sec document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JANUARY 26, 2005
----------------
LONE STAR STEAKHOUSE & SALOON, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-19907 48-1109495
--------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
224 East Douglas, Suite 700, Wichita, KS 67202
--------------------------------------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (316) 264-8899
--------------
N/A
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 4.02. NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED
AUDIT REPORT OR COMPLETED INTERIM REVIEW.
--------------------------------------------------------------------
On January 26, 2005, Lone Star Steakhouse & Saloon, Inc. (the
"Company") issued a press release reporting that the Company will adjust its
historical financial statements for years prior to fiscal 2004 as a result of
correcting an error in the application of existing generally accepted accounting
principles applicable to certain leases or leasehold improvements. The press
release is furnished as exhibit 99.1 to this Form 8-K.
Following a review of its accounting policy and consultation between
authorized officers of the Company and the Company's independent public
accountants, Ernst & Young LLP ("Ernst & Young"), the Company concluded on
January 26, 2005 that the Company's historical financial statements should be
restated to correct an error relating to accounting for leased properties, and
that such financial statements should no longer be relied upon. The restatements
generally arise from revisions to accounting for lease renewal options and/or
rent escalations in computing rent expense for operating leases by requiring the
use of the same lease term in determining the operating or capital
classification of a lease, rent expense thereunder, and depreciable lives of
related leasehold improvements. The adjustments in the Company's restated
financial statements will reflect changes in its property and equipment, current
and long-term liabilities, depreciation and amortization charges, rent expense,
and interest expense for the applicable periods, but will have no impact on
revenues, comparable store sales or cash balances.
The Company is currently working with Ernst & Young to complete the
review of its historical financial statements and quantify the effect on the
prior periods affected. When the review is complete, the Company will file the
restated historical financial statements and related auditors reports in
connection with the filing of its Form 10-K for the year ended December 28,
2004.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
EXHIBIT NO. EXHIBITS
----------- --------
99.1 Press Release dated January 26, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LONE STAR STEAKHOUSE & SALOON,
INC.
Dated: January 31, 2005 By:/s/ John D. White
--------------------------------
Name: John D. White
Title: Executive Vice President