Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its first quarter ended March 28, 2010.

Highlights for the first quarter of 2010 compared to the first quarter of 2009 were as follows:

• Total revenues were flat compared to prior year at $94.7 million.
• Net income available to common shareholders of $6.0 million, or $0.19 per diluted share, compared to $3.7 million, or $0.16 per diluted share, in the first quarter of 2009. Net income available to common shareholders for the first quarter of 2010 included a $0.7 million income tax benefit for a correction of an immaterial error related to certain prior year tax credits. Excluding this adjustment, net income available to common shareholders in the quarter was $0.17 per diluted share.
• Company-owned comparable restaurant sales for Ruth’s Chris Steak House decreased 0.5%. Company-owned comparable restaurant sales for Mitchell’s Fish Market increased 2.4%.
• Food and beverage costs, as a percentage of restaurant sales, decreased 80 basis points to 29.3%, which was primarily driven by favorable beef costs.
• Restaurant operating expenses, as a percentage of restaurant sales, decreased 90 basis points to 51.3%, as a result of continued reductions in variable costs from initiatives implemented throughout 2009.
• General and administrative expenses were essentially even to prior year at $5.6 million.
• Depreciation and amortization expenses, as a percentage of total revenues, decreased 20 basis points to 4.1% primarily due to the home office building sale in the fourth quarter of 2009.
• Interest expense decreased by $0.3 million to $2.0 million in the first quarter of 2010.
• At the end of the first quarter of 2010, the Company had $74.0 million in debt outstanding under its senior credit agreement. This represents a reduction of $51.5 million from the December 27, 2009 balance of $125.5 million. On February 12, 2010, the Company applied approximately $44.3 million of the net proceeds from the rights offering and the private placement, together with cash on hand, to reduce its outstanding borrowings under its existing credit facility.

Michael P. O’Donnell, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., stated, “Our net income growth year over year reflects a combination of stabilizing comparable sales at both our brands and the continuation of effective cost management. As we look to the future we believe that the operational and financial improvements that began in late 2008, position Ruth’s Hospitality Group to benefit from strong operating leverage as the economy recovers. While successful four-wall execution at existing locations is a top priority, we are closely evaluating new restaurant development at Ruth’s Chris Steak House and Mitchell’s Fish Market. We are scheduled to open our newest Mitchell’s Fish Market in Orlando, Florida in June and we’re selectively analyzing other real estate sites for both brands. As always we will be prudent with development and only commit capital when we believe adequate returns will be generated for shareholders.”

Review of Operating Results

Total revenues, which include Company-owned restaurant sales, franchise income, and other operating income, were $94.7 million compared to $94.7 million in the first quarter of 2009. Company-owned restaurant sales declined 0.3% to $91.2 million for the first quarter of 2010 from $91.4 million in the same quarter last year. Total operating weeks decreased 0.8% to 1,118 from 1,127.

Average weekly sales for Ruth’s Chris Steak House were $85.6 thousand in the first quarter of 2010 compared to $85.9 thousand in the first quarter of 2009. Average weekly sales at Mitchell’s Fish Market were $70.5 thousand compared to $68.8 thousand in the prior year first quarter.

For the first quarter of 2010, Company-owned comparable restaurant sales at Ruth’s Chris Steak House decreased 0.5%, which consisted of an average check decrease of 2.3% and an entrée increase of 1.9%. Company-owned comparable restaurant sales at Mitchell’s Fish Market increased 2.4%, which consisted of an average check decrease of 2.1% and an entrée increase of 4.6%.

Franchise income increased 8.3% to $2.9 million from $2.7 million. Comparable franchise-owned restaurant sales increased 3.2%.

Operating income was $9.8 million in the first quarter of 2010 and $6.9 million in the prior year first quarter.

Net income available to common shareholders was $6.0 million, or $0.19 per diluted share, compared to $3.7 million, or $0.16 per diluted share, in the first quarter of 2009. Excluding the aforementioned $0.7 million tax adjustment, net income available to common shareholders in the quarter was $0.17 per diluted share.

Financial Outlook

Based on current information, Ruth’s Hospitality Group, Inc. is reiterating its previous outlook for 2010, with the exception of an adjustment to the effective income tax rate:

• Cost of goods sold of 29% to 30% of restaurant sales
• General and administrative expenses of $22 million to $24 million
• Effective tax rate of 25% to 30%
• One Company-owned Mitchell’s Fish Market opening
• One franchised Ruth’s Chris Steak House opening
• Capital expenditures of $7 million to $8 million

Conference Call

The Company will host a conference call to discuss first quarter 2010 financial results today at 8:30 AM Eastern Time. Hosting the call will be Mike O’Donnell, President and Chief Executive Officer, and Bob Vincent, Executive Vice President and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 888-428-9506 or for international callers by dialing 719-457-2626. A replay will be available one hour after the call and can be accessed by dialing 888-203-1112 or 719-457-0820 for international callers; the password is 9465974. The replay will be available until May 7, 2010. The call will also be webcast live from the Company’s website at www.rhgi.com under the investor relations section.

About Ruth’s Hospitality Group, Inc.

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused exclusively on the upscale dining segment. The Company owns the Ruth’s Chris Steak House, Mitchell’s Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse concepts. With more than 150 Company- and franchisee-owned locations worldwide, Ruth’s Hospitality Group, Inc. was founded in 1965 and is headquartered in Heathrow, Fla.

For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.RuthsChris.com, www.MitchellsFishMarket.com, www.MitchellsSteakhouse.com and www.Camerons-Steakhouse.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.

While some restaurant stocks posted delicious results last week, Panera Bread’s (Nasdaq: PNRA) and Buffalo Wild Wings’ (Nasdaq: BWLD) latest earnings may now prompt investors to reach for the antacid.

Half baked?

To its credit, Panera did deliver rising amounts of bread. First-quarter net income increased 48%, to $25.8 million, or $0.82 per share. Total revenue increased 14%, to $364.2 million. Same-store sales for company-owned locations also jumped a staggering 10%. That increase included transaction growth of 3.5% and average check growth of 6.5%. Panera raised prices by 2%.

If Panera’s share price today implies that investors have lost their stomach for the stock, that’s probably because the company warned that second-quarter earnings will miss analysts’ expectations. Panera expects $0.81-$0.83 per share, while analysts had forecast earnings of $0.84 per share.

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Burger King Holdings, Inc. (NYSE:BKC) today reported results for the third quarter of fiscal 2010. Key highlights of the company’s third quarter results include:

• Worldwide comparable sales were negative 3.7 percent compared to positive 1.0 percent in the same period last year;
• U.S. and Canada comparable sales were negative 6.1 percent compared to positive 1.6 percent in the same quarter last year;
• Worldwide company restaurant margins were 11.3 percent compared to 11.7 percent in the same quarter last year;
• U.S. and Canada company restaurant margins improved 20 basis points to 12.9 percent compared to 12.7 percent in the same period last year;
• Income before income taxes was up 6 percent at $67.0 million compared to $63.0 million in the same quarter last year; and
• Diluted earnings per share were $0.30, compared to diluted earnings per share of $0.34 in the same quarter last year. During the quarter, diluted earnings per share included a $0.02 negative impact resulting from a higher effective tax rate. Last year’s diluted earnings per share included a $0.05 benefit resulting from a lower effective tax rate.

“While we continue to operate in a very challenging macroeconomic environment, we remain committed and focused on the success and growth of our brand by effectively managing our business for the long term,” said Chairman and Chief Executive Officer John Chidsey. “During the quarter, we added 37 net new restaurants, invested in our U.S. and Canada reimaging program, continued the deployment of new restaurant equipment, increased company restaurant margins in the U.S. and Canada, and developed innovative products that support both ends of our barbell menu strategy.

“Even though the quarter’s results were negatively impacted by severe U.S. weather conditions in January and February, I am encouraged by our overall performance in March including positive U.S. traffic and sequential quarterly improvement in average check. Average check in the U.S. was helped by the national launch of our premium Steakhouse XT^TM burger line that continues to receive favorable consumer response,” Chidsey added.

