Exhibit 99.1

Red Robin Gourmet Burgers Reports Financial Results For The First

Quarter Ended April 20, 2003 and Gives Updated Projections for 2003

Greenwood Village, CO — (BUSINESS WIRE) – May 22, 2003 – Red Robin Gourmet Burgers, Inc., (Nasdaq: RRGB), a casual dining restaurant chain focused on serving an imaginative selection of high quality gourmet burgers and spirits, today reported revenues and earnings for the sixteen weeks ended April 20, 2003 and gave updated projections for fiscal 2003.

Financial and Operational Highlights

Highlights for the first quarter of 2003 compared to the same quarter last year were as follows:

“We are pleased with our first quarter results, which were achieved in a challenging business environment. While we experienced increased costs related to our more aggressive expansion efforts, we successfully managed restaurant level costs and leveraged our comparable restaurant sales improvement which resulted in our financial performance being better than we originally anticipated,” said Mike Snyder, Chairman, Chief Executive Officer and President.

During the first quarter, Red Robin opened five new company-owned restaurants. The Company plans to open thirteen additional company-owned restaurants in the current year, including four during the second quarter. Two new franchisee restaurants opened in the first quarter and two existing franchisee restaurants closed. Franchisees plan to open 8 to 11 additional restaurants during 2003. The Company also assumed operations of an existing franchise restaurant located in Columbus, Ohio during the first quarter.

Comparable restaurant sales increased 2.1% for company-owned restaurants in the first quarter of 2003 compared to the first quarter of 2002, driven by an increase in guest counts of 0.5% and an increase in the average guest check of 1.6%. This marks the 25th consecutive quarter that Red Robin has posted positive comparable sales for company-owned restaurants. Comparable sales for U.S. and Canadian franchise restaurants increased 2.1% and decreased 0.6%, respectively. Overall, U.S. system-wide comparable restaurant sales increased 2.1% for the first quarter ended April 20, 2003. During the first quarter of 2003, the Company changed its method of calculating comparable restaurant sales (a supplemental schedule is attached which describes the change). Under the new method, new restaurants become comparable in the first period following five full quarters of operations. Prior to this change, new restaurants became comparable in the first period following the first full fiscal year of operations.

System-wide financial results and restaurant-level operating profit do not represent sales and operating income calculated in accordance with generally accepted accounting principles (“GAAP”). Supplemental schedules reconciling restaurant-level operating profit to income from operations and system-wide sales to company-owned restaurant sales have been included in this release.

Total Company revenues, which include company-owned restaurant sales as well as franchise royalties and fees, increased by 17.3%, to $92.9 million in the first quarter compared to $79.2 million in the prior year period. Total U. S. system-wide sales for corporate and franchise restaurants increased by 11.5%, to $152.3 million in the first quarter, compared to $136.6 million in the prior year period. Total system-wide sales, which include U.S. and Canadian franchise restaurants, increased by 11.2%, to $160.4 million in the first quarter, compared to $144.2 million in the prior year period.

Average weekly comparable sales for company-owned restaurants were $56,991 for the first quarter of 2003 compared to $55,810 for the same quarter last year. In the first quarter of 2003, Red Robin franchise comparable restaurants averaged $50,439 in the U.S. versus $49,405 for the same period last year, and $36,149 in Canada versus $36,365 for the same period last year. The Canadian results are in Canadian dollars.

Net income for the first quarter of fiscal year 2003 was $3.5 million or $0.23 per diluted share, as compared to pro forma net income of $3.6 million or $0.24 per pro forma diluted share in the prior year period. Actual net income for the first quarter of 2002 was $2.5 million, or $0.23 per share. A supplemental schedule has been included in this release that reconciles actual net income and diluted income per share for the first quarter of 2002 to the pro forma figures used for comparison purposes herein.

