Steakhouse Partners Reports Third Quarter Financial Results

The Company feels that the decrease in revenue, equal to an approximate 3.1% decrease in same store sales, is attributable to higher gas and energy costs. Net revenue for the thirty-nine weeks ended September 26, 2006 was $37.3 million, as compared to net revenue of $38.7 million for the same period in 2005.

Net loss was approximately $0.8 million or $0.12 per share for the thirteen weeks ended September 26, 2006, as compared to net loss of approximately $0.7 million or $0.11 per share for the same period of 2005. Net loss for the thirty-nine weeks ended September 26, 2006 was approximately $1.1 million or $0.17 per share as compared to net loss of approximately $0.6 million or $0.10 per share for the same period in 2005. The Company reported that the increase in net loss was principally the result of three variables: lower revenue; higher beef, freight and product costs; and the effect of non-cash compensation expense ($140,000) associated with the Company's adoption of SFAS 123R, which was effective January 1, 2006.

Chairman and CEO A. Stone Douglass said, "Historically, our third quarter is our most challenging; as such, we are particularly pleased to be acquiring the seven New England steakhouses (announced October 11) because their revenue stream is counter cyclical to ours. We expect that the net financial effect will be very positive during the summer months."

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