Grill Concepts Reports Record Revenues and Profitable Operations for the Year 2000; Same Store Sales Up Over 8%

- Fourth Quarter Same Store Sales Increase 16% -



Apr 02, 2001, 01:00 ET from Grill Concepts, Inc.

    LOS ANGELES, April 2 /PRNewswire/ -- Citing "momentum and the building of
 critical mass," Grill Concepts, Inc. (Nasdaq:   GRIL) today reported record
 revenues and profitable operations for the year ended December 31, 2000.
     Total systemwide sales for 2000, a 53-week year, including all
 restaurants, owned, operated, managed or licensed, increased 22.6% to a record
 $62.3 million from $50.8 million in the prior 52-week year.
     Company same store sales for the year rose 8.5%.   Consolidated revenues,
 including management and license fees, rose 17.2% to $45.7 million in 2000
 from $39.0 million in the prior year.
     The company also recorded a significant increase in income from
 operations, which nearly tripled to $433,042 for the 2000 fiscal year, from
 $117,768 reported in 1999.  Net income totaled $34,038, or $0.01 per share, a
 significant turnaround from a net loss of $405,537, or $0.10 per share,
 reported last year.
     "We are extremely excited to have realized profitable operations this year
 as we approach what we believe to be a major turning point for Grill
 Concepts," said Robert Spivak, president and chief executive officer.  "With
 our brisk rate of growth, we were able to generate economies of scale by
 maintaining essentially the same level of general and administrative expenses,
 which decreased as a percent of sales by 14%.  The company's improved
 performance demonstrates strong operating efficiencies and benefits gained
 from attaining critical mass."
     Total systemwide sales for the 2000 fourth quarter, a 14-week period,
 including all restaurants, owned, operated, managed or licensed, increased
 39.5% to $22.0 million from $15.8 million in last year's 13-week period.
 Company same store sales for the quarter rose 16%.  Consolidated revenues for
 the quarter, including management and license fees, rose 35.5% to
 $13.6 million from $10.0 million in the comparable period last year.
     The company recorded net income for the 2000 fourth quarter of $1,386, or
 $0.00 per share, representing a sharp improvement over last year's fourth
 quarter net loss of $566,141, or $0.14 per share.
     Spivak added, "Among the highlights of 2000 was our successful entry into
 the Chicago market with the opening of our newest The Grill on the Alley
 restaurant located on Chicago's Magnificent Mile of Michigan Avenue and the
 opening of a Daily Grill restaurant in nearby Skokie.  We are pleased with the
 performances of both of these restaurants and our reception in the highly-
 competitive Chicago market."
     Recently, the company announced it will enter the Northern California
 market with a Daily Grill restaurant in San Francisco.  The restaurant is
 scheduled to open in the fall of 2001 and will be located just west of Union
 Square.
     "We believe our success entering new markets exemplifies Grill Concepts'
 highly experienced management team and its ability to identify key growth
 centers and leverage our brand name," Spivak said.  "As Grill Concepts reaches
 critical mass, we believe the company is better positioned to further enhance
 productivity and operating efficiencies that will help us meet our objective
 of enhancing shareholder value."
     Grill Concepts currently operates 14 Daily Grill restaurants in Southern
 California, Skokie, Illinois, and the Washington, DC area, in addition to The
 Grill on the Alley restaurants in Beverly Hills and San Jose, California, and
 Chicago.
 
     This news release contains forward-looking statements, which are based on
 current operations, plans and expectations.  Such statements include, but are
 not limited to, continued success of its new and existing restaurants, the
 company's ability to successfully enter new markets, further enhance
 productivity and operating efficiencies, among other factors.  Actual results
 may differ materially from these statements due to risks and uncertainties
 beyond the company's control.
                                (table follows)
 
                     GRILL CONCEPTS, INC. AND SUBSIDIARIES
                CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 
                             Three Months Ended              Year Ended
                         December 31,  December 26, December 31, December 26,
                             2000          1999          2000           1999
     Revenues:
      Sales              $12,964,379    $9,849,846   $44,597,349  $38,431,886
      Management and
       license fees          611,428       168,968     1,078,272      544,090
        Total revenues   $13,575,807   $10,018,814   $45,675,621  $38,975,976
     Cost of sales         3,791,745     2,905,322    13,001,701   10,886,476
     Gross profit          9,784,062     7,113,492    32,673,920   28,089,500
     Total operating
      expenses             9,488,698     7,615,309    32,240,878   27,971,732
     Income (loss) from
      operations             295,364      (501,817)      433,042      117,768
     Interest expense,
      net                   (144,994)        1,338      (498,289)    (375,647)
     Provision for
      income taxes              (900)           --       (14,000)      (6,000)
     Minority interest in
      loss (earnings)
      of subsidiaries       (148,084)      (71,904)      102,754      (67,521)
     Equity in loss of
      joint venture               --         6,242        (9,469)     (74,137)
     Net income (loss)        $1,386     $(566,141)      $34,038    $(405,537)
     Net income (loss)
      per share                $0.00        $(0.14)        $0.01       $(0.10)
     Average weighted
      shares outstanding   4,203,888     4,003,738     4,104,360    4,003,738
 
