McCormick & Schmick's Seafood Restaurants, Inc. (Nasdaq:MSSR) reported financial results for its fourth quarter and fiscal year ended December 29, 2010. Revenues increased 3.4% to $91.6 million from $88.6 million. Comparable restaurant sales decreased 1.0%. Total restaurant operating costs held steady at 86.6% of revenues. Operating loss of $24.2 million compared to operating loss of $17.0 million. Included in operating loss for the fourth quarter of 2010 were non-cash impairment, restructuring and other charges of $28.4 million, including the impairment of long-lived assets at 13 restaurants. Included in operating loss for the fourth quarter of 2009 were non-cash impairment, restructuring and other charges of $19.8 million, including the impairment of long-lived assets at eight restaurants. Net loss of $25.1 million, or $1.69 per diluted share, compared to net loss of $16.6 million, or $1.12 per diluted share. Pro forma net income of $3.3 million, or $0.22 per diluted share (see attached reconciliation to GAAP), an increase of 47% from pro forma net income of $2.3 million, or $0.15 per diluted share.
McCormick and Schmick?s Seafood Restaurants, Inc. operates seafood restaurants in the upscale dinning segment. The company?s restaurants primarily serve casual diners, families, tourists, business travelers, and special occasion diners.
Proper Power & Energy (OTC:PPWE) is an independent oil and gas exploration and production company.
PPWE is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.
PPWE's operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which Proper Power & Energy controls over 11,000 acres for its exploratory prospect.
Read more at: http://crwewallstreet.com/?p=16478