Worldwide revenues for the third quarter of fiscal 2010 were down 1 percent at $596.9 million, compared to $599.9 million in the same quarter last year. Revenues were adversely impacted by negative worldwide comparable sales, partially offset by favorable currency translation of $19.5 million and strong net restaurant growth of 305 units during the past 12 months.

Third quarter worldwide comparable sales were negative 3.7 percent compared to positive 1.0 percent in the same period last year. The company posted positive comparable sales of 1.1 percent in its EMEA/APAC business segment compared to negative 0.6 percent in the same period last year. Strong performance in Spain, Australia, Korea and Turkey more than offset negative comparable sales in Germany and the U.K.

Third quarter comparable sales in the U.S. and Canada segment were negative 6.1 percent compared to positive 1.6 percent in the prior year period. Comparable sales in the segment were negative 2.0 percent in March, a 6.2 percentage point improvement over the reported January and February period comparable sales of negative 8.2 percent. As previously stated, the company believes, based on its analysis, inclement weather negatively impacted comparable sales in January and February by approximately 3.0 percentage points. Additionally, the segment realized positive traffic in March as the impact of weather became less significant.

During the quarter, U.S. marketing efforts focused on the company’s barbell menu strategy with a continued emphasis on value including the $1 ¼ lb. Double Cheeseburger promotion. On the indulgent end, the company completed the national roll-out of the Steakhouse XT^TM burger line, which includes three builds, at the end of February. The casual-dining quality Steakhouse XT^TM burger, which highlights the brand’s signature flame-broiled taste, is among the first of many product introductions coming off the company’s proprietary flexible broiler.

Marketing initiatives during the third quarter included a U.S. campaign with NASCAR^® Sprint Cup Series driver Tony Stewart and the semi-annual winter mail coupon drop to 77 million households. Additionally, the U.S. and Canada featured Superfamily promotions such as Hoodwinked Too^TM, The Spectacular Spiderman^TM and Polly Pocket^TM, which were also leveraged across many international markets.

During the quarter, the EMEA/APAC business segment continued to implement the company’s barbell menu strategy with a combination of value and indulgent offerings. Promotions aimed at satisfying guests seeking value included the Stunner Deals^TM program, King Deals^TM and the Chili Cheese Burger LTO. These offerings were balanced with higher margin indulgent products including the Chicken TenderCrisp^® sandwich, Whopper^® sandwich promotions and various LTOs. Similarly, marketing efforts in the Latin America segment included promotions aimed at driving traffic and average check such as the Come Como Rey^TM (Eat Like a King), BK^TM Ofertas (King Deals) and Whopper^® sandwich LTOs.

The company opened 37 net new restaurants in the third quarter of its 2010 fiscal year and completed the acquisition of 35 restaurants in Singapore in early March as previously announced. Trailing 12-month net restaurant count increased 305 over the prior 12-month period, representing a net restaurant growth rate of 2.6 percent. During this period, the company posted positive net restaurant growth across all business segments with 89 percent of the restaurants opened outside of the U.S. and Canada. For the 2010 full fiscal year, the company is on target to open 250 to 300 net new restaurants as previously guided.

During the quarter, the company posted worldwide company restaurant margins (CRM) of 11.3 percent, a 40 basis point decrease compared to the same period last year. The decrease was primarily driven by increased occupancy and other operating costs largely due to the deleveraging effect of negative comparable sales on fixed costs. However, worldwide CRM benefited from lower food, paper and product costs across all reporting segments. CRM in the U.S. and Canada segment increased 20 basis points compared to the same period last year aided by the meaningful comparable sales improvement in March and by decreased labor expenses primarily resulting from variable labor control enhancements in the U.S. Lower CRM in EMEA/APAC and Latin America segments as compared to the same period last year more than offset the improvement realized in the U.S. and Canada.

During the third quarter, the company realized $4.5 million of other income as compared to the prior year’s other income of $1.3 million. The increase in other income was primarily the result of gains realized on the sale of restaurant properties and cash flow hedging activities.

General and administrative (G&A) expenses increased by $3 million compared to the same period last year. Currency translation negatively impacted G&A by $3.1 million. Net of currency translation, G&A was unchanged compared to the same quarter last year.

Income before income taxes for the third quarter of fiscal 2010 was up 6 percent at $67.0 million, compared to $63.0 million in the same period last year. However, diluted earnings per share were down 12 percent at $0.30, including a $0.01 favorable impact due to currency translation, compared to diluted earnings per share of $0.34 in the same quarter last year. The decrease in diluted earnings per share was driven by an effective tax rate of 38.8% compared to an effective tax rate of 25.2% in the same period last year that included a $0.05 benefit from the resolution of tax audits. This quarter’s effective tax rate, which negatively impacted diluted earnings per share by $0.02, was primarily as a result of the current mix of income from multiple tax jurisdictions and currency fluctuations.

Looking ahead

The company’s fiscal 2010 fourth quarter marketing calendar includes promotional movie tie-ins with summer releases of expected blockbusters Iron Man 2 and The Twilight Saga: Eclipse. Superfamily promotions will include Marmaduke and SpongeBob SquarePants^TM. Featured products during the quarter will flex both ends of the company’s barbell menu strategy. Value offerings will include the BK^® Breakfast Muffin and Buck Double. Indulgent products, aimed at driving higher check, will include the newly added BK^TM Breakfast Bowl and products engineered to be cooked on the flexible broiler including fall-off-the-bone BK^TM Fire-Grilled Ribs, scheduled to launch at the end of May.

“The U.S. economy is showing mixed signs of improvement with recent reports on improved retail spending and consumer confidence. However, high levels of unemployment and underemployment will remain our industry’s biggest headwind,” Chidsey said. “So we will continue to manage the brand for the future, well-positioning us as the economy continues to recover.

“In the near term, we are excited about our product line-up that includes a balance of value and premium products that take full advantage of our game-changing broiler. And we are looking forward to the launch of our enhanced breakfast platform this fall, led by this summer’s roll-out of Seattle’s Best Coffee^®.

“We remain on-track in both our net new restaurant openings and on our restaurant reimaging initiative. We continue to find new ways to run even more efficient restaurants and control our overhead spending. Overall, I am pleased with our global momentum and confident in our ability to keep moving the brand forward,” Chidsey concluded.

Related Communication

Burger King Holdings Inc. (NYSE:BKC) will hold its third quarter earnings call for fiscal year 2010 on Thursday, April 29, at 10 a.m. EDT following the release of its third quarter results before the stock market opens on the same day. During the call, Chairman and Chief Executive Officer John Chidsey; Chief Financial Officer Ben Wells; Chief Marketing Officer, North America Mike Kappitt; and Senior Vice President of Investor Relations and Global Communications Amy Wagner will discuss the company’s third quarter results.

The earnings call will be webcast live via the company’s investor relations Web site at http://investor.bk.com and will be available for replay for 30 days.

About Burger King Holdings, Inc.

The BURGER KING® system operates more than 12,000 restaurants in all 50 states and in 74 countries and U.S. territories worldwide. Approximately 90 percent of BURGER KING® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. In 2008, Fortune magazine ranked Burger King Corp. (BKC) among America’s 1,000 largest corporations and in 2010, Standard & Poor’s included shares of Burger King Holdings, Inc. in the S&P MidCap 400 index. BKC was recently recognized by Interbrand on its top 100 “Best Global Brands” list and Ad Week has named it one of the top three industry-changing advertisers within the last three decades. To learn more about Burger King Corp., please visit the company’s Web site at www.bk.com.

Morton’s Restaurant Group, Inc. (NYSE: MRT), the world’s largest operator of company-owned upscale steakhouses, will report its unaudited financial results for the first quarter of fiscal 2010 on Wednesday, May 5, 2010 after the close of markets that day. The Company has scheduled a conference call and webcast for investors at 5:30 p.m. ET that day to discuss the unaudited financial results.

