Exhibit 99.1

Red Robin Gourmet Burgers Reports Financial Results For The Third  

Quarter Ended October 5, 2003, Increases Guidance for 2003 and 2004

Greenwood Village, CO — (BUSINESS WIRE) — November 3, 2003 — Red Robin Gourmet Burgers, Inc., (Nasdaq: RRGB), a casual dining restaurant chain that serves an imaginative selection of high quality gourmet burgers to America’s families, particularly women, teens and tweens, today reported revenues and earnings for the twelve weeks ended October 5, 2003 and gave updated projections for fiscal 2003 and 2004.

Financial and Operational Highlights

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

“Our third quarter results reflected the outstanding contributions from the entire Red Robin team. The growth in comparable restaurant sales was due to continued growth in guest counts, which we believe reflects our special appeal to our target market of women, teens and tweens. We are encouraged by our revenue growth, and pleased by our ability to manage commodity cost increases effectively,” said Mike Snyder, Chairman, Chief Executive Officer and President.

During the third quarter, Red Robin opened six new company-owned restaurants. The Company is on schedule to open a total of 18 company-owned restaurants in the current year, of which 16 have been opened to date, including three so far in the fourth quarter. Two new franchisee restaurants opened in the third quarter, and three have opened to date in the fourth quarter. The Company expects its franchisees to open one additional restaurant during the remainder of the year, which would bring the total number of franchise openings to 10 restaurants during 2003.

Comparable restaurant sales increased 6.0% for company-owned restaurants in the third quarter of 2003 compared to the third quarter of 2002, driven by an increase in guest counts of 6.7%, which was partially offset by a decrease in the average guest check of 0.7%. This marks the 27th consecutive quarter that Red Robin has posted positive comparable sales for company-owned restaurants. Comparable sales for U.S. and Canadian franchise restaurants increased 5.9% and 0.6%, respectively. Overall, U.S. system-wide comparable restaurant sales increased 6.0% for the third quarter of 2003. Effective as of the beginning of 2003, the Company changed its method of calculating comparable restaurant sales (see Schedule 2 to this earnings release for a description of 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”). Schedule 3 to this earnings release reconciles restaurant-level operating profit to income from operations and net income, and Schedule 4 reconciles system-wide restaurant sales to company-owned restaurant sales.

Total Company revenues, which includes company-owned restaurant sales as well as franchise royalties and fees, increased by 22.8%, to $79.3 million in the third quarter of 2003, compared to $64.6 million in the prior year period. Total U.S. system-wide sales for corporate and franchise restaurants increased by 18.1%, to $128.2 million in the third quarter, compared to $108.6 million in the prior year period. Total system-wide sales, which includes U.S. and Canadian franchise restaurants, increased by 18.0%, to $135.1 million in the third quarter, compared to $114.4 million in the prior year period.

Average weekly comparable sales for company-owned restaurants were $59,395 for the third quarter of 2003 compared to $56,014 for the same quarter last year. In the third quarter of 2003, Red Robin franchise comparable restaurants averaged $52,455 in the U.S. versus $49,536 for the same period last year, and $37,612 in Canada versus $37,369 for the same period last year. The Canadian results are in Canadian dollars.

Net income for the third quarter of 2003 was $4.0 million or $0.26 per diluted share, as compared to pro forma net income of $3.3 million or $0.22 per pro forma diluted share in the prior year period. Actual net income for the third quarter of 2002 was $0.4 million, or $0.03 per diluted share. Schedule 1 to this earnings release reconciles actual net income and diluted net income per share for the third quarter of 2002 to the pro forma figures used for comparison purposes herein.

Outlook

For the fourth quarter and twelve weeks ending on December 28, 2003, the Company expects total revenues of approximately $79-$81 million and net income of approximately $0.25 to $0.26 per diluted share. These projected results are based upon certain assumptions, including an expected comparable restaurant sales increase of 4%-6%, the opening of five new company-owned restaurants during the quarter and the expensing of the associated pre-opening costs.

For full year fiscal 2003, the Company expects revenues of approximately $327-$329 million and net income of approximately $1.01-$1.02 per diluted share. The Company previously reported that it expected revenues for full fiscal year 2003 to be approximately $319-$324 million and net income to be approximately $0.97-$0.99 per diluted share.

