Earnings Call Excerpt
McCormick & Schmick’s Seafood Restaurants, Inc. (MSSR)
Q2 2008 Earnings Call
August 6, 2008 5:00 pm ET
Executives
Emanuel N. Hilario – Chief Financial Officer
Douglas L. Schmick – Chairman and Chief Executive Officer
Analysts
Matthew Difrisco – Oppenheimer & Co.
Christopher O’Cull – Suntrust Robinson Humphrey
Jeffrey Omohundro – Wachovia Capital Markets, LLC
Nicole Miller – Piper Jaffray
Justin Maurer – Lord, Abbett & Co.
Colin Guheen – Cowen and Company
Presentation
Operator
Welcome to today’s McCormick & Schmick’s Seafood Restaurants, Inc. second quarter 2008 earnings conference. (Operator Instructions) And now at this time I would like to turn the conference over to Manny Hilario, Chief Financial Officer.
Emanuel N. Hilario
By now everyone should have access to our second quarter 2008 earnings press release. It may also be found on your website at www.McCormickAndSchmicks.com under the investor relations section. Before we begin our formal remarks I need to remind everyone that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance and therefore you should not put undue reliance on them. We refer all of you to our recent filings with the SEC for a more detailed discussion of the risks that could impact our future operating results and financial condition.
With that I’d like to turn the call over to Doug Schmick, Chairman and Chief Executive Officer of McCormick & Schmick’s.
Douglas L. Schmick
We have a number of things to discuss on our call today. I will provide some commentary on the overall environment, our second quarter results along with the various initiatives we have in place with respect to our restaurants, marketing efforts and development plans. Manny will then conduct a detailed review of our financials and after that we’ll be happy to answer any questions you might have.
We’re in a unique period of time with the consumer today. As I look back on what we have accomplished over the past 36 years I think the distinct nature of our brand is what has allowed us to endure and prosper in a competitive restaurant landscape, and I am therefore as optimistic as ever with respect to our long term potential even if the near term appears difficult to predict.
For the second quarter we delivered revenue growth of 11.2% which includes a comparable sales decline of 4.9%. Please also note that our comparisons were much more difficult in the second quarter than they will be in the second half of the year as we went up against a comp last year of a positive 2.3% in the second quarter 07. At the same time our results reflect a sequential improvement from the first quarter of 08. Earnings per share for the second quarter of 08 was $0.16 which reflected the challenging environment and a $452,000 charge of our exit from Restaurant K in Washington, DC or approximately $0.02 per share.
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