Hosting the call will be Christopher J. Artinian, President and Chief Executive Officer of Morton’s Restaurant Group, Inc. and Ronald M. DiNella, Senior Vice President and Chief Financial Officer. The news release reporting first quarter of fiscal 2010 unaudited financial results will be issued on Wednesday, May 5, 2010 after the close of the markets that day.

Alternatively, the conference call will be webcast at www.mortons.com under the “Investor Relations” tab. For those unable to participate, an audio replay will be available from 8:30 p.m. ET on Wednesday, May 5, 2010, through midnight Wednesday, May 19, 2010. To access the replay, please call 888-286-8010 (U.S. & Canada) or 617-801-6888 (International) and enter confirmation code 67807503. A web-based archive of the conference call will also be available at the above website.

About Morton’s

Morton’s Restaurant Group, Inc. is the world’s largest operator of company-owned upscale steakhouses. Morton’s steakhouses have remained true to our founders’ original vision of combining generous portions of high quality food prepared to exacting standards with exceptional service in an enjoyable dining environment. As of April 29, 2010, the Company owned and operated 76 Morton’s steakhouses located in 64 cities across 27 states, Puerto Rico and five international locations (Hong Kong, Macau, Mexico City, Singapore and Toronto), as well as one Italian restaurant. Please visit our Morton’s website at www.mortons.com.

McCormick & Schmick’s Seafood Restaurants, Inc. (Nasdaq:MSSR) today announced that it will host a conference call to discuss first quarter 2010 financial results on Wednesday, May 5, 2010 at 5:00 PM ET. Hosting the call will be William Freeman, Chief Executive Officer, and Michelle Lantow, Chief Financial Officer. A press release with first quarter 2010 financial results will be issued after the market close that same day.

The conference call can be accessed live over the phone by dialing 888-352-6801, or for international callers 719-325-2342. A replay will be available one hour after the call and can be accessed by dialing 888-203-1112 or 719-457-0820 for international callers; the conference ID is 7450480. The replay will be available until Wednesday, May 19, 2010.

The call will be webcast live from the Company’s website at www.McCormickandSchmicks.com under the investor relations section.

McCormick & Schmick’s Seafood Restaurants, Inc. is a leading seafood restaurant operator in the affordable upscale dining segment. The Company now operates 94 restaurants, including 88 restaurants in the United States and six restaurants in Canada under The Boathouse brand. McCormick & Schmick’s has successfully grown over the past 38 years by focusing on serving a broad selection of fresh seafood. McCormick & Schmick’s inviting atmosphere and high quality, diverse menu offering and compelling price-value proposition appeals to a diverse base of casual diners, families, travelers and the business community.

Restaurant dealmaking is heating up again with the start of a consumer spending recovery and greater access to capital that has whetted private equity firms’ appetite after a two-year fast.

CKE Restaurants Inc (CKR.N), the owner of Hardee’s and Carl’s Jr fast-food chains, last week accepted a $694 million bid from Apollo Management APOLO.UL and terminated a lower-priced offer from Thomas H. Lee Partners.

That deal followed the sale of Brinker International Inc’s (EAT.N) On the Border Mexican Grill & Cantina to an affiliate of Golden Gate Capital and Papa Murphy’s sale to private equity firm Lee Equity Partners.

California Pizza Kitchen (CPKI.O), a full-service chain known for its Barbecue Chicken pizza and other offbeat creations, has put itself up for sale.

“I don’t think I want to open the champagne just yet, but it’s a confident sign,” said Donna Hitscherich, senior lecturer at Columbia Business School.

An important part of the shift is that new deals focus on healthy businesses, rather than the distressed and bankrupt companies that sought buyers in prior years.

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Famous Dave’s of America, Inc. (NASDAQ: DAVE) today announced revenue and net income of $32.6 million and $2.7 million, respectively, or $0.30 per diluted share, for the first quarter ended April 4, 2010. This compares to revenue and net income of $33.8 million and $1.3 million, or $0.15 per diluted share for the comparable period in 2009.

First quarter results include one-time non-cash gains of approximately $2.1 million or $0.15 per diluted share related to the acquisition of seven restaurants in New York and New Jersey and the termination of a Marietta, Georgia lease.

“I was pleased with our execution during the first quarter of 2010.” said Christopher O’Donnell, President and CEO of Famous Dave’s of America. “We turned in a solid quarter of profitable financial performance in a business environment that remains challenging, and during a time when we were also acquiring, and integrating, seven new company-owned restaurants.”

Same store sales for company-owned restaurants open for 24 months or more decreased 3.5 percent during the quarter. Severe weather-related closures, affecting 16 east coast restaurants for 28 operating days, negatively impacted comparable sales for the quarter by approximately 110 basis points. Additionally, the shift of Easter from the second quarter of 2009 to the first quarter of 2010 had a 50 basis point unfavorable impact on the quarter. The comparable sales decline was net of weighted average price increases of approximately 1.0 percent.

Franchise royalty revenue for the first quarter of 2010 totaled $4.0 million, down 4.6 percent from the comparable period in 2009. The decrease in franchise royalty revenue primarily reflects a 3.4% decline in comparable sales. Additionally, the decline reflects the loss of royalties for seven New York and New Jersey locations purchased by the company, and the closure of one of the New Jersey locations, in early March.

Acquisition of Seven Franchise Restaurants

Earnings for the first quarter include a non-cash gain of approximately $0.15 per diluted share from the acquisition of seven restaurants in New York and New Jersey, equal to the difference between the fair market value of the assets acquired of approximately $9.8 million, and the purchase price of approximately $7.4 million. In addition, acquisition-related costs of approximately $307,000 have been netted against the gain. The Company purchased these seven restaurants in early March for cash consideration of approximately $6.8 million.

Lease Termination for Previously Closed Restaurant

During the first quarter, the company terminated the last of its Atlanta, Georgia leases, resulting in the recapture of the lease termination reserve of approximately $84,000, which is reported in asset impairment and estimated lease termination and other closing costs in the Consolidated Statement of Operations.

Stock-based Compensation and Common Share Repurchase

Earnings results for the first quarter of 2010 included approximately $355,000 or $0.03 per diluted share, in compensation expense related to the company’s stock-based incentive programs, as compared to approximately $138,000 or $0.01 per diluted share, for the prior year comparable period. The increase is primarily due to a shift in the timing of board of director’s stock-based compensation to align with the timing of their board service in 2009 from a previous fiscal year method as well as an increase in the Company’s stock price over the prior year.

The company repurchased approximately 430,000 shares of common stock during the fiscal first quarter at an average price of $6.92 per share, excluding commissions, for a total of approximately $3.0 million. The Company has repurchased approximately 537,000 shares under its current 1,000,000 share authorization.

Marketing and Development

Development and marketing highlights during the quarter included a successful “limited time offer” of Cajun style seafood featuring Blackened BBQ Catfish, New Orleans BBQ Shrimp, BBQ or Buffalo Shrimp Appetizers, “add a skewer” BBQ Shrimp and a Mardi Gras inspired beverage, The Big Easy.

The current limited time offering, “80 Proof BBQ,” features Jack Daniels Tennessee Whiskey^® and includes Whisky Wings, an 80 Proof BBQ Burger, 80 Proof BBQ Ribs, and Tennessee Style Bread Pudding with Sweet Vanilla Whiskey Sauce and Lynchburg Lemonade.

“We continue to be excited about the innovation taking place in our test kitchen,” O’Donnell said. “We have launched a broad array of no fewer than 18 new menu items that are currently being tested in several of our restaurants, including low calorie options as well as a variety of exciting new smoked and grilled offerings. All of these items extend and amplify the Famous Dave’s brand and ensure our continued relevance to our guests.”

Famous Dave’s opened one new franchise-operated restaurant during the first quarter, in Omaha, NE. Three franchise-operated locations closed during the quarter in Barboursville, WV, South Charleston, WV and Hillsborough, NJ. Subsequent to quarter end, one franchise location opened in Gilbert, AZ. Famous Dave’s ended the quarter with 175 restaurants, including 52 company-owned restaurants and 123 franchise-operated restaurants, located in 36 states.