For the first quarter and sixteen weeks ending April 18, 2004, the Company expects total revenues of approximately $108-$112 million and net income of approximately $0.25 to $0.26 per diluted share. These projected results are based upon certain assumptions, including an expected comparable restaurant sales increase of 2%-4%, the opening of six to seven new company-owned restaurants during the quarter and the expensing of the associated pre-opening costs.

For fiscal 2004, the Company expects revenues of approximately $390-$395 million and net income of $1.15-$1.17 per diluted share. This estimate assumes a comparable restaurant sales increase of 2%-4%, the addition of 20 to 22 new corporate restaurants and 14 to 16 new franchise restaurants during fiscal 2004. For purposes of the revised 2004 forecast, the Company has estimated that the dilutive effect of the issuance of additional shares of common stock in the fourth quarter of 2003 will be approximately $ 0.03 per share. The Company previously reported that it expected revenues for full fiscal year 2004 to be approximately $375-385 million and net income to be approximately $1.16-$1.18 per diluted share.

Investor Conference Call and Webcast

Red Robin will host an investor conference call to discuss its third quarter results on Monday, November 3, 2003, at 5:00 p.m. ET. The conference call number is (877) 691-0878 and 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 the “Investor” link from the menu. 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) is a casual dining restaurant chain that serves an imaginative selection of high quality gourmet burgers to America’s families, particularly women, teens and tweens. 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 Mixology^® specialty beverages. There are more than 200 Red Robin locations across the United States and Canada, which includes both company-owned locations and those operating under franchise or license agreements.

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)

Schedule 1

Pro Forma Net Income Reconciliation

The Company’s pro forma net income and net income per share for the third 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. An impairment charge related to real estate held for sale has also been excluded. 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 third quarter of 2002, to pro forma net income and pro forma diluted net income per share (unaudited) (in thousands, except per share data):

Schedule 2

Change in Method of Calculating Comparable Restaurant Sales

As of the beginning of fiscal 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 we acquired from two franchisees during the first quarter of 2002 have been included as comparable restaurants for 2003. Company-owned comparable restaurant sales for the third quarter of 2003, excluding these ten acquired restaurants, would have increased 6.3%, over the third quarter of 2002.

During the third quarter of 2003 we had 88 company-owned, 72 U.S. franchise, and 21 Canadian franchise comparable restaurants for a total of 181 total system-wide comparable restaurants.

The following table presents the percentage change in comparable restaurant sales for the past six 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 to the previously reported results under the Company’s old method (unaudited):

Schedule 3

Reconciliation of Restaurant-Level Operating Profit to Income

from Operations and Net Income

The Company defines restaurant-level operating profit to be restaurant sales minus restaurant-level 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. The Company believes that restaurant-level operating profit % is an important measure of financial performance because it is widely regarded in the restaurant industry as an important metric by which to evaluate a company’s restaurant-level operating efficiency and performance. Restaurant closure costs are excluded as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded because, similar to depreciation and amortization, they represent a non-cash charge for our investment in the restaurant and not a component of the efficiency of the restaurant’s operations. Restaurant-level operating profit % is calculated by dividing restaurant operating profit by restaurant revenues. Restaurant-level operating profit % is not a measurement determined in accordance with GAAP and should not be considered in isolation or as an alternative to income from operations or net income as indicators of financial performance. Restaurant-level operating profit % as presented may not be comparable to other similarly titled measures of other companies. The table that follows sets forth our calculation of restaurant-level operating profit and a reconciliation to income from operations and net income, directly comparable generally accepted accounting principles (GAAP) measures.

Schedule 4

Reconciliation of System-Wide Restaurant Sales to Company-Owned Restaurant Sales

System-wide restaurant sales refers to the total of sales from company-owned restaurants and sales from franchised restaurants. In effect, this is the restaurant 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. The Company believes 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 brand.

As of October 5, 2003, we had 110 company-owned restaurants, 80 U.S. franchise restaurants, 21 Canadian franchise restaurants and 211 total system-wide restaurants. The table below presents total system-wide sales for the current period compared to a year ago.

Total System-Wide Sales

As of October 5, 2003, we had 88 company-owned comparable restaurants, 72 U.S. franchise comparable restaurants, 21 Canadian franchise comparable restaurants and 181 total system-wide comparable restaurants. The table below presents total system-wide comparable sales for the current period compared to a year ago.

Total Comparable System-Wide Sales