Amended and Restated Credit Agreement

On May 20, 2003, Red Robin amended its three-year $40.0 million revolving credit facility, which was originally entered into on July 24, 2002. Under the amended terms of the credit agreement, the Company’s borrowing capacity was increased from $40.0 million to $85.0 million. In addition, the term of the agreement was extended and will now expire on May 19, 2006. This facility is in place to fund the construction and acquisition of new restaurants, to refinance existing indebtedness and for general corporate purposes, including working capital. “We expect that available borrowings under our amended revolving credit facility, together with cash on hand and cash provided by operating activities, will provide sufficient funds to finance our expansion plans though at least the next 36 months,” said Jim McCloskey, Chief Financial Officer.

Outlook:

For the second quarter of twelve weeks ending on July 13, 2003, the Company expects total revenues of approximately $71-$73 million and net income of approximately $0.22-$0.23 per diluted share. These projected results for the second quarter are based upon certain

assumptions including an expected comparable restaurant sales increase of 1.5%-2.5% and the opening of four new corporate restaurants.

For full year fiscal 2003, the Company expects revenue of approximately $315-$320 million and net income of approximately $0.95-$0.98 per diluted share. This estimate assumes a comparable restaurant sales increase of approximately 1.5%-2.5% for the full year, as well as the addition of 18 new corporate restaurants and 10 to 13 new franchise restaurants in 2003.

Investor Conference Call and Webcast

Red Robin will host an investor conference call to discuss its first quarter results on Thursday, May 22, 2003, at 5:00 p.m. ET. The Company will broadcast its conference call over the Internet. To access the broadcast, please visit http://irpage.com/rrgb/, or the Company’s website at www.redrobin.com and select from the menu the “Investor” link. The quarterly financial information that we intend to discuss during the conference call is included in this press release and will be available on the Company’s website at http://irpage.com/rrgb/ for 12 months following the conference call. To listen to a webcast replay of the conference call and to access any additional financial information that may be discussed on the call, please visit http://irpage.com/rrgb/. The webcast replay will be available for 12 months following the conference call.

About Red Robin Gourmet Burgers

Red Robin Gourmet Burgers (www.redrobin.com), founded in 1969, is a casual dining restaurant chain focused on serving an imaginative selection of high quality gourmet burgers in a family-friendly atmosphere. Red Robin serves gourmet burgers in a variety of recipes with bottomless fries, as well as many other items including salads, soups, appetizers, entrees, desserts, and its signature Mad Mixologyñ specialty beverages. Red Robin owns and operates 102 restaurants in 13 states, and has 98 additional restaurants operating under franchise or license agreements in 18 states and Canada.

Forward-Looking Statements

Certain information contained in this press release includes forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. These statements may be identified, without limitation, by the use of forward looking terminology such as “may”, “will”, “anticipates”, “expects”, “believes”, “intends”, “should” or comparable terms or the negative thereof. All forward-looking statements included in this press release are based on information available to us on the date hereof. Such statements speak only as of the date hereof and we assume no obligation to update such forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: our ability to achieve and manage our planned expansion; our ability to raise capital in the future; the ability of our franchisees

to open and manage new restaurants; our franchisees’ adherence to our practices, policies and procedures; changes in the availability and costs of food; potential fluctuation in our quarterly operating results due to seasonality and other factors; the continued service of key management personnel; the concentration of our restaurants in the Western United States; our ability to protect our name and logo and other proprietary information; changes in consumer preferences, general economic conditions or consumer discretionary spending; health concerns about our food products; our ability to attract, motivate and retain qualified team members; the impact of federal, state or local government regulations relating to our team members or the sale of food or alcoholic beverages; the impact of litigation; the effect of competition in the restaurant industry; cost and availability of capital; additional costs associated with compliance and corporate governance, including the Sarbanes-Oxley Act and related regulations and requirements; and other risk factors described from time to time in SEC reports filed by Red Robin.

