Jack in the Box Inc. (NASDAQ: JACK) today announced completion of a new five-year $600 million senior credit facility, comprised of a $400 million revolving credit facility and $200 million term loan.

Proceeds from the refinancing will be used to retire all previously existing bank indebtedness, including a $150 million revolver due in December 2011, of which $20 million was drawn as of the end of the company’s second quarter, and a $370 million term loan due in December 2012. As of the closing, approximately half of the $400 million revolving credit facility will be drawn and $200 million will be outstanding on the term loan. Both will mature in June 2015, with the term loan having required principal payments of $10 million in the first year after closing, $20 million in the second and third years, $30 million in the fourth year and the balance due in the fifth year.

The interest rate on the new senior credit facility is based on the company’s leverage ratio and can range from LIBOR plus 2.25 percent to 2.75 percent with no floor. The initial interest rate is LIBOR plus 2.50 percent.

“By refinancing at this time, we’re creating a longer-term capital structure with greater flexibility to support the company’s strategic plan,” said Jerry Rebel, executive vice president and chief financial officer for Jack in the Box Inc.

Due to replacing existing credit facilities prior to expiration, the company will be required to expense approximately $2,256,226 of deferred financing fees in the third quarter.

Wells Fargo Securities, LLC, Banc of America Securities LLC and Morgan Stanley Senior Funding, Inc. served as joint lead arrangers and joint book managers.

About Jack in the Box

Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 18 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill®, a leader in fast-casual dining, with more than 500 restaurants in 43 states and the District of Columbia. For more information, visit www.jackinthebox.com.

Real Mex Restaurants, Inc., a Delaware corporation (“Real Mex”), today announced that it has received the requisite consents from holders of its 14% Senior Secured Notes due 2013 (CUSIP 75601 RAF2) (the “Notes”) to amend the indenture governing the Notes (the “Indenture”). The consent solicitation expired at 12:00 p.m., New York City time, on June 24, 2010 (the “Expiration Time”).

Real Mex has been advised by Wells Fargo Bank, National Association, the information and tabulation agent for the consent solicitation, that, as of the Expiration Time, consents were validly delivered (and not validly revoked) in respect of $95,377,000 in aggregate principal amount of the Notes, which constituted a majority in aggregate principal amount of Notes owned by non-affiliated holders.

As a result, Real Mex, the Guarantors (as defined in the Indenture) and Wells Fargo Bank, National Association, as trustee under the Indenture, have entered into a supplemental indenture (the “Supplemental Indenture”), which amended the Indenture to permit affiliates of Sun Capital Partners, Inc. (two of which are existing equityholders of Real Mex’s parent, RM Restaurant Holding Corp. (“Holdco”)) to acquire a majority of the stock of Holdco without requiring Real Mex to make a change of control offer to repurchase the Notes that would otherwise have been required under the Indenture, and to add an additional covenant (the “Additional Premium Amendment”), pursuant to which Real Mex has agreed that, in any optional redemption of Notes that is effected between July 1, 2011 and June 30, 2012, Real Mex will pay to each holder of redeemed Notes an additional premium equal to 2% of the aggregate principal amount of the Notes so redeemed. The Supplemental Indenture is binding on all holders of the Notes, including non-consenting holders.

Immediately after the Supplemental Indenture was entered into, Sun Cantinas, LLC (“Sun Cantinas”), an affiliate of Sun Capital Partners, Inc. (“Sun Capital”) that is an equityholder of Holdco, consummated the acquisition of 43,338 shares of common stock of Holdco (the “Share Purchase”) from Cocina Funding Corp., L.L.C. (“Cocina”), an existing equityholder of Holdco that is managed by Farallon Capital Management, L.L.C. As a result of the Share Purchase, Sun Cantinas and SCSF Cantinas, LLC, another affiliate of Sun Capital, together own approximately 70% of the outstanding common stock of Holdco, and together are entitled, under the cumulative voting provisions of Holdco’s Certificate of Incorporation, to elect not fewer than five members of the seven-member board of directors of Holdco and Real Mex, giving them the ability indirectly to control Real Mex through such shareholdings and board memberships. Following the Share Purchase, Cocina holds approximately 13% of the outstanding common stock of Holdco, and no longer has a representative on the board of directors of either Holdco or Real Mex.

Simultaneously with the consummation of the Share Purchase, Sun Cantinas also consummated the purchase from Cocina of a portion of the term loan indebtedness of Holdco (the “Holdco Term Debt”) outstanding under the Credit Agreement (the “Holdco Term Loan Agreement”), dated as of July 7, 2009, by and among Holdco, the lenders party thereto, and Wilmington Trust FSB as administrative agent, as a result of which Sun Cantinas holds approximately 71% of the outstanding Holdco Term Debt and Cocina holds approximately 29% of the outstanding Holdco Term Debt. At the same time, the Holdco Term Loan Agreement was amended to provide that Cocina will remain a “Requisite Lender” thereunder, whose consent would be required for any amendment or waiver under the Holdco Term Loan Agreement and who could declare the indebtedness outstanding under the Holdco Term Loan Agreement to be due and payable upon an Event of Default (as defined under the Holdco Term Loan Agreement), in each case until such time as Cocina no longer holds at least 15% of the Holdco Term Debt.

Real Mex will promptly pay a consent payment to each non-affiliated holder of Notes that validly delivered (and did not validly revoke) its consent prior to the Expiration Time, in the amount of $5.00 per $1,000 in principal amount of Notes held by each such consenting holder. Sun Cantinas has agreed to reimburse Real Mex for all consent fees paid by Real Mex in the Consent Solicitation. In addition, if Real Mex becomes required to pay an additional premium to the holders of Notes pursuant to the terms of the Additional Premium Amendment, then Sun Cantinas has agreed to reimburse Real Mex for the aggregate amount of that additional premium.

Jefferies & Company, Inc. acted as the solicitation agent in connection with the consent solicitation. Wells Fargo Bank, National Association served as the information and tabulation agent for the consent solicitation.

About Real Mex Restaurants, Inc.

Headquartered in Cypress, California, Real Mex is the largest full-service, casual dining Mexican restaurant chain operator in the United States with 183 company-owned restaurants, 152 in California and the remainder in 12 other states. Real Mex’s four primary restaurant concepts, El Torito®, El Torito Grill®, Chevys Fresh Mex^® and Acapulco Mexican Restaurant®, offer a large variety of traditional, innovative and authentic Mexican dishes and a wide selection of alcoholic beverages at moderate prices, seven days a week for lunch and dinner, as well as Sunday brunch.

Real Mex is committed to the highest standards and is dedicated to serving the freshest Mexican food with excellent service in a clean, comfortable and friendly environment. For more information please visit the company’s Web site at www.realmexrestaurants.com.