Outlook

The company reiterates its guidance on restaurant development, as issued in its fourth quarter earnings release, and anticipates opening one company-owned restaurant and approximately eight franchise-operated restaurants during fiscal 2010.

Conference Call

The company will host a conference call tomorrow, April 29, 2010, at 10:00 a.m. Central Time to discuss its first quarter financial results. There will be a live webcast of the discussion through the Investor Relations section of Famous Dave’s web site at www.famousdaves.com.

About Famous Dave’s

Famous Dave’s of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of today, the company owns 52 locations and franchises 124 additional units in 36 states. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique desserts.

Landry’s Restaurants, Inc. (NYSE: LNY) (“Landry’s” or the “Company”) announced today that after lengthy negotiations with the Special Committee, made up of outside non-employee directors, and attorneys representing the plaintiff in a lawsuit pending in Delaware, Tilman J. Fertitta has reached a tentative agreement with the plaintiff’s attorneys to settle the stockholder derivative claim and certain other claims in connection with Mr. Fertitta’s proposal to merge Landry’s into his wholly-owned company.  Pursuant to the tentative agreement, Mr. Fertitta has agreed to increase the price to be paid to the Landry’s stockholders to $21.00 per share in cash in a merger of the Fertitta affiliate with Landry’s.  

Mr. Fertitta’s proposal is subject to further consideration by and approval of the Special Committee and the Special Committee obtaining a fairness opinion from its independent financial advisor as to the financial terms of the proposal.  If approved and recommended by the Committee, the proposal must be approved by the entire Landry’s Board.  There can be no assurance that a final agreement will be reached.  Any final agreement will be subject to approval by the Company’s stockholders, including approval by the holders of a majority of the Company’s common stock not owned by Mr. Fertitta.  The partial settlement of the lawsuit also requires approval by the court after notice and a fairness hearing.

About Landry’s Restaurants, Inc.

Landry’s is a national, diversified restaurant, hospitality and entertainment company principally engaged in the ownership and operation of full-service, casual dining restaurants, primarily under the names of Rainforest Cafe, Saltgrass Steak House, Landry’s Seafood House, Charley’s Crab, The Chart House, and the Signature Group of restaurants.  The Company is also engaged in the ownership and operation of select hospitality businesses, including the Golden Nugget Hotel & Casinos in Las Vegas and Laughlin, Nevada.

Domino’s Pizza, Inc. (NYSE: DPZ) announces the following webcast:

What:  First Quarter 2010 Earnings Conference Call

When:  Tuesday, May 4, 11:00 a.m. Eastern

Where:  www.dominosbiz.com

How:  Live over the Internet.  Simply log on to the Web address above.

Contact:  Lynn Liddle:  (734) 930-3008

The Web Cast will also be archived on the Domino’s web site for replay.

About Domino’s Pizza^®

Founded in 1960, Domino’s Pizza is the recognized world leader in pizza delivery. Domino’s is listed on the NYSE under the symbol “DPZ.” Through its primarily locally-owned and operated franchised system, Domino’s operates a network of franchised and Company-owned stores in the United States and over 60 international markets, and in March 2010 celebrated the opening of its 9000^th store worldwide. The Domino’s Pizza® brand, named a Megabrand by Advertising Age magazine, had global retail sales of over $5.6 billion in 2009, comprised of nearly $3.1 billion domestically and over $2.5 billion internationally. Domino’s Pizza was named “Chain of the Year” by Pizza Today magazine, the leading publication of the pizza industry. In 2009, Domino’s ranked number one in customer satisfaction in a survey of consumers of the U.S. largest limited service restaurants, according to the annual American Customer Satisfaction Index (ACSI).  Domino’s has expanded its menu significantly since 2008 to include Oven Baked Sandwiches and BreadBowl Pasta ^TM, and recently debuted its ‘Inspired New Pizza’ – a permanent change to its core hand-tossed product, reinvented from the crust up with new sauce, cheese and garlic seasoned crust.

Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today announced that it will host an investor day with industry analysts and institutional investors at the company’s offices on Tuesday, May 4, 2010. The meeting will begin at 8:15 a.m. CDT and conclude at approximately 12:30 p.m. CDT. Presentations will include an overview of Sonic’s business strategies and product quality, media allocation and promotional initiatives. The event will be simulcast over the Internet and a link to this event may be found at the investor section of the company’s website, www.sonicdrivein.com.

Sonic also announced that it has purchased approximately $28.6 million of its Class A-2 senior fixed-rate notes during its third fiscal quarter, using excess cash. With over $90 million in cash after the purchases are completed, Sonic will continue to use its excess cash on an opportunistic basis for credit enhancements, stock repurchases or other stockholder-value initiatives.

About Sonic

Sonic, America’s Drive-In, originally started as a hamburger and root beer stand in 1953 in Shawnee, Okla., called Top Hat Drive-In, and then changed its name to Sonic in 1959. The first drive-in to adopt the Sonic name is still serving customers in Stillwater, Okla. Sonic has more than 3,500 drive-ins coast to coast, where more than a million customers eat every day. For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com.

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the first quarter ended March 28, 2010. Highlights for the first quarter versus the same period a year ago were:

• Total revenue increased 15.7% to $152.3 million
• Company-owned restaurant sales grew 15.5% to $138.0 million
• Same-store sales increased 0.1% at company-owned restaurants and 0.7% at franchised restaurants
• Net earnings increased 24.5% to $10.6 million from $8.5 million, and earnings per diluted share increased 23.4% to $0.58 from $0.47

Sally Smith, President and Chief Executive Officer, commented, “In the first quarter, we achieved year-over-year growth in units, revenue and bottom-line performance, even while same-store sales were nearly flat at 0.1% at company-owned restaurants and 0.7% at franchised locations. We’ve opened 86 additional restaurants in the last twelve months, a 14.9% unit increase. Our first quarter revenue grew by 15.7%, and we produced net earnings growth of 24.5%, even in the face of record-high wing costs. We continued to provide value to our shareholders with earnings per share of $.58.”

Total revenue increased 15.7% to $152.3 million in the first quarter compared to $131.6 million in the first quarter of 2009. Company-owned restaurant sales for the quarter increased 15.5% over the same period in 2009, to $138.0 million, mainly the result of operating 29 additional company-owned restaurants at the end of first quarter 2010 relative to the same period in 2009. Same-store sales at company-owned locations for the first quarter increased 0.1%. Franchise royalties and fees increased 18.0% to $14.3 million versus $12.1 million in the first quarter of 2009. This increase is attributed to 57 additional franchised restaurants at the end of the period versus a year ago and a franchised same-store sales increase of 0.7%.

Average weekly sales for company-owned restaurants were $45,327 for the first quarter of 2010 compared to $45,593 for the same quarter last year, a 0.6% decrease. Franchised restaurants averaged $51,532 for the period versus $50,729 in the first quarter a year ago, a 1.6% increase.

For the first quarter, net earnings increased 24.5% to $10.6 million versus $8.5 million in the first quarter of 2009. Earnings per diluted share were $0.58, as compared to first quarter 2009 earnings per diluted share of $0.47.

2010 Outlook

Ms. Smith remarked, “We are experiencing softness in April same-store sales of (3.7%) at company-owned restaurants and (2.4%) at franchised locations. We are addressing specific unit performance as well as implementing system-wide strategies to drive sales. We expect to realize year-over-year cost savings in the quarter for traditional wings, as the market has declined steadily in the past few months. While we believe that our previously-announced net earnings growth goal for 2010 of 20% may be achievable, improvement in same-store sales and moderate wing costs are key to meeting this goal.”

Ms. Smith concluded, “We have a vigorous focus on the core elements of our brand that have been the cornerstone of our success and that have built loyalty among our Guests with our unique You Have To Be Here^™ experience. Our diligence to improve our performance and build our sales and profitability will not waver. We are dedicated to maintaining our position as a leader by delivering wings, beer and sports in a fun and social atmosphere that will continue to drive Guest loyalty and the long-term success and growth of Buffalo Wild Wings.”