 

SOURCE Grill Concepts, Inc.
    LOS ANGELES, April 2 /PRNewswire/ -- Citing "momentum and the building of
 critical mass," Grill Concepts, Inc. (Nasdaq:   GRIL) today reported record
 revenues and profitable operations for the year ended December 31, 2000.
     Total systemwide sales for 2000, a 53-week year, including all
 restaurants, owned, operated, managed or licensed, increased 22.6% to a record
 $62.3 million from $50.8 million in the prior 52-week year.
     Company same store sales for the year rose 8.5%.   Consolidated revenues,
 including management and license fees, rose 17.2% to $45.7 million in 2000
 from $39.0 million in the prior year.
     The company also recorded a significant increase in income from
 operations, which nearly tripled to $433,042 for the 2000 fiscal year, from
 $117,768 reported in 1999.  Net income totaled $34,038, or $0.01 per share, a
 significant turnaround from a net loss of $405,537, or $0.10 per share,
 reported last year.
     "We are extremely excited to have realized profitable operations this year
 as we approach what we believe to be a major turning point for Grill
 Concepts," said Robert Spivak, president and chief executive officer.  "With
 our brisk rate of growth, we were able to generate economies of scale by
 maintaining essentially the same level of general and administrative expenses,
 which decreased as a percent of sales by 14%.  The company's improved
 performance demonstrates strong operating efficiencies and benefits gained
 from attaining critical mass."
     Total systemwide sales for the 2000 fourth quarter, a 14-week period,
 including all restaurants, owned, operated, managed or licensed, increased
 39.5% to $22.0 million from $15.8 million in last year's 13-week period.
 Company same store sales for the quarter rose 16%.  Consolidated revenues for
 the quarter, including management and license fees, rose 35.5% to
 $13.6 million from $10.0 million in the comparable period last year.
     The company recorded net income for the 2000 fourth quarter of $1,386, or
 $0.00 per share, representing a sharp improvement over last year's fourth
 quarter net loss of $566,141, or $0.14 per share.
     Spivak added, "Among the highlights of 2000 was our successful entry into
 the Chicago market with the opening of our newest The Grill on the Alley
 restaurant located on Chicago's Magnificent Mile of Michigan Avenue and the
 opening of a Daily Grill restaurant in nearby Skokie.  We are pleased with the
 performances of both of these restaurants and our reception in the highly-
 competitive Chicago market."
     Recently, the company announced it will enter the Northern California
 market with a Daily Grill restaurant in San Francisco.  The restaurant is
 scheduled to open in the fall of 2001 and will be located just west of Union
 Square.
     "We believe our success entering new markets exemplifies Grill Concepts'
 highly experienced management team and its ability to identify key growth
 centers and leverage our brand name," Spivak said.  "As Grill Concepts reaches
 critical mass, we believe the company is better positioned to further enhance
 productivity and operating efficiencies that will help us meet our objective
 of enhancing shareholder value."
     Grill Concepts currently operates 14 Daily Grill restaurants in Southern
 California, Skokie, Illinois, and the Washington, DC area, in addition to The
 Grill on the Alley restaurants in Beverly Hills and San Jose, California, and
 Chicago.
 
     This news release contains forward-looking statements, which are based on
 current operations, plans and expectations.  Such statements include, but are
 not limited to, continued success of its new and existing restaurants, the
 company's ability to successfully enter new markets, further enhance
 productivity and operating efficiencies, among other factors.  Actual results
 may differ materially from these statements due to risks and uncertainties
 beyond the company's control.
                                (table follows)
 
                     GRILL CONCEPTS, INC. AND SUBSIDIARIES
                CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 
                             Three Months Ended              Year Ended
                         December 31,  December 26, December 31, December 26,
                             2000          1999          2000           1999
     Revenues:
      Sales              $12,964,379    $9,849,846   $44,597,349  $38,431,886
      Management and
       license fees          611,428       168,968     1,078,272      544,090
        Total revenues   $13,575,807   $10,018,814   $45,675,621  $38,975,976
     Cost of sales         3,791,745     2,905,322    13,001,701   10,886,476
     Gross profit          9,784,062     7,113,492    32,673,920   28,089,500
     Total operating
      expenses             9,488,698     7,615,309    32,240,878   27,971,732
     Income (loss) from
      operations             295,364      (501,817)      433,042      117,768
     Interest expense,
      net                   (144,994)        1,338      (498,289)    (375,647)
     Provision for
      income taxes              (900)           --       (14,000)      (6,000)
     Minority interest in
      loss (earnings)
      of subsidiaries       (148,084)      (71,904)      102,754      (67,521)
     Equity in loss of
      joint venture               --         6,242        (9,469)     (74,137)
     Net income (loss)        $1,386     $(566,141)      $34,038    $(405,537)
     Net income (loss)
      per share                $0.00        $(0.14)        $0.01       $(0.10)
     Average weighted
      shares outstanding   4,203,888     4,003,738     4,104,360    4,003,738
 
 SOURCE  Grill Concepts, Inc.