CARLSBAD, Calif.–(BUSINESS WIRE)–April 9, 2002–Rubio’s® Restaurants Inc. (Nasdaq:RUBO – news) today announced that it is revising first quarter 2002 estimated earnings upwards to be in the range of $0.04 to $0.05 per share. This would exceed the previously announced guidance of $0.01 to $.02 per share. Comparable store sales increased 1.8% for the 13 weeks ended March 31st. The comparable store sales increase is also above prior guidance of up to a 1% increase. The increase in expected earnings is generally due to higher than anticipated sales, combined with margin improvements in product costs and labor expense. The higher than expected comparable store sales is due primarily to the success of the $1.99 lobster taco promotion in San Diego, and the $1.25 fish taco promotion in the Los Angeles/Orange County areas of California.

The company also introduced Ira Fils as its new acting chief financial officer effective April 13th, in connection with the departure of Joseph Stein. Stein, the current chief strategic and financial officer, is leaving Rubio’s to pursue other opportunities. Ralph Rubio, chairman and CEO, stated, “Joe has been a valuable member of the Rubio’s team for the past three years and we wish him the best.”

Ralph Rubio further commented, “I am pleased to be able to promote Ira to the position of chief financial officer. Ira has been a key contributor to Rubio’s for the last three and one-half years and brings to the position over 12 years of experience in the restaurant industry.