Darden Restaurants, Inc. (NYSE: DRI) today reported sales and diluted net earnings per share for the fourth quarter and fiscal year ended May 30, 2010.  In the fourth quarter, diluted net earnings per share from continuing operations decreased 7% to 81 cents, versus 87 cents in the prior year, which included an additional fiscal week. The additional fiscal week contributed approximately six cents of diluted net earnings per share in the fourth quarter of fiscal 2009.

During the fourth quarter of fiscal 2010, the Company recognized a $12.7 million pre-tax reduction in sales associated with a correction to its third quarter estimate of gift card redemptions.  This non-cash correction reduced diluted net earnings per share from continuing operations by approximately five cents in the fourth quarter.  Excluding the $12.7 million pre-tax charge, diluted net earnings per share from continuing operations were 86 cents.  

Fourth quarter sales from continuing operations were $1.86 billion, compared to $1.98 billion in the prior year, a 5.7% decrease (13 weeks vs. 14 weeks).  The additional fiscal week contributed approximately $124 million of sales in the fourth quarter of fiscal 2009.  On a reported fiscal quarter basis, combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 2.3% this quarter (13 weeks vs. 13 weeks).  On a calendar week comparison, which is consistent with how the Knapp-Track™ benchmark is calculated, Darden’s blended same-restaurant sales for the fourth quarter were down 0.9%.  This compares to an estimated decline of 1.4% for the Knapp-Track™ benchmark of U.S. same-restaurant sales, excluding Darden.  

For the fiscal year, diluted net earnings per share from continuing operations increased 8% to $2.86 from $2.65 in the prior year, which included an additional fiscal week.  The additional fiscal week contributed approximately six cents of diluted net earnings per share in fiscal 2009.

For the full year, fiscal 2010 sales from continuing operations were $7.11 billion, a 1.4% decrease (52 weeks vs. 53 weeks) from the prior year’s $7.22 billion.  On a reported fiscal year basis, combined same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 2.6% in fiscal 2010 (52 weeks vs. 52 weeks).  On a calendar week comparison, which is consistent with how the Knapp-Track™ benchmark is calculated, Darden’s blended same-restaurant sales for the fiscal year were down 2.4%.  This compares to an estimated decline of 4.9% for the Knapp-Track™ benchmark of U.S. same-restaurant sales, excluding Darden.  

“Our financial performance for the quarter was solid, capping a year of strong earnings growth despite very challenging economic and consumer conditions,” said Clarence Otis, Chairman and Chief Executive Officer of Darden.  “The month-to-month sales volatility we saw in our industry during the quarter is an indication that consumers remain cautious.  Nevertheless, there was meaningful improvement compared to the beginning of the year.  And, we’re pleased that this year we once again outperformed the Knapp-Track™ same-restaurant sales benchmark – which is a testament to the trust our brands and teams have earned with consumers.  In fiscal 2011, we expect economic and industry conditions to continue to improve.  We also expect to leverage this improvement, with our talented teams and the foundation of trust our brands enjoy, to deliver another year of superior sales results and strong earnings growth.”

Highlights for the quarter and year ended May 30, 2010 include the following:

• Net earnings from continuing operations for the fourth quarter were $116.0 million, or 81 cents per diluted share on sales of $1.86 billion. Last year, net earnings from continuing operations were $122.8 million, or 87 cents per diluted share, on sales of $1.98 billion.  The extra fiscal week contributed approximately six cents of diluted net earnings per share and $124 million in sales last year.
• Total fourth quarter sales from continuing operations of $1.86 billion represent a 5.7% decrease over the prior year (13 weeks vs. 14 weeks).  For the 2010 fiscal year, total sales from continuing operations were $7.11 billion, a 1.4% decrease over the prior year (52 weeks vs. 53 weeks).  
• For the reported fiscal fourth quarter, U.S. same-restaurant sales decreased 1.5% at Olive Garden and 4.6% at Red Lobster while LongHorn Steakhouse’s U.S. same-restaurant sales increased 1.8% (13 weeks vs. 13 weeks).  On a calendar week comparison, which is consistent with how the Knapp-Track™ benchmark is calculated, U.S. same restaurant sales decreased 0.8% at Olive Garden and 1.7% at Red Lobster and LongHorn Steakhouse’s U.S. same-restaurant sales increased 2.3%.  
• The Company purchased over 1.5 million shares of its common stock during the fourth quarter, bringing the total number of shares it repurchased during the year to nearly 2.0 million.
• The Company’s Board of Directors declared a quarterly dividend of 32 cents per share, a 28% increase from the Company’s previous quarterly dividend.
• Net earnings from continuing operations for the fiscal year were $407.0 million, or $2.86 per diluted share, on sales of $7.11 billion.  Last year, net earnings from continuing operations were $371.8 million, or $2.65 per diluted share, for the fiscal year on sales of $7.22 billion.  The extra fiscal week contributed approximately six cents of diluted net earnings per share and $124 million in sales last year.

Operating Highlights

OLIVE GARDEN’S fourth quarter sales of $848 million were 4.8% below prior year (13 weeks vs. 14 weeks), driven by one less fiscal week and its U.S. same-restaurant sales decline of 1.5% (13 weeks vs. 13 weeks), partially offset by revenue from 32 net new restaurants.   On a calendar week comparison, Olive Garden’s fourth quarter U.S. same-restaurant sales declined 0.8%.  For the quarter, on a percentage of sales basis, the company’s decreased food and beverage expenses were more than offset by increased restaurant labor expenses, restaurant expenses, selling, general and administrative expenses and depreciation expenses, resulting in a decrease in operating profit.  Each line item, excluding food and beverage, was adversely affected this quarter on a year-over-year percentage of sales basis by the fact that the fourth quarter last year included an additional fiscal week.  Total fiscal year sales were $3.32 billion, a 1.0% increase from last year (52 weeks vs. 53 weeks).  For the fiscal year, Olive Garden had record total sales and operating profit, average annual sales per restaurant were $4.7 million and U.S. same-restaurant sales decreased 1.0% for the fiscal year (52 weeks vs. 52 weeks).  

RED LOBSTER’S fourth quarter sales of $663 million were 9.6% lower than prior year (13 weeks vs. 14 weeks), driven by one less fiscal week and its U.S. same-restaurant sales decline of 4.6% (13 weeks vs. 13 weeks), partially offset by revenue from four net new restaurants.  On a calendar week comparison, Red Lobster’s fourth quarter U.S. same-restaurant sales declined 1.7%.   For the quarter, on a percentage of sales basis, lower food and beverage expenses and selling, general, and administrative expenses were more than offset by increased restaurant labor expenses, restaurant expenses and depreciation expenses resulting in a decrease in operating profit.  Each line item, excluding food and beverage, was adversely affected this quarter on a year-over-year percentage of sales basis by the fact that the fourth quarter last year included an additional fiscal week. Total fiscal year sales were $2.49 billion, a 5.3% decrease compared to last year (52 weeks vs. 53 weeks).  Average annual sales per restaurant were $3.6 million and U.S. same-restaurant sales decreased 4.9% for the fiscal year (52 weeks vs. 52 weeks).

