PORTLAND Ore. McCormick & Schmick's Seafood Restaurants Inc. recorded net income of $4.8 million, or 33 cents per share for its fourth quarter ended Dec. 30, up from profit of $4.5 million, or 31 cents per share, in the year-earlier quarter.
Revenues rose 2.8 percent to $84.3 million, driven by a same-store sales gain of 2 percent and sales from the opening of three new restaurants during the quarter.
For the year, McCormick & Schmick's earned $13.3 million, or 92 cents per share, versus profit of $11 million, or 78 cents per share, in fiscal 2005. Revenues increased 10.6 percent to $308.3 million. Same-store sales rose 3 percent.
The company said it expects 2007 revenues to total between $362 million and $366 million, including expected results from six Boathouse Restaurants in Canada it is set to acquire as early as next month. Currently, the company's system includes 66 corporate restaurants.