged by the evolution of our marketing strategy as we focus on communicating to a broader audience to strengthen our connectivity to our guests."

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