LONGHORN STEAKHOUSE’S fourth quarter sales of $233 million were 2.5% lower than prior year (13 weeks vs. 14 weeks), driven by one less fiscal week and partially offset by a U.S. same-restaurant sales increase of 1.8% (13 weeks vs. 13 weeks) and revenue from 10 net new restaurants.  On a calendar week comparison, LongHorn Steakhouse’s fourth quarter U.S. same-restaurant sales increased 2.3%.  For the quarter, on a percentage of sales basis, lower food and beverage expenses and restaurant expenses were partially offset by increased restaurant labor expenses, selling, general, and administrative expenses and depreciation expenses resulting in an increase in operating profit.  Each line item, excluding food and beverage, was adversely affected this quarter on a year-over-year percentage of sales basis by the fact that the fourth quarter last year included an additional fiscal week.  Total fiscal year sales of $882 million decreased 0.7% compared to last year (52 weeks vs. 53 weeks).  Average annual sales per restaurant were $2.7 million and U.S. same-restaurant sales decreased 1.9% for the fiscal year (52 weeks vs. 52 weeks).

THE CAPITAL GRILLE’S fourth quarter sales of $64 million were 9.4% above the prior year results (13 weeks vs. 14 weeks), driven by a same-restaurant sales increase of 4.7% (13 weeks vs. 13 weeks) and the addition of three net new restaurants, partially offset by one less fiscal week.  On a calendar week comparison, The Capital Grille’s fourth quarter same-restaurant sales increased 6.9%.   Total sales for the fiscal year were $242 million.  Average annual sales per restaurant were $6.2 million and same-restaurant sales decreased 7.8% for the fiscal year (52 weeks vs. 52 weeks).

BAHAMA BREEZE’S fourth quarter sales of $38 million were 2.9% below prior year (13 weeks vs. 14 weeks), driven by one less fiscal week and partially offset by a same-restaurant sales increase of 1.2% (13 weeks vs. 13 weeks) and the addition of one net new restaurant.  On a calendar week comparison, Bahama Breeze’s fourth quarter same-restaurant sales increased 0.9%.   Total sales for the fiscal year were $130 million.  Average annual sales per restaurant were $5.4 million and same-restaurant sales decreased 2.9% for the fiscal year (52 weeks vs. 52 weeks).  

For the company overall, the sales de-leverage resulting from the extra fiscal week in the prior year combined with the gift card redemptions impact, lowered operating margins by approximately 70 basis points this quarter.  Absent these impacts, operating profit margins would have been favorable to prior year for Darden.

Other Actions

Darden’s Board of Directors declared a quarterly cash dividend of 32 cents per share on the Company’s outstanding common stock.  The dividend is payable on August 2, 2010 to shareholders of record at the close of business on July 9, 2010.  Previously, the Company paid a quarterly dividend of 25 cents per share.  Based on the 32 cents quarterly dividend declaration, the Company’s indicated annual dividend is $1.28 per share, an increase of 28%.

Darden continued the buyback of its common stock, purchasing 1.5 million shares in the fourth quarter.  In fiscal 2010, the Company repurchased $85 million of the company’s stock, or nearly 2.0 million shares.  Since commencing its repurchase program in December 1995, the Company has purchased over 154 million shares for $3.00 billion under authorizations totaling 162.4 million shares.

Darden’s Annual Meeting of Shareholders will be held on September 14, 2010 at the Hyatt Regency Orlando International Airport in Orlando, FL.  The record date for shareholders entitled to vote at the Annual Meeting is July 21, 2010.  

Fiscal March, April and May 2010 U.S. Same-Restaurant Sales Results

Darden reported that U.S. same-restaurant sales for the fiscal months of March, April and May were as follows:

* The shift in the Lent holiday (which began in the fourth quarter last year but the third quarter this year) adversely affected Red Lobster’s same-restaurant sales by approximately 60 basis points in the fourth quarter.

Fiscal 2011 Financial Outlook

“We are assuming that blended same-restaurant sales growth for our three large casual dining brands, Olive Garden, Red Lobster and LongHorn Steakhouse, will be between +2% and +3% in fiscal year 2011,” said Brad Richmond, Darden’s Chief Financial Officer.  “Based on these same-restaurant sales expectations and approximately 70 to 75 net new restaurant openings, total sales growth is expected to be between +5.5% and +6.5%.  With this anticipated sales growth and continued margin improvements, diluted net earnings per share growth is expected to range from +14% to +17% in fiscal 2011.”

Darden Restaurants, Inc., (NYSE: DRI) headquartered in Orlando, Fla., is the world’s largest company-owned and operated full-service restaurant company with over $7.1 billion in annual sales and approximately 180,000 employees.  Darden is recognized for a culture that rewards caring for and responding to people. Our restaurant brands — Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52 — reflect the rich diversity of those who dine with us. Our brands are built on deep insights into what our guests want. For more information, please visit www.darden.com.

Forward-looking statements in this news release regarding our expected earnings per share and U.S. same-restaurant sales for the fiscal year, stock repurchases, new restaurant growth and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, plans or objectives, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.  Any forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements.  By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). These risks and uncertainties include the impact of intense competition, changing economic or business conditions, the price and availability of food, ingredients and utilities, supply interruptions, labor and insurance costs, the loss of or difficulties in recruiting key personnel, information technology failures, increased advertising and marketing costs, higher-than-anticipated costs to open or close restaurants, litigation, unfavorable publicity, health concerns, including virus outbreaks and food safety, a lack of suitable locations, government regulations including heath care reform, a failure to achieve growth objectives through the opening of new restaurants or the development or acquisition of new dining brands, weather conditions, risks associated with Darden’s plans to expand Darden’s newer brands Bahama Breeze and Seasons 52, our ability to achieve the full anticipated benefits of the RARE acquisition, possible impairment in the carrying value of our goodwill, or other intangible assets, risks associated with incurring substantial additional debt, a failure of our internal controls over financial reporting, disruptions in the financial markets, volatility in the market value of our derivatives and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.

Brinker International, Inc. entered into a $400 million unsecured, senior credit facility consisting of a $200 million revolver and a $200 million term loan.  Execution of the new credit facility is a milestone in Brinker’s Plan to Win, which further solidifies the company’s financial position and allows for investment in future initiatives highlighted during its recent Investor Conference.

After aggressively reducing debt by $190 million during fiscal year 2010, Brinker had $200 million outstanding on an original $400 million term loan and zero outstanding on the previous revolver prior to entering into the new credit facility. As of today’s date, Brinker will have an unfunded revolver and $200 million outstanding on the term loan which will expire in June 2015. Due to replacing existing credit facilities prior to expiration, the company will be required to expense approximately $1.7 million of deferred financing fees in the fourth quarter.

