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UPDATE 1-McCormick & Schmick's Q4 EPS beats
February 24, 2010 / 9:55 PM / in 8 years

UPDATE 1-McCormick & Schmick's Q4 EPS beats

* Q4 adj EPS $0.19 vs est $0.17

* Q4 revenue $89.2 mln vs est $91.4 mln

* Same-store restaurant sales fall 12.9 pct

* Sees FY10 EPS $0.40-$0.45, rev $355-$365 mln

Feb 24 (Reuters) - McCormick & Schmick’s Seafood Restaurants Inc MSSR.O posted an adjusted quarterly profit that topped Wall Street expectations, helped by lower costs. The upscale seafood restaurant chain also forecast earnings of 40 cents to 45 cents a share for fiscal 2010, on revenue of $355 million to $365 million.

Analysts on average were expecting earnings of 40 cents a share, on revenue of $363.7 million, according to Thomson Reuters I/B/E/S.

Fine-dining restaurant companies, which rely on business travellers for dragging traffic into their restaurants, have been hurt by the cutback in travel and related spending budgets by companies.

For the fourth quarter, McCormick & Schmick’s posted a loss of $16.1 million, or $1.09 a share, compared with a loss of $73.4 million, or $4.99 a share, a year earlier.

On a pro forma basis, it earned 19 cents a share.

Revenue fell nearly 10 percent to $89.2 million.

Analysts on average were expecting earnings of 17 cents a share, on revenue of $91.4 million.

Shares of the Portland, Oregon-based company closed at $8.87 Wednesday on Nasdaq. (Reporting by Renju Jose in Bangalore; Editing by Ratul Ray Chaudhuri)

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