Exhibit 99.1

Investor Relations:

Don Duffy/Raphael Gross, 203-682-8200

Media Contact:

Tori Harms, 503-226-3440

McCormick & Schmick’s Seafood Restaurants, Inc. Reports Second Quarter 2010 Financial Results

Portland, Ore. – August 3, 2010 – McCormick & Schmick’s Seafood Restaurants, Inc. (Nasdaq: MSSR) today reported financial results for its second quarter ended June 26, 2010.

Financial results for the second quarter 2010 compared to the second quarter 2009:

Revenues for the second quarter 2010 decreased 3.2% to $89.7 million from $92.7 million in the second quarter 2009. The decrease in revenues was primarily due to the decline in comparable restaurant sales driven by a decrease in restaurant traffic of 4.6% partially offset by a 0.6% increase in net pricing and product mix. Revenues were also positively affected by the increase in store operating weeks as a result of the additional restaurants opened in the 2010 period compared to the 2009 period.

Bill Freeman, Chief Executive Officer, said, “Despite continued economic and unexpected environmental challenges, we were pleased with continued improvement in traffic and sales trends as well as our net income growth. Our guests are responding favorably to our long-term strategic initiatives designed to drive traffic. As we look forward, although we are concerned with both the economic outlook and publicity centered around the Gulf oil spill and its potential effect on seafood consumption and commodity pricing, we will stay focused on superior execution at the restaurant level and the continued evolution of our concept. We are confident that we can further connect with our current guests and broaden our appeal to a wider audience.”

2010 Outlook

Based upon the impact of the Gulf oil spill on the second quarter and the uncertainty of the potential effect the publicity centered around the Gulf oil spill may have on our business for the second half of the year, the Company has revised its annual revenue guidance for 2010 to between $345 and $355 million, and now estimates earnings of $0.35 to $0.40 per fully diluted share. This compares to the Company’s prior expectation of annual revenues of $355 million to $365 million and earnings of $0.40 to $0.45 per fully diluted share.

The Company is maintaining its previous guidance related to depreciation and amortization and general and administrative expenses.

The Company opened two new restaurants in the second quarter 2010, in Houston, Texas and in Vancouver, British Columbia. The Company does not plan to open any additional restaurants in 2010.

Conference Call

The Company will host a conference call to discuss second quarter 2010 financial results today at 5:00 PM ET. Hosting the call will be Bill Freeman, Chief Executive Officer, and Michelle Lantow, Chief Financial Officer.

The conference call can be accessed live over the phone by dialing (877) 591-4956, or for international callers (719) 325-4833. A replay will be available one hour after the call and can be accessed by dialing (888) 203-1112 or (719) 457-0820 for international callers; the conference ID is 9243023. The replay will be available until Tuesday, August 17, 2010.

The call will be webcast live from the Company’s website at www.McCormickandSchmicks.com under the investor relations section.

About McCormick & Schmick’s Seafood Restaurants, Inc.

McCormick & Schmick’s Seafood Restaurants, Inc. is a leading seafood restaurant operator in the affordable upscale dining segment. The Company now operates 96 restaurants, including 89 restaurants in the United States and seven restaurants in Canada under The Boathouse brand. McCormick & Schmick’s has successfully grown over the past 38 years by focusing on serving a broad selection of fresh seafood. The inviting atmosphere at McCormick & Schmick’s and its high quality, diverse menu offering and compelling price-value proposition appeal to a broad base of casual diners, families, travelers and the business community.

Definition of Comparable Restaurant Sales

Comparable restaurant sales represent sales at all the restaurants owned by the Company in operation at least eighteen months from the beginning of the fiscal year being discussed. Comparable restaurant sales exclude the impact of currency translation. Management reviews the increase or decrease in comparable restaurant sales with the same period in the prior year to assess business trends.

Forward-Looking Statements

The financial guidance and outlook we provide for 2010 are forward-looking statements. These forward-looking statements are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to 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: general economic conditions or changes in consumer preferences or discretionary spending; 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; our ability to protect our name and logo and other proprietary information; health concerns about our food products; the impact of federal, state or local government regulations relating to our employees and the sale of food or alcoholic beverages; the impact of litigation; the potential effects of inclement weather or terrorist attacks; the effect of competition in the restaurant industry; cost and availability of capital; and other risk factors described from time to time in SEC reports filed by McCormick & Schmick’s Seafood Restaurants, Inc.

McCormick & Schmick’s Seafood Restaurants, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Margin Analysis

(unaudited)

(in thousands, except per share data)