“Our ability to close this transaction with an investment grade structure and market-leading five-year facility is a testament to the strength of Brinker’s brands, balance sheet, considerable cash flow and strong banking relationships,” said Marie Perry, Vice President of Investor Relations and Treasurer for Brinker International.

The combined facility replaced the company’s existing term loan and revolver which were to expire in October 2010 and February 2012, respectively. The five year tenor extends Brinker’s debt maturity profile and allows the credit facility to expire beyond the maturity of the company’s 5.75 percent notes in May 2014.

Brinker International Inc. is one of the world’s leading casual dining restaurant companies. Founded in 1975 and based in Dallas, Texas, Brinker currently owns, operates, or franchises 1,700 restaurants under the names Chili’s Grill & Bar, On The Border Mexican Grill & Cantina and Maggiano’s Little Italy. Brinker also holds a minority investment in Romano’s Macaroni Grill.

CKE Restaurants, Inc. (NYSE:CKR) announced first quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission (“SEC”) for the sixteen weeks ended May 17, 2010.

First Quarter Highlights

(1) We define company-operated restaurant-level margin as restaurant-level income divided by company-operated restaurants revenue. Restaurant-level income is company-operated restaurants revenue less restaurant operating costs, which are the expenses incurred directly by our company-operated restaurants in generating revenues and do not include advertising costs, general and administrative expenses or facility action charges.

(2) Excludes interest expense, depreciation and amortization, facility action charges, share-based compensation expense, transaction fees and costs and income tax expense. See “Non-GAAP Financial Measures” below.

Executive Statement

“In our first quarter, the U.S. economic downturn and particularly high unemployment rates in California and among our core target audience of young men, continued to impact same-store sales at Carl’s Jr.^® and Hardee’s^®. The deleveraging impact of negative same-store sales combined with increased commodity costs and increased labor costs, due to increases in the minimum wage, also negatively impacted our restaurant-level margins. However, I am pleased that we maintained our market share, that Hardee’s has now had three consecutive periods of positive same-store sales, and that we started to see same-store sales trends improve for both brands late in the quarter,” said Andrew F. Puzder, Chief Executive Officer. “We will remain focused on maintaining our premium quality brands and improving our same-store sales with innovative products and cutting edge advertising that focuses on the taste, quality and value of our products. We will also continue to strategically add to our company-operated store count and expand our franchise base in both domestic and international markets.”

First Quarter Financial Details

• Company-operated restaurant-level margin decreased 320 basis points to 16.7%, in part as a result of a 70 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Food and packaging increased by 100 basis points due to rising commodity costs for beef, pork, produce, potatoes and dairy. Labor costs increased by 120 basis points due to minimum wage rate increases in some states and the impact of sales deleveraging.
• Operating income was $20.1 million, or 4.6% of total revenue, compared to $29.7 million, or 6.6% of revenue, in the same quarter of the prior year.
• The Company incurred transaction fees and costs of $20.9 million which were included in other (expense) income, net. No comparable costs were included in the prior year quarter.
• The Company’s Adjusted EBITDA, excluding transaction fees and costs was $46.2 million, or 10.6% of total revenue, compared to $54.7 million, or 12.3% in the prior year quarter. For the trailing 13 periods ended May 17, 2010, the Company generated Adjusted EBITDA, excluding transaction fees and costs, of $158.0 million.
• Total quarterly revenue was $435.2 million, a decline of 2.6%.
• Despite capital expenditures required for the ongoing remodel program, the Company reduced its bank and other long-term debt by $1.8 million to $276.7 million.
• Carl’s Jr. and Hardee’s increased their system-wide unit count by 5 restaurants for a consolidated total of 3,146.

First Quarter Concept Details

• Carl’s Jr. company-operated same-store sales declined 6.1% as a result of the particularly weak economy in California. On a two-year basis, same-store sales decreased 11.2%. Restaurant-level margin declined to 17.6% of company-operated restaurants revenue compared to the prior year quarter at 21.9%. Food and packaging costs increased 130 basis points primarily due to commodity cost increases for beef, produce, pork and potatoes. Labor costs increased 130 basis points primarily due to the impact of sales deleveraging. Depreciation increased 60 basis points related to the ongoing remodeling program and equipment upgrades. Other increases in occupancy costs included the impact of sales deleveraging on rent, property tax and repair expenses.
• Hardee’s company-operated same-store sales decreased 1.2%, also due to weak economic conditions. On a two-year basis, same-store sales increased 1.3%. Company-operated restaurant-level margin decreased to 15.5% of company-operated restaurants revenue compared to 17.5%. Food and packaging costs increased 60 basis points primarily due to commodity cost increases for pork, beef, produce and dairy products. Labor costs increased 120 basis points primarily due minimum wage rate increases and the impact of sales deleveraging. Depreciation increased 80 basis points related to the ongoing remodeling program and equipment upgrades. Utilities expense decreased mainly due to lower electricity rates and usage.

SEC Filings

The Company’s filings with the SEC are available to investors at www.ckr.com under “Investors/SEC Filings.”

Non-GAAP Financial Measures

Adjusted EBITDA, excluding transaction fees and costs, is a non-GAAP measure used by our lenders as an indicator of earnings available to service debt, fund capital expenditures and for other corporate uses. Our maximum annual capital expenditures are limited by our senior credit facility, based on a sliding scale driven by our Adjusted EBITDA. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

CKE Restaurants, Inc.

Headquartered in Carpinteria, Calif., CKE Restaurants, Inc. is publicly traded on the New York Stock Exchange under the symbol “CKR.” As of the end of its first quarter of fiscal 2011, CKE Restaurants, Inc., through its subsidiaries, had a total of 3,146 franchised, licensed or company-operated restaurants in 42 states and in 16 countries, including 1,233 Carl’s Jr. Restaurants and 1,901 Hardee’s restaurants. For more information about CKE Restaurants, please visit www.ckr.com.

Upcoming Communications/Special Meeting of Stockholders

The Company will not be hosting a conference call in associated with the first quarter results and the filing of its Report on Form 10-Q with the SEC for the sixteen weeks ended May 17, 2010. The Company will be hosting a webcast of the special meeting of stockholders, which will be held at 8:00 a.m., PDT, on Wednesday, June 30, 2010. At the special meeting of stockholders, the Company’s stockholders will vote on the proposal to adopt the Company’s merger agreement with Columbia Lake Acquisition Holdings, Inc., and Columbia Lake Acquisition Corp. Columbia Lake Acquisition Holdings, Inc. and Columbia Lake Acquisition Corp. are affiliates of Apollo Management VII, L.P. If the proposal to adopt the merger agreement is approved by the requisite number of holders of the Company’s common stock, the Company anticipates that the closing of the merger will occur on July 7, 2010. The Company’s stockholders are encouraged to read the definitive proxy statement relating to the merger in its entirety as it provides, among other things, a detailed discussion of the process that led to execution of the merger agreement. The Company invites investors to listen to the live webcast of the special meeting of stockholders at www.ckr.com under “Investors.”

