935066--4/17/2006--SHELLS_SEAFOOD_RESTAURANTS

related topics

{operation, natural, condition}

{product, liability, claim}

{competitive, industry, competition}

{cost, regulation, environmental}

{provision, law, control}

{cost, contract, operation}

{loan, real, estate}

{acquisition, growth, future}

{property, intellectual, protect}

{debt, indebtedness, cash}

{personnel, key, retain}

{tax, income, asset}

{customer, product, revenue}

{stock, price, share}

{loss, insurance, financial}

We have continuing capital requirements and will need additional financing within the first half of fiscal year 2006 to finalize our restaurant remodeling program. We may be unable to repay certain of our debts when they mature. Our ability to use net operating loss carryforwards and general business credits to reduce future tax payments may be further limited if there are additional changes in ownership of Shells. Substantial dilution to our stockholders is possible. Control is concentrated among a few individuals. We depend on key personnel. Operating results may require the closure of additional restaurants. Our operating results fluctuate seasonally because of our geographic concentration in Florida. Future hurricanes may be a risk to us. The supply and quality of our seafood may fluctuate. Food borne illness may occur in the market place, or to us specifically. Our expenses for food commodity costs fluctuate. Our industry is highly competitive. Many factors affect our industry. We face risks associated with government regulation. We may have liability for sales of alcoholic beverages. We may not be able to protect our service marks and proprietary information. Our insurance coverage may not be adequate. Provisions with Potential Anti-Takeover Effect.

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935066--4/17/2006--SHELLS_SEAFOOD_RESTAURANTS_INC