Buffalo Wild Wings will be hosting a conference call today, April 27, 2010 at 4:00 p.m. Central Daylight Time to discuss these results. There will be a simultaneous webcast conducted at our website http://www.buffalowildwings.com/.

A replay of the call will be available until May 4, 2010. To access this replay, please dial 1.303.590.3030, password 4283446.

About the Company

Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, Minnesota, is a growing owner, operator and franchisor of restaurants featuring a variety of boldly-flavored, made-to-order menu items including Buffalo-style chicken wings spun in one of 14 signature sauces. Buffalo Wild Wings is an inviting neighborhood destination with widespread appeal and is the recipient of dozens of “Best Wings” and “Best Sports Bar” awards from across the country. There are currently 669 Buffalo Wild Wings locations across 42 states.

Denny’s Corporation (NASDAQ: DENN) today sent the following letter to its stockholders in connection with the Company’s May 19, 2010 annual meeting of stockholders.

April 27, 2010

Dear Fellow Denny’s Corporation Stockholder:

Your vote at this year’s Annual Meeting of Stockholders on May 19 is critically important to the future of Denny’s and to continuing the progress that the Company has been making to improve results, to transform its business model, to reduce business risk and to enhance long-term stockholder value.

To continue this progress, it is important that you vote “FOR” ALL

of the Company’s eight (8) directors on the WHITE proxy card.

As you know, a group of dissident hedge funds, who purchased shares in the Company just a few short months ago, have chosen to target Denny’s and three of its most experienced directors (its Board Chair, its Audit Committee Chair and its CEO), seeking to replace them with three candidates who have little or no relevant experience and no original ideas and whose past activities and pattern of behavior call into question their true motives.

Denny’s is Executing on its Plan

In 2006, when many short term investors were pressuring Boards to take on more leverage the Denny’s Board and management took the long term view towards deleveraging the balance sheet and improving the utilization of assets. The first step involved selling the majority of the Company’s property holdings, where Denny’s was the landlord to franchisees, for $90.6 million. This enabled Denny’s to realize attractive prices at the top of the real estate market and then use the proceeds to pay down debt. Following this, the Company initiated its Franchise Growth Initiative (FGI), beginning in 2007. This initiative has been instrumental in transforming the Company. While other companies continued to add leverage to their balance sheet, Denny’s continued its plan to deleverage by converting to a more franchised-based system with greater profitability and free cash flow, while simultaneously reducing business risk and stimulating new restaurant unit growth.

Through FGI, we have sold 85% of our lowest performing units to franchisees using a thoughtful and carefully considered bidding process. The approach has been grounded in disciplined financial modeling and has focused primarily on the sale of geographic clusters of units. As a result, FGI has delivered above industry sales multiples, which validates the bidding process and demonstrates the very strong demand for Denny’s units. In contrast to the dissidents’ claims, only 3 of the 290 units sold were remodeled within 12 months of sale and only 16 of the 290 within 24 months. Our ongoing plan is to sell approximately 75 more identified units to franchisees in the next 12-18 months which will allow for the continued reduction in our overhead and move Denny’s closer to the goal of being a 90% franchised company.

Denny’s is now 85% franchised and we have transformed our financial model despite a difficult economy. This transformation has delivered material improvements to key financial metrics¹ (comparing 2009 results with 2005’s):

• 237% improvement in free cash flow
• 650% increase in adjusted income before taxes
• 90% increase in new restaurant unit growth
• 300bps improvement in EBITDA margins (from 11.0% to 14.0%)
• 52% decrease in net debt
• 1.9x decrease in debt leverage
• 17% decrease in G&A and field overhead
• 62% decrease in capital expenditures

¹ Please see discussion and reconciliation of non?GAAP financial measures at the end of this letter.

Denny’s is now in a strong position to increase its flexibility when restructuring its debt, which is likely to occur in the near term. Denny’s current debt agreements, for example, restrict our ability to buy back shares or provide dividends to stockholders.

The dissidents either do not address these positive results in their materials or they simply don’t know them. The dissidents, as a group, haven’t even returned our calls or letters to avail themselves of the opportunity to learn the facts. For example, through a simple conversation with us the dissidents could have learned of the steps we implemented late last year that have led to a materially improved relationship with our franchisees. Instead they have chosen to consistently misrepresent the facts in their filings, utilize outdated or incorrect information in their meetings with our stockholders and advocate an ill-conceived and poorly researched series of measures that we believe will result in a huge step back for Denny’s. The dissidents simply haven’t done their homework.

The Denny’s Plan Will drive Growth and Sales

The Denny’s plan was not simply to deleverage our balance sheet, but also to simultaneously increase restaurant growth and sales. Starting in 2007, we established programs and relationships with commitments to deliver up to 375 additional units into the system. First, FGI did not simply sell restaurants, it also required, in many cases, that purchasing franchisees commit to opening future units. So far, franchisees have committed to open 98 additional units. Second, we started Area Development Agreements (Market Growth Incentive Plan) that, outside of FGI, are targeted to deliver 87 new franchise units. Third, Denny’s began talks with Pilot Travel Centers in 2007 about converting the current restaurants at Pilot locations on our nation’s highways into Denny’s restaurants. After competing with several other bidders, including IHOP and Cracker Barrel, Denny’s was awarded not only the original 50 future Pilot locations but an additional 140 Flying J locations (pending final FTC approval of the Pilot / Flying J merger) spread throughout the country. Our franchisees have already given us commitments to open the vast majority of these prime locations.

The dissidents claim that they will cut G&A by $15 million, or 26%, although they lack any specifics. This once again highlights their inexperience in our industry, their short-term perspective, and/or their poor research. Denny’s has reduced G&A by $10 million, or 15%, in the last three years. With this reduction, Denny’s now spends less G&A on a per-unit, percent-of-sales and percent-of-revenue basis than the group of companies with a similar franchise to company portfolio mix (Burger King, AFC, CKR, Dine Equity, Sonic, Wendy’s). In fact, since 2001, when Nelson Marchioli was named CEO, total headcount has been reduced by 39%. Yet despite our lower than average G&A spend, Denny’s efficient and cost conscious spending has yielded results:

• Through its research and product development over the past three years Denny’s was able to open its first University location at Cal State San Bernardino in January and is in ongoing negotiations with Sodexo, Aramark, Compass and individual university-run facilities to open more stores this year and into the future. This will not only provide great new locations but will also improve the brand by creating new and future customers in the 18-22 year old age range.
• We expect to open several Denny’s Café concepts in 2010. These new style restaurants will be able to open in higher traffic central business districts with a smaller foot print and lower staffing costs, thereby driving sales and profits for Denny’s and its franchisees.
• After a year of negotiations, Denny’s recently launched a marketing program with the AARP. The current special offer is focused on driving the dinner daypart.
• The new value menu has been embraced by 95% of our franchisees. The initial test at 320 of our restaurants drove a +5ppt improvement to trend in guest count, while only experiencing a -2.5ppts decline in check average.

We are always working to further cut expenses, but had we followed the dissidents’ short term plan none of the growth initiatives described above would have even commenced. The dissident nominees lack of experience in the restaurant business, their lack of experience in a predominantly franchise system, their back of the envelope plan and their lack of knowledge concerning even Denny’s itself shows they are simply not qualified to serve on the Denny’s Board. Vote your WHITE proxy card today for the Denny’s nominees.

This is NOT A Question of “Fresh Perspective”

We recognize that at times there are instances on corporate boards where stockholders can reasonably conclude that its Board could benefit from the “fresh perspective” that can potentially be provided by a stockholder nominee to the Board. That is not the case here.

Denny’s embraces the value of fresh perspective and that is why we have added on average about one new director per year over the past 10 years and why we have frequently rotated our Board Chair. Our Board is comprised of talented and experienced members, and we regularly review our composition for opportunities for further improvement, but it does not lack for new, different and fresh points of view.

