- Revenues increased 3.9% to $66.2 million from $63.7 million.
- Comparable restaurant revenues for Morton’s steakhouses increased 3.2%.
- GAAP net loss from continuing operations was $(2.1) million, or $(0.13) per diluted share, for the three month period ended October 3, 2010 compared to a net loss from continuing operations of $(3.2) million, or $(0.20) per diluted share, for the three month period ended October 4, 2009.
- The three month period ended October 4, 2009 included a charge of $0.7 million after-tax, or $0.05 per diluted share, for a mark-to-market adjustment related to the fair value of the preferred stock that was subsequently issued in February 2010 as part of the fiscal 2009 settlement of certain wage and hour claims.
- Adjusted net loss from continuing operations was $(2.1) million, or $(0.13) per diluted share, for the three month period ended October 3, 2010 compared to an adjusted net loss from continuing operations of $(2.5) million, or $(0.16) per diluted share, for the three month period ended October 4, 2009. (Refer to the reconciliation of adjusted net loss to GAAP net loss in the tables that follow.)
Showing posts with label Mortons. Show all posts
Showing posts with label Mortons. Show all posts
Monday, November 1, 2010
Morton’s Restaurant Group, Inc. Reports Results for Third Quarter 2010
Financial results for the three month period ended October 3, 2010 compared to the three month period ended October 4, 2009
Sunday, August 1, 2010
Mortons opens in China
Morton’s Restaurant Group, Inc. (NYSE: MRT) today announced plans to open a new Morton's The Steakhouse in Shanghai, China, in a joint venture structure with a local investor group.
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Wednesday, May 5, 2010
Morton's Restaurant Group, Inc. Reports Results for First Quarter 2010
Financial results for the first quarter fiscal 2010 compared to the first quarter fiscal 2009
Revenues increased 4.9% to $75.3 million from $71.8 million.
Comparable restaurant revenues for Morton's steakhouses increased 3.6%.
GAAP net income from continuing operations was $1.2 million, or $0.07 per diluted share, for the three month period ended April 4, 2010 compared to a net loss from continuing operations of $(1.5) million, or $(0.10) per diluted share, for the three month period ended April 5, 2009.
The first quarter of fiscal 2010 included a charge of $0.5 million related to the Company's convertible preferred shares issued in connection with the fiscal 2009 settlement of certain wage and hour litigation. The first quarter of fiscal 2009 included a charge for unusual items aggregating $0.8 million after-tax, consisting of a partial write-off of deferred financing costs and a non-cash charge related to the tax treatment of the vesting of certain restricted stock awards.
Adjusted net income from continuing operations was $1.8 million, or $0.11 per diluted share, for the three month period ended April 4, 2010 compared to adjusted net loss from continuing operations of $(0.7) million, or $(0.05) per diluted share, for the three month period ended April 5, 2009. (Refer to the reconciliation of adjusted net income (loss) to GAAP net income (loss) in the tables that follow.)
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Revenues increased 4.9% to $75.3 million from $71.8 million.
Comparable restaurant revenues for Morton's steakhouses increased 3.6%.
GAAP net income from continuing operations was $1.2 million, or $0.07 per diluted share, for the three month period ended April 4, 2010 compared to a net loss from continuing operations of $(1.5) million, or $(0.10) per diluted share, for the three month period ended April 5, 2009.
The first quarter of fiscal 2010 included a charge of $0.5 million related to the Company's convertible preferred shares issued in connection with the fiscal 2009 settlement of certain wage and hour litigation. The first quarter of fiscal 2009 included a charge for unusual items aggregating $0.8 million after-tax, consisting of a partial write-off of deferred financing costs and a non-cash charge related to the tax treatment of the vesting of certain restricted stock awards.
Adjusted net income from continuing operations was $1.8 million, or $0.11 per diluted share, for the three month period ended April 4, 2010 compared to adjusted net loss from continuing operations of $(0.7) million, or $(0.05) per diluted share, for the three month period ended April 5, 2009. (Refer to the reconciliation of adjusted net income (loss) to GAAP net income (loss) in the tables that follow.)
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Thursday, March 4, 2010
Morton's Restaurant Group, Inc. Reports Results For Fiscal 2009 Fourth Quarter And For The Fiscal Year
Revenues decreased 9.4% to $79.2 million.
Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
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 opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
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 opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Sunday, November 8, 2009
Morton's Restaurant Group, Inc. Reports Results For Third Quarter 2009
The three month period ended October 4, 2009 as compared to the three month period ended September 28, 2008 (13 weeks to 13 weeks)
-- Revenues decreased 12.2% to $64.1 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 16.8%
for the third quarter of fiscal 2009 ended October 4, 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 opened during
fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
-- The three month period ended October 4, 2009 included a charge of $1.1
million pre-tax and $0.7 million after-tax, or $0.05 per diluted share,
which represents the change in the fair value of the share-based
component to be issued in connection with the settlement of certain wage
and hour claims that we announced in the second quarter of fiscal 2009.