Safe Harbor Disclosure

Matters discussed in this press release contain forward-looking statements relating to the Company’s strategic initiatives to maintain its premium brand image, improve same-store sales, add to its company-owned store count and expand its franchise base in domestic and international markets, which are based on management’s current beliefs and assumptions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control. Factors that could cause the Company’s results to differ materially from those described include, but are not limited to, the Company’s ability to compete with other restaurants, delicatessens, supermarkets and convenience stores for customers, employees, restaurant locations and franchisees; the effect of restrictive covenants in the Company’s credit facility on the Company’s business; changes in consumer preferences, perceptions and spending patterns; the ability of the Company’s key suppliers to continue to deliver quality products to the Company at moderate prices; the Company’s ability to successfully enter new markets and complete remodels of existing restaurants; changes in economic conditions which may affect the Company’s business and stock price; the Company’s ability to attract and retain key personnel; the Company’s franchisees’ willingness to participate in the Company’s strategy; the operational and financial success of the Company’s franchisees; changes in the price or availability of commodities; the effect of the media’s reports regarding food-borne illnesses, food tampering and other health-related issues on the Company’s reputation and its ability to obtain products; the seasonality of the Company’s operations; the Company’s ability to hire and retain qualified personnel and the effect of higher labor costs; increased insurance and/or self-insurance costs; the Company’s ability to comply with existing and future health, employment, environmental and other government regulations; risks associated with the proposed transaction, including the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the inability to complete the proposed transaction due to the failure to obtain stockholder approval; the failure to satisfy other conditions to completion of the proposed transaction or the failure to obtain the necessary debt financing arrangements set forth in the debt commitment letter received in connection with the proposed transaction; and other factors as discussed in the Company’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the New York Stock Exchange. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties as discussed in the Company’s filings with the SEC.

Additional Information About The Transaction And Where To Find It

A definitive proxy statement of the Company and other materials has been filed with the SEC. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND THESE OTHER MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the definitive proxy statement and other documents filed by the Company with the SEC at the SEC’s Web site at www.sec.gov.

The definitive proxy statement and such other documents are also available for free on the Company’s website at www.ckr.com under “Investors/SEC Filings” or by directing such request to Investor Relations, CKE Restaurants, Inc., 805-745-7750.

The Company and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed transaction. Information concerning the interests of the Company’s participants in the solicitation is set forth in the Company’s proxy statements and Annual Reports on Form 10-K, previously filed with the SEC, and in the definitive proxy statement relating to the proposed transaction.

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CKE Restaurants, Inc. (NYSE: CKR) announced today period five company-operated same-store sales for the period ended June 14, 2010, for Carl’s Jr.^® and Hardee’s^®.

“Hardee’s same-store sales grew nicely and delivered the fourth straight period of positive results fueled by the introduction of Hand-Breaded Chicken Tenders into much of the system, the continuing strong sales of the Grilled Cheese Bacon Thickburger and strong sales at breakfast. However, Carl’s Jr. same-store sales continued to be negatively impacted by the poor economic conditions and high unemployment rates in our core California market,” said Andrew F. Puzder, Chief Executive Officer. “We continue to focus on the excellent value-for-the money of our premium products and combo meals, and have several new initiatives in the works to improve same-store sales and increase market share.”

Period Five Revenue Trends

For period five, consolidated revenue from company-operated restaurants (exclusive of all franchise-related revenue and royalties) was approximately as follows:

For period five, trailing-13 period average unit volume from company-operated restaurants was as follows:

Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today announced results for the third fiscal quarter ended May 31, 2010. Key aspects of the company’s third quarter report included:

• Net income per diluted share totaled $0.18 versus net income per diluted share of $0.27 in the year-earlier quarter;
• System-wide same-store sales declined 6.0% during the third quarter; same-store sales at partner drive-ins declined 6.3% in the quarter;
• Franchise drive-in openings totaled 18 for the quarter versus 32 in the same period last year; and
• Sonic completed the purchase of $58 million of its class A-2 senior fixed-rate notes using excess cash.

“Sales continued to be challenged in the third quarter,” said Clifford Hudson, Chairman and Chief Executive Officer. “In this fourth quarter and beyond, we are committed to managing our business with initiatives that are aligned with our core brand strengths and are relevant to the consumer. We believe these steps, which include a new value promotion strategy, new messaging, a targeted media allocation strategy and, most recently, a product quality initiative, will result in improvements in performance.

“From a capital management perspective, we were very pleased to have purchased $58 million in debt in the third quarter,” Hudson continued. “These purchases, combined with $50 million in principal payments in fiscal 2010, strengthen our balance sheet and reduce interest expense.”

Income Statement Overview

For the third quarter ended May 31, 2010, revenues declined 19% to $145.9 million from $181.1 million in the year-earlier period, reflecting a change in the company’s revenue mix from refranchising 205 partner drive-ins during fiscal 2009, declining same-store sales at partner drive-ins, and reduced royalty revenue due to the sales declines at franchised restaurants. Net income for the quarter was $11.0 million or $0.18 per diluted share versus $16.8 million or $0.27 per diluted share in the same quarter last year. Special items include:

• A $0.03 tax benefit from the stock option exchange program completed in the third quarter of fiscal 2010; and
• Gains of $0.11 per diluted share on the sale of partner drive-ins in the year-earlier quarter, partially offset by impairment charges totaling $0.08 per diluted share.

Excluding special items, net income for the third quarter in fiscal 2010 was $9.2 million or $0.15 per diluted share compared with $14.7 million or $0.24 per diluted share for the prior-year period.

For the first nine months of the fiscal year, revenues declined 26% to $395.8 million from $534.0 million in the prior year. Net income on a year-to-date basis was $16.6 million or $0.27 per diluted share. Net income in the same period last year was $32.6 million or $0.53 per diluted share. Special items include:

• A $0.03 tax benefit from the stock option exchange program completed in the third quarter of fiscal 2010; and
• Gains of $0.11 per diluted share on the sale of partner drive-ins, a gain on debt extinguishment of $0.06 per diluted share, and partially offsetting impairment charges totaling $0.08 per diluted share in the year-earlier period.

Excluding special items, net income for the first nine months of fiscal 2010 was $14.8 million or $0.24 per diluted share compared with $26.7 million or $0.44 per diluted share for the prior-year period.

Same-Store Sales

For the third fiscal quarter ended May 31, 2010, system-wide same-store sales declined 6.0% versus a decrease of 5.4% for the same quarter last year and reflected 6.0% lower same-store sales at franchise drive-ins and a 6.3% decline at partner drive-ins. For the first nine months of fiscal 2010, system-wide same-store sales declined 8.3% versus a decrease of 4.3% in the prior-year period. The decline in system-wide same-store sales for the first nine months of fiscal 2010 reflected 8.1% lower same-store sales at franchise drive-ins and a 9.9% decline at partner drive-ins.