We also recognize that stockholders can often view the prospect of a stockholder nominee as a “harmless” addition to the Board. That is not the case here.

We are convinced that not only would these nominees fail to add a valuable “fresh perspective”, but the presence of even one nominee from these dissident hedge funds on the board would in fact be detrimental to the Company and to stockholders.

The question then for stockholders is clear: Do the three nominees proposed by this dissident hedge fund group possess significant and relevant experience that would be valuable to the Board and is that experience superior to the three members of the Board they propose to replace?

We believe that by any objective measure the answer to both questions is a clear and convincing “NO.”

Furthermore, we believe the dissident group has very questionable motives for its pursuit of seats on Denny’s Board that do not align with and are not in the best interest of all stockholders, and that both the past actions of its members and the manner in which the group has behaved in this process make clear that it has a self-interested agenda, including potentially seeking to gain control of the Company without paying a premium to you and the rest of the Company’s stockholders.

Denny’s Board is Always Open to Change, But the Change Proposed by the Dissidents

Will be Detrimental to the Company and to its Stockholders

Under the leadership of its current Board, Denny’s has tackled many of the significant challenges it has faced since emerging from bankruptcy back in 1998, including restoring the brand’s stature, increasing its consumer relevance, recapitalizing the business, reducing debt and reestablishing positive unit growth.

We know that the current challenge facing Denny’s is the need to drive sales and increase guest traffic. None of the dissident nominees appear to have any ability to assist Denny’s in this area!

Denny’s Three Targeted Nominees are Among the Most Senior and Experienced on the Board and Possess Far Greater Experience than the Dissident Nominees

The dissident group has chosen to target arguably the three most senior and experienced Directors on the Company’s Board. By seeking to remove the Board Chair, the Chair of the Audit/Finance Committee and the CEO, we believe the dissident group is clearly exposing its desire to assert maximum influence on the Board which is consistent with their prior pattern of behavior at Western Sizzlin and Steak n Shake. Quite simply, the dissidents believe that despite having purchased Denny’s stock just a few short months ago and despite having little to no experience in a large primarily-franchised restaurant brand, they are somehow prepared to run Denny’s. Unquestionably, they are not.

Why would a group of brand new stockholders launch a proxy contest and specifically target the three most senior leaders on the Board? The dissidents appear to want to effectively replace the leadership of Denny’s and undermine its CEO by removing him from the Board. This is a remarkably reckless and irresponsible proposal that can only be explained by presuming the dissidents’ interests are to put themselves in a better position to pursue their own agenda rather than the interests of Denny’s stockholders generally.

All three of the Denny’s nominees that have been targeted by the dissidents have made tremendous contributions to Denny’s over the years and have knowledge and experience that is instrumental to the Company’s current strategy and future success.

Debra Smithart-Oglesby, Board Chair:

Ms. Smithart-Oglesby has been a member of the Board since 2003 and Board Chair since 2006. She has extensive restaurant experience and true finance expertise, having served as CFO at Dekor, Inc., President of Corporate Services and CFO of First America Automotive, Inc., EVP and CFO of Brinker International Inc. (parent company of Chili’s). She was a director at Brinker and at Noodles and Company. She has over 25 years of experience in the restaurant industry including concept development, multi-unit growth, turnarounds, franchising and international.

Robert Marks, Chairman of Audit & Finance Committees (Former Board Chair):

Mr. Marks has been a member of the Board since 1998 and was Board Chair from 2004 to 2006. On a Board that has significant turnover and several new members, Mr. Marks is a critical source of institutional knowledge for the Board. He is a financial expert with years of experience working with companies with leveraged capital structures. He is Chairman and President of Marks Ventures LLC and has over 28 years of private equity investment experience in 15 different industries and more than 15 years of public company Board of Directors experience at Denny’s (NASDAQ) and Emeritus Corporation (NYSE). He was the lead Director for the 2004 Denny’s Restructuring and Refinancing.

Nelson Marchioli, Chief Executive Officer:

Mr. Marchioli is the only executive member of the Board, underscoring the significant level of independence and strong corporate governance that Denny’s Board has espoused over time. Yet, he serves as a critical voice and constant link to the day-to-day activities of the business, without which the Board would be ill-served. He brings the greatest level of operational restaurant experience to the Board, with a background that includes more than 30 years of experience in the restaurant industry leadership positions at Denny’s (CEO), El Pollo Loco (CEO), Bruegger’s Bagel Bakeries (COO) and Burger King (EVP, Head of International).

Mr. Dash Has A Very Questionable Record — Including Seeking Control of Companies to Divert Their Cash Flows to Unrelated Acquisitions and Other Business Activities

In addition to limited restaurant experience at much smaller chains, we believe there are some very specific concerns about Mr. Dash of which all stockholders should be leery. These issues cause us to conclude that he would have a very disruptive and negative impact on the Board and thus the Company and stockholders. Mr. Dash appears to have been actively involved with essentially two companies in his career – Western Sizzlin and Steak n Shake. In both instances, his involvement has been accompanied by a series of troubling developments, including:

• At Western Sizzlin, in partnership with Sardar Biglari, he supported the transformation of that Company into a holding company that subsequently diverted company cash to acquire an asset management firm, invest in real estate and initiate takeover attempts directed at other companies.
• During his tenure, the Company lost 7 Board members and 31 franchisees and experienced an overall decline in restaurant units from 135 to 86.
• The track record of poor franchisee relations at Western Sizzlin suggests that Mr. Dash would in fact disrupt Denny’s mission to complete its transformation to a 90% franchised business model.
• At Steak n Shake, Dash again participated in transforming a restaurant company into a holding company, which then attempted to acquire such unrelated business as an insurance company and asset management firms.
• Steak n Shake proceeded to adopt a range of anti-stockholder governance practices and increased the salary of Mr. Biglari (who had become CEO of Steak n Shake following his takeover of the company) more than threefold from $280,000 to $900,000.
• Ultimately, while serving as a Board member of Western Sizzlin and at the same time serving as an adviser to a direct competitor, Steak n Shake, Mr. Dash helped engineer the recently completed merger of Steak n Shake and Western Sizzlin, which has now been renamed Biglari Holdings.

In addition, in 2001 Mr. Dash (who was then known as Jonathon Dardashti), was found to have acted in “bad faith” by a WIPO arbitration panel over his registration of the website domain name “calvinkleincosmetics.com,” which the panel ordered be turned over to Calvin Klein. We believe this track record and this pattern of activity is a concern for Denny’s stockholders and is inconsistent with the best corporate governance practices in our industry.

The Dissidents Past Actions and Pattern of Behavior Make Clear They Are Pursuing an Agenda of SELF-INTEREST not STOCKHOLDER-INTEREST

In addition to the lack of sufficient relevant experience, which we believe disqualifies these nominees outright, we are very concerned about the past actions of some members of the group and the pattern of behavior of the entire group since it has become involved with Denny’s. This behavior suggests that the dissident group has absolutely no interest in being a positive or constructive force at Denny’s. Rather, their behavior indicates a very self-interested agenda to either generate a short-term benefit or to gradually gain control of the Company without paying a premium (which is what they have done with Western Sizzlin and Steak n Shake), so they can utilize the Company’s cash flow to invest in other businesses.

Unlike most activist investors, this group never contacted Denny’s in any formal way prior to, or after filing its Schedule 13D or its stated intent to nominate directors to the Company’s Board. Although there were some perfunctory inquiries from some of the individual funds prior to and then shortly after their initial purchase of Denny’s shares, at no point has the group or any of its members ever contacted the Company to discuss its plans, share its views or seek the Company’s reaction to its claims other than, interestingly, to ask if a change of control would trigger any of Denny’s debt covenants or executive severance payments.

