I would like to welcome you to Red Robin. Since becoming a publicly traded company in July 2002, we’ve had an extraordinary reception from investors and we look forward to repaying your confidence in the Company.   What Makes Red Robin Different?
There is a culture of unbridled passion and compassion that we believe sets Red Robin apart from the competition and is the most important element of our success. You can’t see it or touch it, but  you know it’s there.  It’s the commitment  to  do		  
  2002 Financial Results
For our fiscal year ended December 29, 2002, we reported a 22.2% increase in total revenues over the prior year to $274.4 million. Average weekly sales for company-owned restaurants were up 1.6% over our last fiscal year and we reported net income of $8.3 million or $0.65 per diluted share, compared to $7.7 million, or $0.76 per diluted share a year ago.

Our initial public offering, completed in July 2002, netted the Company $42.8 million. These proceeds were used to reduce overall debt and enabled us to establish a $40 million revolving line of credit.



Mike Snyder
Chairman, President
and Chief executive Officer

the right thing. When you combine the Red Robin culture with our goal to be America’s preferred gourmet burger maker and to take better care of America’s families than any other casual dining concept out there, you get great restaurants.

At its most basic level, a company is nothing more than a group of people with similar objectives and a shared value system, all striving to accomplish a similar goal. When you accept this definition, then the strengths of the company have to be its people. A large part of my job is to help create an environment whereby people’s		  
  This has considerably strengthened our balance sheet and provides Red Robin with the financial ability to open new restaurants and build shareholder value.

Ten company-owned restaurants were opened and one relocated during the year, while five new franchise restaurants joined our ranks. Given our low penetration of attractive markets nationwide, we believe that we have tremendous opportunities to continue to grow the Red Robin concept. 		  self esteem can be nurtured. When a young man or woman comes to work for us, we realize that only a few are going to choose a lifelong career in the restaurant industry. But if we can enhance and enrich those folks while they work with us and we benefit from their productivity – it’s a win/win situation for both of us. When we do a good job of creating a values-based environment that people can benefit from, they have a good attitude toward coming to work at Red Robin. And that carries over to friendly, high quality service for our guests.