McCormick & Schmick's Seafood Restaurants, Inc. Reports Fourth Quarter and Fiscal Year 2009 Financial Results

•Revenues decreased 9.7% to $89.2 million from $98.8 million
•Comparable restaurant sales decreased 12.9%
•Comparable restaurant traffic decreased 7.0%
•Total restaurant operating costs were 86.1% of revenues compared to 86.7%
•In the fourth quarter of 2009, a significant non-cash item in operating loss included an impairment of $19.8 million related to long lived assets that included eight of our restaurants. In the fourth quarter of 2008, significant non-cash items in operating loss included a $54.4 million charge related to the impairment of trademarks and tradenames, a $26.2 million charge related to the impairment of goodwill, a $2.8 million charge related to the impairment of long lived assets of two restaurants, and a $0.4 million write-off of a portion of previously capitalized transaction costs related to the Company's credit agreement
•Net loss of $16.1 million, or $1.09 per basic and diluted share, compared to net loss of $73.4 million, or $4.99 per basic and diluted share
•Pro forma net income of $2.8 million, or $0.19 per diluted share (see attached reconciliation to GAAP), compared to a pro forma net income of $2.4 million, or $0.16 per diluted share

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