Mr. Hickey: RARE Hospitality is a publicly traded Atlanta based restaurant company listed in NASDAQ under the symbol RARE. We currently operate 136 restaurants in the full service restaurant business, including 11 Capital Grilles, 17 Bugaboo Creek Steak Houses, two specialty restaurants, and over 100 LongHorn SteakHouses. We are predominantly located east of the Mississippi, with a heavy concentration in the Southeast, Northeast and Midwest. The company began in 1981 with the opening by George McKerrow, Jr. of the first LongHorn Steak House on Peachtree Road in Atlanta Georgia. We went public in 1992, and were then known as LongHorn Steaks, Inc. The next milestone occurred in 1996 when we acquired a Providence, Rhode Island restaurant chain called Bugaboo Creek Steak House, Inc., which included the Bugaboo Creek Steak House Restaurants, and the Capital Grille Restaurants.
TWST: How would you define the customers who patronize your restaurants?
Mr. Hickey: We enjoy a broad demographic range of customers, especially
due to operating in two different market segments. One is the casual
dining segment with the Bugaboo Creek and LongHorn SteakHouse
Restaurants; the key element to success in that segment would be the
dual income families in the 25-54 age range. That's where the heaviest
usage comes from, and that goes for both Bugaboo Creek and LongHorn. The
Bugaboo Creek and LongHorn concepts currently are delivering a $15 to
$17 check average. The Capital Grille delivers a significantly higher
check average, currently over $60. The Capital Grille caters to a much
more sophisticated clientele, the business traveler and local patrons
who are seeking an elegant steakhouse experience.
Tickers included in this excerpt: RARE
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.