Development

System-wide drive-in openings totaled 19 in the third quarter, including 18 franchise drive-ins, versus 34 new system-wide drive-in openings during the third quarter of fiscal 2009, including 32 by franchisees. For the first nine months of fiscal 2010, system-wide drive-in openings totaled 61, including 57 franchise drive-ins, versus 100 in the year-earlier period, including 90 franchise drive-ins. Sonic currently expects that new franchise drive-in openings will total 80 to 85 for the full fiscal year.

Concluding Comments

“We believe the best path toward improved sales performance is to focus on implementation of our key strategic initiatives, which will further position us as a differentiated and quality quick-service restaurant,” Hudson said. “The state of the economic recovery and ongoing consumer pressures will continue to be a challenge for us in the near term. At the same time, we believe that providing consumers a unique and fun experience, combined with a strong focus on customer service, high quality and distinctive products, will prove to be a winning formula for continued growth.”

Fiscal 2010 Revised Outlook

Based on Sonic’s third quarter results and the anticipation of a continued challenging economic and credit market environment, management anticipates earnings for 2010 will total between $0.50 to $0.55 per diluted share compared with earnings of $0.72 per diluted share for fiscal 2009, excluding gains and provisions for impairment. This outlook is based primarily on the following:

• A system-wide same-store sales decline of 4% to 8% for the fourth quarter;
• New franchise drive-in openings of 80 to 85 for the year;
• Unfavorable restaurant-level margins for the fourth quarter of approximately 150 to 250 basis points as a result of de-leveraging and higher-than-expected beef costs; this estimate is based upon non-controlling interests being included in restaurant-level margins on a pro forma basis;
• Depreciation and amortization of $42 to $43 million for the year;
• A $6.5 to $7 million decline in interest expense reflecting lower debt levels for the year;
• An income tax rate between 37.5% and 38.5% for the fourth quarter; and
• Capital expenditures for the year ranging from $25 to $30 million.

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 approximately three million customers eat every day. For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com.

A listen-only simulcast of Sonic’s third quarter conference call will begin today at approximately 4:00 p.m. Central Time and can be accessed at the company’s web site. An on-demand replay, using the same link, will be available at approximately 7:00 p.m. Central Time today and will continue until July 21, 2010.

Real Mex Restaurants, Inc., a Delaware corporation (“Real Mex”), today announced that it had commenced soliciting consents (the “Consent Solicitation”) from holders of its 14% Senior Secured Notes due 2013 (CUSIP 75601 RAF2) (the “Notes”), to effect a proposed amendment (the “Proposed Amendment”) to the indenture governing the Notes (the “Indenture”).

Upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated June 15, 2010 (the “Consent Solicitation Statement”) and the related Consent Letter (the “Consent Letter”) which are being sent to holders of the Notes, Real Mex will pay a consent payment in the amount of $5.00 per $1,000 in principal amount of Notes for consents validly delivered (and not validly revoked) from holders of record of Notes as of 5:00 p.m., New York City time, on June 10, 2010. If the Proposed Amendment is approved and a supplemental indenture is validly entered into, then the supplemental indenture would bind all holders of the Notes, including non-consenting holders, but non-consenting holders would not receive the consent payment.

The Proposed Amendment would, as described more fully in the Consent Solicitation Statement, amend the Indenture to permit affiliates of Sun Capital Partners, Inc. (two of which are existing equityholders of Real Mex’s parent) to acquire a majority of the stock of Real Mex’s parent without requiring Real Mex to make the change of control offer to repurchase the Notes that is contemplated under the Indenture.

At the same time that the Proposed Amendment becomes effective, the Indenture would also be further amended to add an additional covenant, pursuant to which Real Mex would agree that, in an optional redemption of Notes made between July 1, 2011 and June 30, 2012, Real Mex would pay to each holder of redeemed Notes an additional premium equal to 2% of the aggregate principal amount of the Notes redeemed (the “Additional Premium Amendment”). The Additional Premium Amendment will only become effective if sufficient consents are received so that the Proposed Amendment becomes effective.

Sun Cantinas, LLC, an affiliate of Sun Capital Partners, Inc. that is an equityholder of Real Mex’s parent, has agreed to reimburse Real Mex for all consent fees paid by Real Mex in the Consent Solicitation. In addition, if Real Mex becomes required to pay an additional premium to the holders of Notes pursuant to the terms of the Additional Premium Amendment, then Sun Cantinas has agreed to reimburse Real Mex for the aggregate amount of that additional premium.

The Consent Solicitation is scheduled to expire at 12:00 p.m., New York City time, on June 24, 2010, unless extended or earlier terminated. The Consent Solicitation is subject to the satisfaction of certain conditions specified in the Consent Solicitation Statement, including receipt by Real Mex of consents representing a majority in aggregate principal amount of the outstanding Notes owned by non-affiliated holders from whom consent is sought, as well as other customary conditions.

Real Mex has engaged Jefferies & Company, Inc. to act as the solicitation agent in connection with the Consent Solicitation. Wells Fargo Bank, National Association will serve as the information and tabulation agent for the Consent Solicitation. None of Real Mex, its board of directors, the solicitation agent or the information and tabulation agent is making any recommendation as to whether or not holders should deliver consents to the Proposed Amendment.

Nathan’s Famous, Inc. (NASDAQ: NATH) today reported results for its 2010 fiscal year ended March 28, 2010, its seventh consecutive year of increased revenues and profits from continuing operations.

For the fiscal year ended March 28, 2010, income from continuing operations increased by 12.3% to $5,569,000, or $0.97 per share, based upon approximately 5.7 million diluted shares outstanding as compared to $4,958,000 or $0.80 per share, based upon approximately 6.2 million diluted shares outstanding for the fiscal year ended March 29, 2009. Total revenue from continuing operations increased by 3.4% to $50,876,000 for the fiscal year ended March 28, 2010 as compared to $49,221,000 during the fiscal year ended March 29, 2009. Net income for the fiscal year ended March 28, 2010 was $5,569,000 or $0.97 per share as compared to $7,482,000 or $1.21 per share for the fiscal year ended March 29, 2009.

During the prior fiscal year, Nathan’s realized gains, net of tax, of $2,519,000 or $0.41 per share from the sale of its formerly wholly-owned subsidiary, NF Roasters Corporation and additional consideration from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation of $250,000 which was previously deemed contingent and not realized. The total of these gains before income taxes was $3,906,000.

