EXHIBIT 99.1
From: SANFORD TELLER COMMUNICATIONS May 3, 2005
1365 York Avenue
New York, NY 10021
(212) 717-0332
For: MORTON'S RESTAURANT GROUP, INC. FOR IMMEDIATE RELEASE
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3333 New Hyde Park Road
New Hyde Park, NY 11042
(516) 627-1515
www.mortons.com
Contact: THOMAS J. BALDWIN, EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER,
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MORTON'S RESTAURANT GROUP, INC.
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MORTON'S RESTAURANT GROUP REPORTS 2005 FIRST QUARTER RESULTS
New Hyde Park, NY....Morton's Restaurant Group, Inc. today reported revenues for
the fiscal 2005 first quarter ended April 3, 2005 of $77,191,000, up 5.8% versus
fiscal 2004 first quarter revenues of $72,981,000. Net income for the fiscal
2005 first quarter was $2,154,000. Included in fiscal 2005 first quarter is
$648,000 of pretax gain on sale of an investment. This compares to fiscal 2004
first quarter net income of $1,909,000. Morton's comparable restaurant revenues
increased 0.7% for the fiscal 2005 first quarter. Easter fell within the first
quarter of fiscal 2005 but not the first quarter of fiscal 2004.
During the fiscal 2005 first quarter, the Company opened new Morton's
restaurants in Bethesda, MD, Charlotte, NC and Chicago, IL. The Company has
executed agreements to open new Morton's restaurants in Atlantic City, NJ, Troy,
MI and Ft. Lauderdale, FL.
As of April 3, 2005, Morton's Restaurant Group owned and operated 72
restaurants (68 Morton's, of which 64 are in the United States and one each in
Hong Kong, Singapore, Toronto and Vancouver, as well as 4 Bertolini's Authentic
Trattorias).
FORWARD-LOOKING STATEMENTS
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED IN THIS NEWS RELEASE, THE
MATTERS ADDRESSED ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE CERTAIN RISKS AND
UNCERTAINTIES, INCLUDING, BUT NOT LIMITED TO, RISKS OF THE RESTAURANT INDUSTRY,
INCLUDING A HIGHLY COMPETITIVE INDUSTRY WITH MANY WELL-ESTABLISHED COMPETITORS
WITH GREATER FINANCIAL AND OTHER RESOURCES THAN THE COMPANY, THE IMPACT OF
CHANGES IN CONSUMER TASTES, LOCAL, REGIONAL AND NATIONAL ECONOMIC AND MARKET
CONDITIONS, RESTAURANT PROFITABILITY LEVELS, EXPANSION PLANS, DEMOGRAPHIC
TRENDS, TRAFFIC PATTERNS, EMPLOYEE AVAILABILITY, BENEFITS AND COST INCREASES,
PRODUCT SAFETY AND AVAILABILITY, GOVERNMENT REGULATION, THE COMPANY'S ABILITY TO
MAINTAIN ADEQUATE FINANCING FACILITIES AND OTHER RISKS DETAILED FROM TIME TO
TIME IN THE COMPANY'S REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
ACTUAL RESULTS MAY VARY. THE COMPANY ASSUMES NO OBLIGATION TO UPDATE ANY
FORWARD-LOOKING STATEMENT.
MORTON'S RESTAURANT GROUP, INC.
(amounts in thousands)
(unaudited)
CONSOLIDATED STATEMENTS OF INCOME
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THREE MONTHS ENDED
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April 3, April 4,
2005 2004
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Revenues $77,191 $72,981
Food and beverage costs 25,855 24,472
Restaurant operating expenses 34,776 32,598
Pre-opening costs, depreciation, amortization and
non-cash charges 2,724 1,634
General and administrative expenses 5,199 4,886
Marketing and promotional expenses 1,423 2,629
Costs associated with repayment of certain debt 174 264
(Gain) on sale of investment (648) -
Interest expense, net 2,681 3,071
Management fee paid to related party 700 700
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Income before income taxes 4,307 2,727
Income tax expense 2,153 818
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Net income $2,154 $1,909
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Number of restaurants at:
Beginning of periods 69 68
End of periods 72 68
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