The Company previously reported in the second quarter of fiscal 2009
that it had recorded a charge related to the settlement of certain wage
and hour and similar labor claims of approximately $10.6 million pre-tax
and approximately $6.7 million after-tax, or approximately $0.42 per
diluted share. A portion of these claims will be settled with the
issuance of Company shares and, as a result, the portion of the
liability attributed to the share-based component will be adjusted to
fair value at each quarter-end, with fair value estimated based on the
trading price of our common stock per share and other observable inputs,
until the settlement has been approved by the court at which time a
final adjustment will be recorded.
-- The three month period ended September 28, 2008 included a non-cash
impairment charge of $66.2 million pre-tax and $57.6 million after-tax
from continuing operations and $3.6 million pre-tax and $3.1 million
after-tax from discontinued operations.
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-- Revenues decreased 12.2% to $64.1 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 16.8%
for the third quarter of fiscal 2009 ended October 4, 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 opened during
fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
-- The three month period ended October 4, 2009 included a charge of $1.1
million pre-tax and $0.7 million after-tax, or $0.05 per diluted share,
which represents the change in the fair value of the share-based
component to be issued in connection with the settlement of certain wage
and hour claims that we announced in the second quarter of fiscal 2009.
The Company previously reported in the second quarter of fiscal 2009
that it had recorded a charge related to the settlement of certain wage
and hour and similar labor claims of approximately $10.6 million pre-tax
and approximately $6.7 million after-tax, or approximately $0.42 per
diluted share. A portion of these claims will be settled with the
issuance of Company shares and, as a result, the portion of the
liability attributed to the share-based component will be adjusted to
fair value at each quarter-end, with fair value estimated based on the
trading price of our common stock per share and other observable inputs,
until the settlement has been approved by the court at which time a
final adjustment will be recorded.
-- The three month period ended September 28, 2008 included a non-cash
impairment charge of $66.2 million pre-tax and $57.6 million after-tax
from continuing operations and $3.6 million pre-tax and $3.1 million
after-tax from discontinued operations.
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Thursday, August 6, 2009
Morton's Restaurant Group, Inc. Reports Results For Second Quarter 2009
-- Revenues decreased 19.8% to $68.7 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased 26.1% for the second quarter of fiscal 2009 ended July 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 opened during fiscal 2008 and one new Morton's steakhouse opened during the irst quarter of fiscal 2009.
Read more:
http://investor.mortons.com/phoenix.zhtml?c=196267&p=irol-newsArticle&ID=1317322&highlight=
-- Comparable restaurant revenues for Morton's steakhouses decreased 26.1% for the second quarter of fiscal 2009 ended July 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 opened during fiscal 2008 and one new Morton's steakhouse opened during the irst quarter of fiscal 2009.
Read more:
http://investor.mortons.com/phoenix.zhtml?c=196267&p=irol-newsArticle&ID=1317322&highlight=
Friday, July 24, 2009
Morton's Restaurant Group, Inc. Announces Settlement of Certain Wage and Hour Claims
CHICAGO, July 23 /PRNewswire-FirstCall/ -- Morton's Restaurant Group, Inc. (NYSE: MRT - News) announced today that agreements have been reached to settle certain wage and hour claims against the Company and certain of its subsidiaries. The settlements involve claims filed against the Company as far back as 2003 and cover all of the remaining wage and hour litigation pending against the Company and its subsidiaries, including a nationwide class action filed in 2005. While the Company and its subsidiaries deny allegations underlying the claims, they have agreed to the settlements to avoid additional legal fees, uncertainty surrounding the litigation and the management time that would have been devoted to continued litigation. The settlements are subject to respective arbitrator and court approvals.
Read more:
http://finance.yahoo.com/news/Mortons-Restaurant-Group-Inc-prnews-3730517112.html?x=0&.v=1
Read more:
http://finance.yahoo.com/news/Mortons-Restaurant-Group-Inc-prnews-3730517112.html?x=0&.v=1
Monday, July 6, 2009
Morton's steakhouse closes in Minneapolis
Morton’s, The Steakhouse has closed its restaurant in Minneapolis.
The Chicago-based restaurant chain cited the economy as its primary reason for closing its only Minnesota location.
“The Morton’s restaurant team in Minneapolis has been working diligently to improve operating results, but this restaurant has not been able to reach the base financial targets needed to support continued operation,” said Gary Young, a Minneapolis-based public relations consultant for Morton’s.
Read more:
http://www.bizjournals.com/twincities/stories/2009/07/06/daily1.html?ana=from_rss
The Chicago-based restaurant chain cited the economy as its primary reason for closing its only Minnesota location.
“The Morton’s restaurant team in Minneapolis has been working diligently to improve operating results, but this restaurant has not been able to reach the base financial targets needed to support continued operation,” said Gary Young, a Minneapolis-based public relations consultant for Morton’s.
Read more:
http://www.bizjournals.com/twincities/stories/2009/07/06/daily1.html?ana=from_rss
Thursday, May 7, 2009
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.)
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.)