For the thirteen weeks ended March 28, 2010, income from continuing operations was $791,000 or $0.14 per diluted share, based upon approximately 5.7 million diluted shares outstanding as compared to $887,000 or $0.15 per diluted share, based upon approximately 5.9 million diluted shares outstanding for the thirteen weeks ended March 29, 2009. During the thirteen weeks ended March 28, 2010, Nathan’s recorded an impairment charge on note receivable of $250,000. Total revenue from continuing operations increased by 4.8% to $10,524,000, as compared to $10,039,000 during the thirteen weeks ended March 29, 2009. Net income for the thirteen weeks ended March 28, 2010 was $791,000 or $0.14 per share as compared to $944,000 or $0.16 per share for the thirteen weeks ended March 29, 2009.

Nathan’s products are currently distributed in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Cayman Islands and four foreign countries through its restaurant system, foodservice sales programs and retail licensing activities. The Nathan’s restaurant system currently consists of 251 units, comprised of 246 franchised or licensed units and five company-owned units (including one seasonal unit). For additional information about Nathan’s please visit our website at www.nathansfamous.com.

Luby’s, Inc. (NYSE: LUB) (“Luby’s”) today announced its unaudited financial results for the third quarter fiscal 2010, a twelve-week period, which ended on May 5, 2010.  As a result of the Company’s Cash Flow Improvement and Capital Redeployment Plan (“2010 Business Plan”) announced on October 15, 2009, which included the closure of 25 underperforming stores, the entire fiscal activity of the applicable closed locations has been reclassified in discontinued operations for current and prior periods.

Third Quarter Review

• Restaurant sales were $53.9 million, a decrease of $3.5 million compared to the same quarter last year.  Same-store sales, from a total of 96 restaurants, decreased approximately 4.8% compared to the same quarter last year. Same-store sales improved sequentially in the third quarter compared to last quarter. During the 2010 third fiscal quarter, year-over-year customer traffic trend improved slightly compared to last quarter’s results due to increased guest frequency, improving consumer confidence and positive guest response to Luby’s limited time offers. The increase in year-over-year customer traffic was more than offset by a decline in average customer spending, resulting from lower prices on menu items and increased promotional activity.
• Revenue from Culinary Contract Services rose 9.9% to $3.3 million in the third quarter fiscal 2010 compared to $3.0 million generated in the third quarter fiscal 2009. Culinary Contract Services operated 17 facilities as of May 5, 2010 versus 13 facilities at the end of the third fiscal quarter last year.
• Store level profit, defined as restaurant sales less food costs, payroll and related costs, and other operating expenses, was up 9.5% to $9.7 million in the third quarter of fiscal 2010, or 18.0% of restaurant sales, compared to $8.9 million in the third quarter of fiscal 2009, or 15.5% of restaurant sales. Although food costs were up as a percentage of restaurant sales, the Company effectively managed its payroll and other expenses, with both declining as a percentage of restaurant sales.  
• In the third quarter fiscal 2010, Luby’s reported income from continuing operations of $1.3 million, or $0.05 per share, compared to a loss of $0.4 million in the same quarter last year.  Income from continuing operations in the third quarter fiscal 2010 included a pre-tax net gain of $237,000 on the sale of one of the Company’s properties held for sale and a pre-tax gain of $475,000 associated with an insurance recovery of lost profits related to Hurricane Ike.  Last year’s results included a pre-tax expense of $664,000 resulting from the decrease in fair value of its investment in auction rate securities and a pre-tax gain of $485,000 from insurance proceeds associated with an insurance settlement related to property and equipment damages related to Hurricane Ike.

Chris Pappas, President and CEO, made the following remarks: “We are cautiously optimistic that our customers are returning more often to our restaurants as customer traffic improves. Our local market promotions are generating encouraging results.  Our customers know we are listening to their needs and they are responding positively. Additionally, these promotions have allowed us to reduce our advertising and marketing expenses, relying instead on local initiatives.”

“During the third quarter we generated income from continuing operations.  This is an important validation of our Cash Flow Improvement and Capital Redeployment Plan, which was put in place at the beginning of this fiscal year. Although we feel better about the direction of our sales, our customers are still feeling the weakness in the economy and until consumer confidence and the unemployment rate improve, we will remain cautious and refrain from giving sales and earnings guidance.”

In concluding his remarks, Pappas said, “We continue to market our properties held for sale as well as those in discontinued assets. This quarter we sold one of our locations, generating a pre-tax gain of approximately $237,000. A few weeks ago we also announced that the Financial Industry Regulatory Authority ordered Credit Suisse Securities (USA) LLC to buy back the auction rate securities we purchased through them. We received $7.1 million par value of those securities and accrued interest. We also generated a pre-tax gain of approximately $1.8 million, net of expenses, on the sale of investments which will be reflected in our fourth quarter results.  As always, we continue to focus on maintaining a strong balance sheet. We ended the third quarter with no debt on our balance sheet, $7.7 million in cash and $18.4 million in availability under our credit facility.”

Operating Expense Review

Food costs decreased approximately $0.7 million in the third quarter fiscal 2010 compared to the same quarter last year, due primarily to a reduction in sales volume. Food costs as a percentage of restaurant sales rose to 27.4% in the third quarter fiscal 2010 from 26.9% in the comparable quarter last year primarily due to lower menu prices and increased promotional activity.

Payroll and related costs decreased $1.5 million in the third quarter fiscal 2010 compared to the same quarter last year. As a percentage of restaurant sales, payroll and related costs declined to 35.1% in the third quarter fiscal 2010 from 35.6% in the same quarter last year primarily due to a reduction in management costs, lower crew overtime and increased efficiencies in crew scheduling, partially offset by higher average wages paid to crew employees.

Other operating expenses primarily include restaurant-related expenses for utilities, repairs and maintenance, advertising, insurance, supplies, services, and occupancy costs. Other operating expenses decreased by approximately $2.1 million compared to the same quarter last year, due primarily to a $0.7 million reduction in marketing and advertising expense, a $0.5 million decline in utilities expense, a $0.3 million reduction in repairs and maintenance, and $0.5 million impact of business interruption insurance recovery associated with Hurricane Ike. As a percentage of restaurant sales, other operating expenses decreased to 19.4% compared to 22.0% in the same quarter last year.

Depreciation and amortization expense declined approximately $0.2 million in the third quarter fiscal 2010 compared to the same quarter last year, due to a slightly lower depreciable asset base reflecting reduced capital spending and certain assets reaching the end of their depreciable lives.

General and administrative expenses include corporate salaries and benefits-related costs, including restaurant area leaders, share-based compensation, professional fees, travel and recruiting expenses and other office expenses.  General and administrative expenses decreased by approximately $0.8 million in the third quarter of fiscal 2010 compared to the same quarter last year primarily due to a decrease in corporate salary and benefit expense as a result of reductions in corporate support headcount and bonus accruals.  

Fiscal Year-to-Date Review

Same-store sales declined 10.2%.