Notwithstanding this, the Company has reached out to the group in various ways but has either received no response or been rebuffed. Specifically, on March 16, Mr. Marchioli sent a letter to Mr. Makula of Oak Street Investment, as the identified leader of this group, in response to its March 2 filing to indicate the Company’s interest in meeting with and understanding its views. To this date, there has been no response from Oak Street. On March 31 Mr. Dash called Robert Marks, a member of the Company’s Board and, in accordance with standard Company policy and good governance Mr. Marks referred the investor’s call to the Company’s Investor Relations Department. The Company’s IR Director and its CFO promptly returned Mr. Dash’s call to determine his topics of discussion and arrange any necessary follow-up meeting, but upon reaching him were told that he was eating and could not speak. To this date, the Company has not received a return call from Mr. Dash.

The lack of contact from the dissident group is further disconcerting because the Company is aware that the group has been actively contacting other parties associated with Denny’s, including former employees, franchisees and others in an effort to obtain information. We have also been made aware that the dissidents have misrepresented themselves to collect information.

We believe the facts are clear.

• The Denny’s Board has plenty of “fresh perspective”
• The dissident nominees have little or no relevant experience to assist Denny’s Board
• The Denny’s nominees have far superior experience
• The dissident’s past action and current behavior strongly suggest a self-interested agenda that is not aligned with the interests of stockholders
• The addition of even one dissident nominee to the Company’s Board would be detrimental to the interests of stockholders

Your Board strongly recommends that you vote FOR all eight of the Board’s nominees on the WHITE card today (Proposal #1)

We urge you NOT to sign any GOLD proxy card (or a proxy card of any other color) that may be sent to you by Oak Street or any dissident — even as a protest vote. In fact, just discard it. If you have previously returned the dissidents’ GOLD proxy card, you can automatically revoke it by signing, dating and returning the enclosed WHITE proxy card in the accompanying envelope. We appreciate your continued loyalty and support. If you need assistance or have any questions, please contact our proxy solicitor, Okapi Partners, at 1-877-279-2311.

We are extremely honored to serve on behalf of you, our stockholders. We are committed to acting responsibly during these difficult economic times and to growing your investment.

Thank you for your continued support as we work hard to continue delivering value to you.

Sincerely,

The Board of Directors of Denny’s Corporation

IMPORTANTPLEASE RETURN YOUR WHITE PROXY CARD AND DO NOT RETURN ANY OF THE DISSIDENTS’ GOLD PROXY CARDS, EVEN AS A PROTEST VOTE. ONLY YOUR LATEST DATED, SIGNED PROXY CARD WILL BE COUNTED, AND ANY GOLD PROXY CARD YOU SIGN FOR ANY REASON COULD INVALIDATE PREVIOUS WHITE PROXY CARDS SENT BY YOU TO SUPPORT YOUR COMPANY’S DIRECTOR NOMINEES. Your vote is important. Please take a moment to SIGN, DATE and promptly MAIL your WHITE proxy card in the postage-paid envelope provided. If your shares are held in the name of a brokerage firm, bank nominee or other institution, please sign, date and mail the enclosed WHITE instruction card in the postage-paid envelope provided. If you have any questions or need assistance in voting your shares, please contact Okapi Partners, at 1-877-279-2311. Important Additional Information The Company has filed with the Securities and Exchange Commission (“SEC”) and mailed to its stockholders a definitive proxy statement in connection with its 2010 Annual Meeting of Stockholders. Stockholders are strongly advised to read the Company’s definitive proxy statement and the accompanying WHITE proxy card before making any voting decisions. Stockholders may obtain copies of the Company’s definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC in connection with its 2010 Annual Meeting of Stockholders free of charge at the SEC’s website at www.sec.gov, or on the Company’s website at www.dennys.com. The Company, its directors and officers and certain employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company’s 2010 Annual Meeting of Stockholders. Information concerning persons who may be considered participants in the solicitation of the Company’s stockholders under the rules of the SEC is set forth in the Company’s definitive proxy statement filed with the SEC on April 8, 2010.

Continue reading . . .

Red Robin Gourmet Burgers more than doubles since its lows last March, with Brad Ludington, KeyBanc Capital Markets restaurant analyst.

Einstein Noah Restaurant Group, Inc. (NASDAQ:BAGL) today announced that it will release its first quarter 2010 financial results after the market close on Thursday, May 6, 2010. A conference call will follow at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time) and will be webcast live from Einstein Noah’s website at www.einsteinnoah.com. Hosting the call will be Jeff O’Neill, chief executive officer and president, and James P. O’Reilly, chief concept officer.

The dial-in numbers for the conference call are 1-877-407-0784 for domestic toll-free calls and 1-201-689-8560 for international. The conference ID is 347934. A telephone replay will be available through May 13, 2010, and may be accessed by dialing 1-877-660-6853 for domestic toll-free calls or 1-201-612-7415 for international. Participants must enter account 3055 and conference ID 347934.

Einstein Noah Restaurant Group is a leading company in the quick casual restaurant industry that operates locations primarily under the Einstein Bros.® Bagels and Noah’s New York Bagels® brands and primarily franchises locations under the Manhattan Bagel® brand. The company’s retail system consists of more than 690 restaurants, including more than 175 license locations, in 36 states plus the District of Columbia. It also operates a dough production facility. The company’s stock is traded under the symbol BAGL. Visit www.einsteinnoah.com for additional information.

Landry’s Restaurants, Inc. (NYSE: LNY) (“Landry’s” or the “Company”) today announced that it has priced an offering of an additional $47.0 million aggregate principal amount of 11 5/8% senior secured notes due 2015 (the “Additional Notes”).  The Additional Notes will yield net proceeds to the Company of approximately $49.8 million.  The offering of the Additional Notes was led by Jefferies & Company, Inc., as sole book-running manager.

The Company completed an offering of $406.5 million aggregate principal amount of 11 5/8% senior secured notes due 2015 (the “Initial Notes”) on November 30, 2009.  The Additional Notes have the same terms and will be part of the same series as the Initial Notes, including being secured and guaranteed by certain of the Company’s subsidiaries.  The closing of the sale of the Additional Notes is expected to occur on April 28, 2010.

The Additional Notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States pursuant to Regulation S under the Securities Act.

The Company plans to use a portion of the net proceeds of the Additional Notes to finance the acquisition of all of the stock of The Oceanaire, Inc. (“Oceanaire”) in accordance with a plan of reorganization submitted by the unsecured creditors of Oceanaire in the U.S. Bankruptcy court.  This plan provided for the sale of all of the stock of Oceanaire pursuant to an auction process after the Company submitted a stalking horse bid of $23.6 million and entered into a stock purchase agreement with Oceanaire.  The auction concluded on April 13, 2010, and the Company was the successful bidder.  Confirmation of the plan is scheduled for April 26, 2010.  If the plan is confirmed, the Company expects to close the purchase of Oceanaire’s stock shortly thereafter.

The remaining net proceeds, or all of the net proceeds in the event that the acquisition of Oceanaire is not consummated, will be used to repay existing revolver balances and for general corporate purposes.

The Company and certain of the Company’s subsidiaries also entered into an amendment to its $235.6 million Second Amended and Restated Credit Agreement (the “Credit Agreement”) dated November 30, 2009. The amendment (a) allows for the issuance of the Additional Notes and (b) subject to compliance with size and specific financial covenants, allows acquisitions by the Company and its restricted subsidiaries of entities located in the United States.

The Additional Notes have not been registered under the Federal Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.  This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

About Landry’s Restaurants, Inc.

Landry’s is a national, diversified restaurant, hospitality and entertainment company principally engaged in the ownership and operation of full-service, casual dining restaurants, primarily under the names of Rainforest Cafe, Saltgrass Steak House, Landry’s Seafood House, Charley’s Crab, The Chart House, and the Signature Group of restaurants.  The Company is also engaged in the ownership and operation of select hospitality businesses, including the Golden Nugget Hotel & Casinos in Las Vegas and Laughlin, Nevada.

Shares of Red Robin Gourmet Burger Inc. climbed Thursday when an analyst upgraded shares of the restaurant chain.

