Mexican Restaurants, Inc. Announces Delisting on NASDAQ; Plans to Deregister Common Stock with SEC

HOUSTON, Oct 29, 2010 (BUSINESS WIRE) -- The Board of Directors of Mexican Restaurants, Inc. announced it has taken definitive action to voluntarily delist its common stock on NASDAQ. Subsequent to the delisting, the Company intends to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934 (the "Exchange Act"). The Company is taking these steps in order to avoid various public company costs, including Sarbanes-Oxley Act costs, that the Company believes disproportionately affect smaller publicly traded companies. The Company intends to maintain a market in its common shares by having the shares listed on a quotation service that does not require an issuer to be registered with the Securities and Exchange Commission ("SEC") such as the Pink Sheets, but currently has no arrangement for listing in place. The Company is eligible to deregister its common stock under the Exchange Act because it has fewer than 300 shareholders of record.

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Mexican Restaurants, Inc. Announces Fiscal Year-End Results

HOUSTON--(BUSINESS WIRE)--For the fiscal year ended January 3, 2010, Mexican Restaurants (NASDAQ: CASA - News) reported a net loss of $848,699 or ($0.26) per diluted share. This compared with a net loss of $3,987,011 or ($1.22) per diluted share for fiscal year 2008. For the fourth quarter ended January 3, 2010, the Company reported a net loss of $588,001 or ($0.18) per diluted share, compared with a net loss of $3,917,026 or ($1.20) per diluted share for the same quarter in fiscal year 2008. During the fourth quarter ended January 3, 2010, the Company recorded $190,000 of severance expense as part of staff reductions. During the 2008 fourth quarter, the Company recorded a goodwill impairment of approximately $5.1 million, and a resulting approximate $1.3 million tax benefit.


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Mexican Restaurants, Inc. Announces 2009 Third Quarter Operating Results

HOUSTON--(BUSINESS WIRE)--For the 2009 third quarter of Mexican Restaurants, Inc. (the “Company”) (NASDAQ: CASA) ended September 27, 2009, the Company reported a net loss of $232,614 or $0.07 per diluted share, compared with a net loss of $504,559 or $0.15 per diluted share for the third quarter of fiscal year 2008. For the 39-week period ended September 27, 2009, the Company reported a net loss of $260,697 or $0.08 per diluted share, compared with a net loss of $69,983 or $0.02 per diluted share for the 39-week period of fiscal year 2008.

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Mexican Restaurants, Inc. Announces 2009 Second Quarter Operating Results

Houston, Texas (August 10, 2009) For the 2009 second quarter of Mexican Restaurants, Inc. (the “Company”) ended June 28, 2009, the Company reported a net loss of $207,937 or $0.06 per diluted share, compared with a net income of $359,059 or $0.11 per diluted share for the second quarter of fiscal year 2008. For the 26-week period ended June 28, 2009, the Company reported a net loss of $28,083 or $0.01 per diluted share, compared with net income of $434,576 or $0.13 per diluted share for the 26-week period of fiscal year 2008.

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Mexican Restaurants, Inc. Announces 2009 First Quarter Operating Results

Houston, Texas (May 11, 2009) For the Company’s 2009 first quarter ended March 29, 2009, the Company reported net income of $179,853 or $0.05 per diluted share, compared with a net income of $75,517 or $0.02 per diluted share for the first quarter of fiscal year 2008. The first quarter ended March 29, 2009 included a net loss from discontinued operations of $93,230 compared with net income from discontinued operations of $77,946 for the first quarter of fiscal year 2008.

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