• Total sales declined 10.9% to $162.9 million in the first three quarters of fiscal 2010, compared to $182.8 million in the comparable period of fiscal 2009.
• Luby’s Culinary Contract Services business, included in total sales, generated $9.5 million in sales during the first three quarters of fiscal 2010 compared to $9.0 million in sales during the comparable period of fiscal 2009, a 5.7% increase.
• Loss from continuing operations for the first three quarters of fiscal 2010 was $1.5 million, compared to a loss of $0.6 million in fiscal 2009.  
• Store level profit as a percentage of restaurant sales decreased to 14.9% in the first three quarters of fiscal 2010 compared to 15.3% in the comparable period of fiscal 2009.

Outlook

The Company remains cautious regarding the outlook for comprehensive economic recovery.  It continues to anticipate that any improvement in restaurant sales will lag behind the broader economic recovery.  For Luby’s to see any material improvements in its same store sales, it will take improved employment levels and a substantial uptick in consumer confidence in its areas of operation.  Luby’s will continue to offer customers competitive price points to promote customer frequency; however, it does not anticipate that significant profit improvements are probable without significant guest traffic increases in fiscal 2010 at most retail units.  Thus a net loss from continuing operations is expected in 2010 at this time.

Conference Call

The Company will host a conference call today at 4:00 p.m., Central Time, to discuss further its 2010 fiscal third quarter results. To access the call live, dial (480) 629-9723 and ask for the Luby’s conference call at least 10 minutes prior to the start time, or listen live over the Internet by visiting the events page in the investor relations section of www.lubys.com.  For those who cannot listen to the live call, a telephonic replay will be available through June 16, 2010 and may be accessed by calling (303) 590-3030 and using the pass code 4303475#. Also, an archive of the webcast will be available after the call for a period of 90 days on the “Investors” section of the Company’s website.

About Luby’s

Luby’s operates 96 restaurants in Austin, Dallas, Houston, San Antonio, the Rio Grande Valley and other locations throughout Texas and other states.  Luby’s provides its customers with quality home-style food, value pricing, and outstanding customer service.  Luby’s Culinary Contract Services provides food service management to 17 sites consisting of healthcare, higher education and corporate dining locations.

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements contained in this press release, other than statements of historical fact, are “forward-looking statements” for purposes of these provisions, including the statements under the caption “Outlook” and any other statements regarding scheduled closures of units, sales of assets, expected proceeds from the sale of assets, expected levels of capital expenditures, anticipated financial results in future periods and expectations of industry conditions.

The Company cautions readers that various factors could cause its actual financial and operational results to differ materially from those indicated by forward-looking statements made from time to time in news releases, reports, proxy statements, registration statements, and other written communications, as well as oral statements made from time to time by representatives of the Company.  The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause the Company’s actual results to differ materially from the expectations the Company describes in its “forward-looking statements”: general business and economic conditions; the impact of competition; our operating initiatives; fluctuations in the costs of commodities, including beef, poultry, seafood, dairy, cheese and produce; increases in utility costs, including the costs of natural gas and other energy supplies; changes in the availability and cost of labor; the seasonality of the Company’s business; changes in governmental regulations, including changes in minimum wages; the effects of inflation; the availability of credit; unfavorable publicity relating to operations, including publicity concerning food quality, illness or other health concerns or labor relations; the continued service of key management personnel; and other risks and uncertainties disclosed in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q.

McDonald’s reported strong same-store sales for May, but warned that the falling euro could hurt its bottom line.

Morningstar analyst R.J. Hottovy credited product innovation for the company’s results, saying that while McDonald’s ( MCD – news – people )is getting a boost from the improving economy, it’s still outperforming its competitors due to its addition of new products and limited-time menu items.

Continue reading . . .

Frisch’s Restaurants, Inc. (NYSE Amex: FRS), announced today that the Board of Directors declared a $.13 per share quarterly dividend payable July 9, 2010 to shareholders of record at the close of business on June 21, 2010.  This will be the 198th consecutive quarterly dividend paid by Frisch’s. The Company has reported a profit every year since going public in 1960, and paid cash dividends to shareholders every quarter over the same period.

Frisch’s Restaurants, Inc. is a regional company that operates full service family-style restaurants under the name of Frisch’s Big Boy. The Company owns the trademark “Frisch’s” and has exclusive, irrevocable ownership of the rights to the “Big Boy” trademark, trade name and service mark in the states of Kentucky and Indiana, and in most of Ohio and Tennessee. The Company also licenses Big Boy restaurants to other operators in certain parts of Ohio, Kentucky and Indiana.

In addition, the Company operates grill buffet-style restaurants under the name Golden Corral under certain licensing agreements. Golden Corral restaurants currently operate primarily in the greater metropolitan areas of Cincinnati, Cleveland, Columbus, Dayton and Toledo, Ohio, Louisville, Kentucky and Pittsburgh, Pennsylvania.

Ruth’s Hospitality Group, Inc., (Nasdaq: RUTH) announced today that the Company will be presenting at three investor conferences in June.

On June 8, 2010, the Company will present at the Piper Jaffray 30th Annual Consumer Conference in New York City. The presentation is scheduled to begin at 11:50 am Eastern Time.

On June 23, 2010, the Company will present at the Jefferies 2010 Global Consumer Conference in Nantucket, Massachusetts. The presentation is scheduled to being at 8:30 am Eastern Time.

On June 30, 2010, the Company will present at the Oppenheimer & Co’s 10th Annual Consumer, Gaming, Lodging & Leisure Conference in Boston, Massachusetts. The presentation is scheduled to begin at 10:40 am Eastern Time.

Investors and interested parties may listen to a live webcast of each presentation by visiting the Company’s website at www.rhgi.com under the investor relations section.

About Ruth’s Hospitality Group

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 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, please visit www.rhgi.com.

The Cheesecake Factory Incorporated (NASDAQ:CAKE) today announced the results of its Annual Meeting of Stockholders, which was held on June 2, 2010.

Stockholders voted to reelect independent directors Allen J. Bernstein and Thomas L. Gregory to the Company’s Board of Directors. Each director elected will serve a term that expires at the Company’s 2011 Annual Meeting of Stockholders. In 2011, all directors will stand for election to one-year terms as a result of the elimination of the Company’s classified board structure, which stockholders approved at the 2008 Annual Meeting of Stockholders.

Stockholders also approved the Company’s 2010 Stock Incentive Plan and 2010 Amended and Restated Annual Performance Incentive Plan. In addition, stockholders ratified the selection of PricewaterhouseCoopers LLP to serve as the Company’s independent registered public accounting firm for fiscal 2010, which ends on December 28, 2010.

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.

Burger King Holdings Inc. (NYSE:BKC) announced today that its board of directors has declared a quarterly dividend of $0.0625 per share of common stock. The dividend is payable on June 29, 2010 to shareholders of record at the close of business on June 14, 2010.

ABOUT BURGER KING HOLDINGS, INC.

The BURGER KING® system operates more than 12,100 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.