Morton's Restaurant Group, Inc. Reports Results For First Quarter 2009

CHICAGO, May 6 /PRNewswire-FirstCall/ -- Morton's Restaurant Group, Inc. (NYSE: MRT) today reported unaudited financial results for its fiscal 2009 first quarter ended April 5, 2009.
The three month period ended April 5, 2009 as compared to the three month period ended March 30, 2008 (13 weeks to 13 weeks) -- Revenues decreased 19.7% to $75.9 million.

-- Comparable restaurant revenues for Morton's steakhouses decreased
24.1% for the first quarter of fiscal 2009 ended April 5, 2009.

-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset
by an increase in revenues from four new Morton's steakhouses which
opened during fiscal 2008 and one new Morton's steakhouse which opened
during the first quarter of fiscal 2009.

-- The first quarter of fiscal 2009 included two unusual items:

-- The Company incurred a charge of $0.2 million pre-tax and $0.1
million after-tax, or $0.01 per diluted share, for the partial
write-off of deferred financing costs related to the amendment of
the Company's senior revolving credit facility that was executed
on March 4, 2009, pursuant to which the credit facility was
reduced from $115.0 million to $75.0 million, with a further
reduction to $70.0 million effective December 31, 2009.

-- The Company's effective tax rate for the first quarter of fiscal
2009 was negatively impacted by a non-cash charge of $0.7 million,
or $0.04 per diluted share, related to the tax treatment of the
vesting of certain restricted stock awards as a result of SFAS No.
123R, compared to a non-cash charge of $0.3 million, or $0.02 per
diluted share, incurred in the first quarter of fiscal 2008.

-- Including these unusual items, the Company's GAAP net loss was $(1.8)
million, or $(0.11) per diluted share, for the three month period
ended April 5, 2009 compared to net income of $2.4 million, or $0.14
per diluted share, for the three month period ended March 30, 2008.

-- Excluding these unusual items, the Company's adjusted net loss was
$(1.0) million, or $(0.06) per diluted share, for the three month
period ended April 5, 2009 compared to an adjusted net income of $2.6
million, or $0.16 per diluted share, for the three month period ended
March 30, 2008. (Please refer to the reconciliation of adjusted net
(loss) income to GAAP net (loss) income in the financial tables that
follow.)