For further information contact:

Don Duffy/Tom Ryan

Integrated Corporate Relations

203-222-9013

RED ROBIN GOURMET BURGERS, INC.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

RED ROBIN GOURMET BURGERS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

RED ROBIN GOURMET BURGERS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Supplemental Data

Pro Forma Net Income Reconciliation

The Company’s pro forma net income and net income per share for the first quarter of 2002, as presented below, were calculated based upon an assumption that the Company’s initial public offering of stock, and concurrent repayment of certain borrowings under its term loan agreement, revolving credit facility and other indebtedness occurred at the beginning of fiscal 2002. The Company believes that pro forma results provide additional information useful in analyzing the underlying business results due to the fact that proceeds raised from, and shares issued, upon its initial public offering had a significant impact on debt to equity ratios and the number of shares used in computing net income per common share. However, pro forma results are not necessarily indicative of the results that would have occurred had these events actually occurred at the beginning of fiscal year 2002, nor are they necessarily indicative of future results.

The following table provides a reconciliation of actual net income and diluted net income per share for the first quarter of 2002, to pro forma net income and pro forma diluted net income per share (unaudited) (in thousands, except per share data):

Supplemental Data

Change in Method of Calculating Comparable Restaurant Sales

During the first quarter of 2003, the Company changed its method of calculating comparable restaurant sales. Under the new method, new restaurants become comparable in the first period following five full quarters of operations. Prior to this change, new restaurants became comparable in the first period following the first full fiscal year of operations. The Company believes its new method of calculating comparable restaurant sales is a more meaningful measure given its accelerated new restaurant unit growth. In addition, the Company believes its new methodology is more in line with industry practice.

In addition, the ten restaurants that the Company acquired from two franchisees during the first quarter of 2002 have been included as comparable restaurants for the first quarter of 2003. Company-owned comparable restaurant sales for the first quarter of 2003, excluding the ten acquired restaurants, would have increased 2.5%, over the first quarter of 2002.

As of April 20, 2003, we had 86 company-owned comparable restaurants, 64 U.S. franchise comparable restaurants, 21 Canadian franchise comparable restaurants and 171 total system-wide comparable restaurants.

The following table presents changes in comparable restaurant sales for the past five quarters and full-year fiscal 2002, over the comparable prior year period, assuming that the Company’s new method of calculating comparable restaurant sales had been in effect during each of the periods presented, as well as a comparison of the previously reported results under the Company’s historical method (unaudited):

Supplemental Data

Reconciliation of Restaurant-Level Operating Profit to Income from Operations

The Company defines restaurant-level operating profit to be restaurant sales minus restaurant operating costs, excluding restaurant closures and impairment costs. It does not include general and administrative costs, depreciation and amortization, franchise development costs and pre-opening costs. Although restaurant-level operating profit is a measure commonly used in the restaurant industry to evaluate operating performance, it is not a measurement determined in accordance with generally accepted accounting principles and should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities or other financial statement data presented as indicators of financial performance or liquidity. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The Company believes that restaurant-level operating profit is an important measure of financial performance.

Supplemental Data

Reconciliation of System-Wide Restaurant Sales to Corporate Restaurant Sales

System-wide restaurant sales refers to the total of sales from company-owned restaurants and sales from franchised restaurants. Alternatively, this is the sales number that the Company would report if all units were company-owned. System-wide financial results do not represent sales in accordance with GAAP, should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP and may not be comparable to system-wide financial results as defined or used by other companies. We believe that system-wide financial results provide additional information that is useful in gaining an understanding of the overall sales generated through the Red Robin^® concept and in better understanding the sales base on which we earn royalties.

As of April 20, 2003, we had 102 company-owned restaurants, 76 U.S. franchise restaurants, 21 Canadian franchise restaurants and 199 total system-wide restaurants. The table below presents total system-wide sales for the first quarter of 2003 compared to the first quarter of 2002.

Total System-Wide Sales

As of April 20, 2003, we had 86 company-owned comparable restaurants, 64 U.S. franchise comparable restaurants, 21 Canadian franchise comparable restaurants and 171 total system-wide comparable restaurants. The table below presents total system-wide comparable sales for the first quarter of 2003 compared to the first quarter of 2002.

Total Comparable System-Wide Sales