Our format today includes the following: An overview of our first quarter financial results; our fiscal 2012 outlook; and a review of our plans and strategies. At the conclusion of our prepared remarks, we will respond to your questions.I will now turn the call over to Sandy. Samuel E. Beall Thanks, Greg. I'd like to welcome all of you for listening in this evening, and thank you for joining us on our first quarter earnings call. While our same restaurant sales for the quarter were below our expectations, our quarter included several positive accomplishments including traction on our new value-oriented test offerings such as our pre-Garden Bar with all 40 entrees, progress on media tests at several markets, opening our second, and third, Marlin & Ray's conversion restaurants and the first step and execution of our plans to return excess free cash flow to our shareholders through our implemented share repurchase program. Our same restaurant sales results for the quarter were minus 4.1, which were negatively impacted by approximately 40 basis points due to the adverse impact of Hurricane Irene. A 12 [ph] KNAPP-TRACK on them on a 1-year and of course 2-year basis. That said though, our earnings of $0.05 per share within our guidance range and overall, we had respectable profits this quarter considering the sales. After factoring in the lower same-store sales, of course, it didn't provide us any leverage and it hurt bottom line quite a bit, coupled with higher levels of advertising and promotional expense. Margie will provide more commentary on this later. We continue to see a very aggressive promotional environment with heavy advertising levels. I think it almost basically peaked this summer, with Red Lobster's effective, some are promotion but throughout really the entire industry. As noted on the last call, while we're having some success with our marketing strategies, the competitive promotions continue to remain very aggressive and our current promotional programs do not compete as well as those high TV programs of a lot of our competition.
As a result, we've been testing various value-oriented offerings in some of our markets. A portion of these test have been supported by media, including a test menu in selected markets offering Fresh Endless Garden Bar and fresh-baked garlic cheese biscuits, all complimentary with 40 entrees starting at $8.95, and Dan will talk about this more later.While our primary focus remains on strength in the Ruby Tuesday brand, we continue to make good progress in other areas of our 3-year strategic plan. The first one is our conversion strategy. It continues to gain traction as we now have 4 Marlin & Ray locations open, including new locations open during the quarter in Manassas, Virginia; Acworth, Georgia; as well as Lithonia, Georgia, with all of those, we're buying the market. We continue to see positive sales lifts in our surrounding Ruby Tuesday restaurants post-conversion, which is a big benefit of our conversion strategy. We believe Marlin & Ray's has the most growth potential. It's clearly a differentiated brand position, and if successful, it's where we will invest our conversion dollars. We've learned that much so far. Secondly, we continue to make progress on our in-line growth strategy with Lime Fresh Mexican Grill. We just opened our first location today in Huntsville, Alabama, had a great high-volume lunch. But what's key is what it does 6 months from now. But we're excited about that. We have a second location scheduled open to mid-November and then basically every 30 days throughout the balance of the year. Our remaining openings will include Washington D.C., and back to the southeast, Atlanta, Alabama and Tennessee. Lime is a strong brand that fits well with our focus on fresh food and great service. It takes fast casual to I think the service levels of casual dining, such great blend of quick food with key casual dining service points and food quality points. It's also a low-risk, very low capital-intensive and very high return so we're excited about this. Read the rest of this transcript for free on seekingalpha.com