KeyBanc Capital Markets analyst Brad Ludington boosted his rating to “Buy” from “Hold,” saying that it’s limited-time menu deals, combined with better restaurant industry results, should help results.

Shares climbed $1.90, or 7.5 percent, to $27.27 in late afternoon trading Thursday.

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BJ’s Restaurants, Inc. today reported financial results for the first quarter of fiscal 2010 that ended on Tuesday, March 30, 2010.

Total revenues increased approximately 19% to $121.7 million compared to $102.4 million for the same quarter last year. Comparable restaurant sales increased by 4.4% during the first quarter of fiscal 2010 compared to a decrease of 0.1% for the same quarter last year. Net income and diluted net income per share for the first quarter of fiscal 2010 increased approximately 16% to $4.4 million and 14% to $0.16, respectively, compared to the first quarter of last year.

“Our leadership team is pleased to report solid increases in sales and earnings for the first quarter, despite the ongoing economic challenges facing consumers in many of our key markets,” said Jerry Deitchle, Chairman and Chief Executive Officer. “Thanks to the continuing effective execution of our restaurant operators, coupled with the success of our new February menu, which included our ‘Snacks and Small Bites’ menu introduction as well as upgrades to our kids’ menu and lunch specials, guest traffic in our comparable restaurants moved into positive territory for the first time since the third quarter of 2007. Furthermore, our guest traffic comparisons remain positive for the first few weeks of the second quarter. While the estimated direct and indirect costs incurred to roll out these menu enhancements totaled approximately $0.02 per share during the quarter, this investment strategically strengthened BJ’s competitive positioning as a higher quality, more differentiated concept with exceptional value for the consumer. During the last two recessionary years, some of our competitors adopted a defensive philosophy of saving their way to success, and either deferred or eliminated many investments that might have added more quality and value to their concepts. At BJ’s, we continued to prudently invest in new restaurant growth as well as in our food, service, facilities, talent base and support infrastructure, so that we will be well positioned to emerge from the recession as an even stronger market-share ‘taker’ in the estimated $80 billion casual dining segment over the longer term.”

The Company successfully opened two new restaurants during the first quarter of 2010 in Fort Worth, Texas (Alliance Town Center) and Escondido, California (North County Fair Mall). Initial sales volumes for both new restaurants remain strong. “We believe that BJ’s is one of just a few publicly-held casual dining restaurant companies to target double-digit capacity growth during 2010,” commented Deitchle. “Our 2010 new restaurant development pipeline is in excellent shape as of today, and we are already working on potential locations for 2011 openings. Six new restaurants are currently under construction and other potential restaurant locations are in their final stages of permitting and plan development. As of this date, we expect to open two new restaurants in the second quarter, four in the third quarter and as many as two or three new restaurants during the fourth quarter.” Investors are reminded that the actual number and timing of new restaurant openings is subject to a number of factors outside of the Company’s control, including weather conditions and factors under the control of landlords, contractors and regulatory/licensing authorities.

BJ’s Restaurants, Inc. currently owns and operates 94 casual dining restaurants under the BJ’s Restaurant & Brewery, BJ’s Restaurant & Brewhouse or BJ’s Pizza & Grill brand names. BJ’s restaurants offer an innovative and broad menu featuring award-winning, signature deep-dish pizza complemented with generously portioned salads, appetizers, sandwiches, soups, pastas, entrees and desserts. Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ’s experience. The Company operates several microbreweries which produce and distribute BJ’s critically acclaimed handcrafted beers throughout the chain. The Company’s restaurants are located in California (50), Texas (17), Arizona (5), Colorado (3), Oregon (2), Nevada (3), Florida (5), Ohio (2), Oklahoma (2), Kentucky (1), Indiana (1), Louisiana (1) and Washington (2). Visit BJ’s Restaurants, Inc. on the Web at http://www.bjsrestaurants.com.

Shares in Chipotle Mexican Grill Inc (CMG.N) popped 12.5 percent on Thursday, after the burrito chain posted quarterly profit that crushed analysts’ estimates and raised its forecast for 2010 sales at established restaurants.

The share gain came after Starbucks Corp (SBUX.O) and Panera Bread Co (PNRA.O) also reported strong results that signaled a return to growth for the wider restaurant industry.

Shares in Starbucks were up 6 percent at midday on Thursday, while Panera shares added 2 percent.

Those moves contributed to a 1.4 percent rise in the Dow Jones U.S. Restaurant and Bars index .DJUSRU, which as of Wednesday’s close had a year-to-date gain that was double the 8 percent rise in the S&P 500 .SPX.

“Chipotle’s, Starbucks’s and Panera’s results over the past day are all indicative of why it is still too early to pull out of restaurant names,” William Blair & Co analyst Sharon Zackfia said in a research note.

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CEC Entertainment, Inc. (NYSE: CEC) today announced that it will host a conference call with investors on Thursday, May 6, 2010, to discuss financial results for the first quarter ended April 4, 2010. The conference call will begin at 3:30 pm Central Time and will be broadcast live over the Internet. A press release, including financial statements, will be released after the market closes on Thursday, May 6, 2010.

Investors have the opportunity to listen to the call live on the Internet at http://www.chuckecheese.com. To listen, please go to the web site at least fifteen minutes prior to the start of the call to register, download and install any necessary software. For those who are not able to listen to the live broadcast, a replay of the call will also be available shortly thereafter and continue for a minimum of ninety days.

CEC Entertainment, Inc. operates a system of 546 Chuck E. Cheese’s restaurants in 48 states and 6 foreign countries or territories, of which 498 are owned by the Company. Additional information on CEC Entertainment, Inc. can be obtained by accessing its homepage at http://www.chuckecheese.com.

The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2010, which ended on March 30, 2010.

Total revenues were $405.4 million in the first quarter of fiscal 2010 as compared to $392.8 million in the prior year first quarter. Net income and diluted net income per share were $18.7 million and $0.31, respectively.

Operating Results

Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 2.8% in the first quarter of fiscal 2010 from the first quarter of the prior year. By concept, comparable restaurant sales increased 2.7% and 4.0% at The Cheesecake Factory and Grand Lux Cafe, respectively, in the first quarter of fiscal 2010 from the first quarter of the prior year.

“We are pleased to report positive comparable restaurant sales for the first quarter at both our namesake concept, as well as Grand Lux Cafe,” said David Overton, Chairman and CEO. “A continued improvement in guest traffic levels at our restaurants was the basis for the increase in comparable sales, similar to what we experienced throughout most of last year. Guest traffic improved significantly from fourth quarter levels, and we believe that as consumers become more comfortable with discretionary spending, they are returning to their favorite restaurants first.

“Equally as important, we effectively leveraged the increase in comparable sales and delivered a substantial year-over-year improvement in our operating margins. Our focus on retaining the savings from the cost management initiatives that we implemented last year, combined with realizing $5.5 million in savings in the first quarter of this year, were important factors in our ability to steadily drive operating margins back toward historical levels. We are making consistent progress toward this goal in large part due to the commitment from our operators to execute in a high-quality way, but under a leaner cost structure,” concluded Overton.

Development

As planned, the Company opened two new The Cheesecake Factory restaurants in the first quarter of fiscal 2010 in Tucson, Arizona and Newark, Delaware. The Company believes it will open one additional The Cheesecake Factory restaurant during the second half of the year.

Share Repurchases

The Company repurchased 487,068 shares of its common stock during the first quarter of fiscal 2010 at a total cost of approximately $12.5 million, as part of its fiscal 2010 capital allocation strategy.

About The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated created the upscale casual dining segment in 1978 with the introduction of its namesake concept. The Company operates 162 full-service, casual dining restaurants throughout the U.S., including 148 restaurants under The Cheesecake Factory® mark; 13 restaurants under the Grand Lux Cafe® mark; and one restaurant under the RockSugar Pan Asian Kitchen® mark. The Company also operates two bakery production facilities in Calabasas Hills, CA and Rocky Mount, NC that produce over 70 varieties of quality cheesecakes and other baked products. For more information, please visit www.thecheesecakefactory.com.