Smith & Wollensky To File 10-K Including Tentative Legal Settlement Costs
24 March 2004 - 8:55AM
PR Newswire (US)
Smith & Wollensky To File 10-K Including Tentative Legal
Settlement Costs NEW YORK, March 23 /PRNewswire-FirstCall/ -- The
Smith & Wollensky Restaurant Group, Inc. today announced that
it has reached a tentative settlement of a pending legal action.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO )
While preparing to defend itself in connection with a legal dispute
concerning a potential restaurant site in Arizona, the parties
tentatively agreed to settle the matter for $525,000. This
subsequent event caused the Company to refine its previous accrual
of $125,000 for the liability in the matter, which had been
included in the fourth quarter and full-year 2003 financial results
announced on March 11, 2004. Accordingly, the Company has recorded
an additional $400,000 for this non-recurring charge. Audited
financial results for the year ended December 29, 2003 reflect a
net loss of $1,122,000, or $0.12 per share, compared with the
announced net loss of $722,000, or $0.08 per share, discussed in
the Company's conference call on March 11, 2004. Net income for the
fourth quarter of 2003 was $235,000, or $0.02 per diluted share,
rather than the announced $635,000, or $0.06 per diluted share.
Audited financial statements will beincluded in the Company's 2003
Form 10-K report, when it is filed with the Securities and Exchange
Commission. About Smith & Wollensky Restaurant Group The Smith
& Wollensky Restaurant Group develops, owns and operates
high-end, high-volume restaurants in major cities across the United
States. The original Smith & Wollensky, a traditional New York
steakhouse, opened in 1977 and is currently believed to be the
largest-grossing a la carte restaurant in the country. Since its
inception, the company has grown to include 17 restaurants,
including Smith & Wollensky in New York, Miami Beach, Chicago,
New Orleans, Las Vegas, Washington, D.C., Philadelphia, Columbus,
Dallas and Houston. SWRG also operates seven other restaurants in
New York and Chicago, including Cite, Maloney & Porcelli,
Manhattan Ocean Club, Mrs. Park's Tavern, ONEc.p.s., Park Avenue
Cafe and The Post House. Except for historical information
contained herein, the statements made in this press release
regarding the Company's business,strategy and results of operations
are forward-looking statements which are based on management's
beliefs and information currently available to management. Readers
are cautioned not to put undue reliance on such forward-looking
statements, which are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from such statements. Factors that may cause such differences
include changes in economic conditions generally or in each of the
markets in which the Company is located, unanticipated changes in
labor or food costs, changes in consumer preferences, the level of
competition in the high-end segment of the restaurant industry and
the success of the Company's growth strategy. For a more detailed
description of such factors, please see the Company's filings with
the Securities and Exchange Commission. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future eventsor
otherwise. http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO
http://photoarchive.ap.org/ DATASOURCE: Smith & Wollensky
Restaurant Group, Inc. CONTACT: Lauren Felice of RFBinder Partners,
+1-212-994-7541, or , for Smith & Wollensky Restaurant Group,
Inc. Web site: http://www.smithandwollensky.com/
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