Minneapolis-based operater and franchiser of barbeque restaurants, Famous Dave’s of America, has reported Q2 sales and earnings in line with previously issued guidance.
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Q2 revenues were US$24.2m, while year to date, the company reported sales of US$45.4m, up from US$43.3m for the same period last year.
Q2 net income was US$1.07m, up from an un-taxed net income of US$1.4m in 2001. Year to date net income is US$1.86m.
Also included in the company’s Q2 results is a loss of (US$120,000) from its investment in an unconsolidated subsidiary. The year-to-date loss from the subsidiary, which owns and operates two entertainment clubs, is (US$548,000).
“We are pleased with our profit results for the quarter.” stated Martin O’Dowd, president and CEO: “We saw a dramatic increase in the number of area development agreements signed by new franchisees. Our company restaurants also continue to perform well. Our labour percentage was up slightly, compared to the same quarter last year.”
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By GlobalDataThe firm anticipates Q3 revenues to be between US$24m-US$25m with earnings per share of US$0.08-US$0.09. For the FY, it expects to achieve revenues between US$93m and US$96m, and EPS of US$0.27 to US$0.30. For 2003, the company expects revenues between US$122m and US$130m with earnings per share of US$0.40 to US$0.45.
Famous Dave’s opened three new company-owned and three new franchise restaurants during the Q2. By the end of the quarter, there were 64 total Famous Dave’s restaurants of which 37 were company operated and 27 franchise operated. There are currently a total of 124 franchise restaurants either open or committed to under Area Development Agreements.
