Steakhouse Partners Reports First Quarter Financial Results

The results for the period include revenues and losses associated with four restaurants, which were sold during the period as a part of the Company's emergence from bankruptcy on December 31, 2003, which have been disclosed separately in the financial statements. The revenues for the first quarter of 2004 including all stores were approximately $14.2 million. Normal comparisons cannot be readily made between quarters (2004 versus 2003), as the Company disposed of 20 units between the end of the first quarter of 2003 and the end of the first quarter of 2004.

The 25 core restaurants held by Steakhouse Partners had sales of approximately $13.6 million for the first quarter, a comparable increase of 4.3% over same store sales from the previous year's first quarter. The gross margin generated by the core units increased to 10.5%, an increase of 28% over the same stores in the first quarter of 2003.

The net loss for the first quarter, including the revenues and losses of the disposed restaurants was $113,227 or ($.02) per share. Adjusting for discontinued units (and two prior period, non-recurring adjustments of $134,706), the results of the core restaurants would have reported net earnings of slightly more than $.06 per share.

Chairman and CEO A. Stone Douglass said, "Our company and its almost 1700 employees are pleased to finally leave behind the almost two year reorganization process. The disposal of the last four restaurants as a part of our emergence from bankruptcy reorganization will allow Steakhouse Partners to focus on its basic business and allow for meaningful quarterly comparisons in the future."

Mr. Douglass continued, "Our profitable core units achieved positive same store sales increases for the first time in over five years. We are proud of the results our core restaurants achieved in our first quarter after reorganization. These results were realized in spite of the daily challenges facing our business, such as increased food, labor and insurance costs."

About Steakhouse Partners, Inc.

Steakhouse Partners, Inc. owns and operates 25 steakhouse full-service restaurants located in 8 states. The restaurants specialize in complete steak and prime rib meals, and also offer fresh fish and other lunch and dinner dishes. The Company serves approximately 3 million meals annually and operates principally under the brand names of Hungry Hunter, Hunter Steakhouse, Mountain Jack's and Carvers. Steakhouse Partners emerged from bankruptcy on December 31, 2003.



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