USA: Positive comparable sales and record revenues at Famous Dave's
"We were pleased to record our 7th consecutive quarter of positive same-store sales growth despite the severe winter weather experienced in our core markets," said Martin O'Dowd, President and CEO of Famous Dave's of America, Inc.
Comparable sales grew 5.3% for the year, which follows the 4.6% comparable sales growth achieved during fiscal 1999. Total revenues for the year were approximately $70 million, representing a 47% increase over 1999.
The Company also announced that three company-operated and two franchise-operated restaurants were opened during the 4th quarter, bringing the year end total to 33 company operated and 9 franchise operated. The Company recently announced three additional franchise commitments were signed for an additional 18 restaurants to be opened during the next few years.
Financial results for the year ended December 31, 2000 will be announced February 12, 2001.
Famous Dave's of America, Inc. (NASDAQ: Dave) owns, operates and franchises barbeque restaurants and blues clubs. The company currently owns 33 locations and franchises an additional 9 units in Minnesota, Wisconsin, Illinois, Iowa, Nebraska, Maryland, Virginia and Utah. Its menu features award-winning barbecued and grilled meats, an ample selection of salads, side items, sandwiches and unique desserts.
Certain matters discussed within this press release, including statements regarding revenue and profit forecasts, new restaurant sites, restaurant openings and expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Famous Dave's of America, Inc. believes the expectation reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to defer materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, changes in local or national economic conditions, availability of financing and other risks detailed from time to time in the company's SEC reports.
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