Famous Dave’s of America, Inc. (Nasdaq:DAVE) yesterday reported 3rd quarter revenue of $23.1 million, representing 22% growth over the same period of last year, and net income of $4.5 million or $0.41 per share. As was previously reported, net income for the quarter includes the effect of reversing the Company’s reserves against its deferred tax asset of $3.7 million. Excluding this adjustment, net income would have been $795,000, or $0.07 per share, representing the 7th consecutive quarter of earnings growth. Comparable store sales increased 2.6%, representing the 10th consecutive quarter of positive same-store sales growth. Average weekly restaurant volume during the 3rd quarter was $48,208 versus $48,713 during the 3rd quarter of last year.
Year to date revenues totaled $66.4 million, a 27% increase over the same time period last year. Net income was $2.6 million, excluding the one time tax benefit, or $0.24 per share. Prior year net income, pro forma for tax provision, was $1.1 million or $0.11 per share. Prior income had been reported untaxed. Average weekly restaurant volume was $47,765 for the three quarters of 2001, an increase of 6.7% over the first three quarters of 2000.
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Restaurant-level profitability improved 190 basis points for the quarter versus the same quarter last year and has improved 150 basis points year to date.
The Company opened two new restaurants during the 3rd quarter, one in Palatine, Illinois and the other in Laurel, Maryland, bringing the total of company owned locations to 37. One franchised restaurant opened in Augusta, Georgia bringing the total number of franchised units in operation to 13. Additional multi-site development agreements were signed, bringing the total number of franchised stores opened or under contract to 72.
“We are pleased with the continued profitable growth of our business.” said Martin O’Dowd, President and CEO of Famous Dave’s. “Our company and franchised owned restaurants continue to demonstrate the strength of our concept. We expect to finish the year strong, setting a solid foundation for additional growth in 2002.”
Looking forward, the Company expects that one new company owned restaurant and five new franchised restaurants will open during the 4th quarter bringing the total development for the year to six new company restaurants and ten new franchised restaurants. The Company expects to finish the year with total revenues of approximately $88-90 million. Reported EPS is expected to be between $0.61 and $0.63 cents per share. Excluding the adjustment to the tax reserve, and assuming that earnings had been reported fully taxed for the entire year, pro forma EPS would be between $0.22 and $0.24 per share.
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By GlobalDataAbout Famous Dave’s of America
Famous Dave’s of America, Inc. (Nasdaq:DAVE) owns, operates and franchises barbeque restaurants. The company currently owns 37 locations and franchises an additional 14 units in Alabama, Georgia, Illinois, Iowa, Maryland, Minnesota, Nebraska, South Dakota, Utah, Virginia and Wisconsin and has signed development agreements for an additional 58 franchised locations. 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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FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Quarter Ended 9/30/01 and 10/1/00
(in thousands, except per share data)
Quarter Ended 9/30/01 10/1/00
———- ———-
Revenues, net $23,105 $18,994
Costs and expenses:
Food and beverage costs 7,075 6,076
Labor and benefits 6,109 5,271
Operating expenses 4,866 4,091
Depreciation and amortization 1,120 928
Pre-opening expenses 192 326
General and administrative 1,717 1,422
———- ———
Total costs and expenses 21,079 18,114
———- ———
Income from operations 2,026 880
Other income (expense):
Interest income 40 25
Interest expense (396) (322)
Gain on Sale of Property 8 10
Other income (expense) 28 31
Equity in loss from unconsolidated affiliate (403) 0
———- ———
Total other income (expense) (723) (256)
———- ———
Income before taxes $1,303 $624
Taxes
Income tax (expense) (508) 0
Income tax benefit 3,700 0
———- ———
Net income $4,495 $624
========== =========
Basic net income per common share $0.45 $0.07
Diluted net income per common share $0.41 $0.06
Weighted average common shares outstanding –
basic 10,020,903 9,131,590
Weighted average common shares outstanding –
diluted 10,922,011 9,962,304
Unit-Level Costs And Expenses as % Sales:
Quarter Ended 9/30/01 10/1/00
———- ———
Food and beverage costs 31.6% 32.4%
Labor and benefits 27.3% 28.1%
Operating expenses 21.7% 21.8%
Depreciation and amortization 4.7% 4.9%
———- ———
Total costs and expenses 85.3% 87.2%
Income from unit-level operations 14.7% 12.8%
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FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Three Quarters Ended 9/30/01 and 10/1/00
(in thousands, except per share data)
Thirty Nine Weeks Ended: 9/30/01 10/1/00
——- ——-
Revenues, net $66,421 $52,452
Costs and expenses:
Food and beverage costs 20,548 17,132
Labor and benefits 17,906 14,431
Operating expenses 14,738 11,601
Depreciation and amortization 3,293 2,700
Pre-opening expenses 518 680
General and administrative 4,792 3,955
———- ———
Total costs and expenses 61,795 50,499
———- ———
Income from operations 4,627 1,953
Other income (expense):
Interest income 94 34
Interest expense (1,169) (903)
Gain on Sale of Property 68 650
Other income (expense) 95 46
Equity in loss from unconsolidated affiliate (596) 0
———- ———
Total other income (expense) (1,508) (173)
———- ———
Income before taxes $3,119 $1,780
Taxes
Income tax (expense) (508) 0
Income tax benefit 3,700 0
———- ———
Net income $6,311 $1,780
========== =========
Basic net income per common share $0.65 $0.20
Diluted net income per common share $0.59 $0.18
Weighted average common shares outstanding –
basic 9,724,483 9,096,949
Weighted average common shares outstanding –
diluted 10,696,555 9,635,386
Unit-Level Costs And Expenses as % Sales:
Three Quarters Ended 9/30/01 10/1/00
———- ———-
Food and beverage costs 31.7% 33.0%
Labor and benefits 27.6% 27.8%
Operating expenses 22.7% 22.3%
Depreciation and amortization 4.8% 5.2%
———- ———
Total costs and expenses 86.8% 88.3%
Income from unit-level operations 13.2% 11.7%
========== =========
FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS
As of September 30, 2001 and December 31, 2000
(in thousands, except per share data)
ASSETS 9/30/01 12/31/00
———- ———
Current assets $6,514 $4,946
Property, equipment and leasehold improvements,
net 46,522 46,053
Other assets 9,425 1,965
———- ———
Total Assets $62,461 $52,964
========== =========
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities $9,058 $9,410
Long-term obligations 13,927 13,493
Shareholders’ equity 39,476 30,061
———- ———
Total Liabilities and Shareholders’ Equity $62,461 $52,964
========== =========
