WICHITA, Kan., Jan. 5, 2004 -- Lone Star Steakhouse & Saloon, Inc. ("Lone Star" or "the Company") reports its Company operated comparable sales results for restaurants open at least 18 months are as follows for the fourth quarter and fiscal 2003:
Units Q1 Q2 Q3 Q4 FY
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Lone Star
Steakhouse
& Saloon
restaurants 249 (2.9%) 2.2% (1.2%) 3.0% 0.4%
Sullivan's
Steakhouse
restaurants 15 (0.6%) 7.5% 9.6% 9.5% 6.6%
Del Frisco's
Double Eagle
Steak House
restaurants 5 3.4% 6.7% 17.9% 13.9% 10.6%
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Total Company
operated
Steakhouse
restaurants 269 (2.2) 3.1 1.2 4.7 1.9
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The Board of Directors announced an increase in the Company's quarterly cash dividend to $.175 per share from the previous amount of $.165. On an annualized basis, the dividend will increase from $.66 to $.70 per share. This is an increase of 6.1%. In announcing the decision, Bill Greene, Chairman of the Board, said "this is the third consecutive year our Company has increased its dividend, reflecting continued strong operating results, consistently strong cash flow, balance sheet, and the Company's ongoing commitment to enhance total returns to its stockholders."
The next quarterly dividend will be payable February 2, 2004 to shareholders of record on January 19, 2004.
This press release contains certain 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. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the press release will prove to be accurate.