Famous Dave’s of America, Inc. (Nasdaq:DAVE) yesterday reported 2nd quarter revenue of $22.8 million, representing 24% growth over the same period of last year, and net income of $1,420,000 or $0.13 per share. Excluding one time gains in the 2nd quarter of fiscal 2000 of $640,000, net income increased over 200%. Comparable store sales increased 3.1%, representing the 9th consecutive quarter of positive same-store sales growth. Average weekly restaurant volume during the 2nd quarter increased 5.7% to $48,700 compared to the 2nd quarter of last year.

Year to date revenues totaled $43.3 million, a 29% increase over the same time period last year. Net income was $1,816,000, more than a 250% increase over the same period last year, exclusive of last year’s one time gains. Average weekly restaurant volume increased 10.5% during the first half of 2001 to $47,300.

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The Company opened one new restaurant during the 2nd quarter in Oakton, Virginia, bringing the total of company owned locations to 35. Two franchised restaurants opened, one in Sioux Falls, South Dakota and one in Cross Lake, Minnesota bringing the total number of franchised units in operation to 12. Additional multi-site development agreements were signed, bringing the total number of franchised stores opened or under contract to 49.

“We continue to experience profitable growth in all segments of our business.” said Martin O’Dowd, President and CEO of Famous Dave’s. “Our company-owned restaurants experienced both sales growth and margin improvement, the new franchise restaurants are performing exceptionally well and our licensed products continue to reach new markets.” O’Dowd continued.

Looking forward, the Company confirmed earlier estimates that it will open between six and eight new company locations and ten to twelve new franchise locations in fiscal 2001. Two company owned restaurants and three franchised restaurants are expected to open in the 3rd quarter. The company expects to finish the year with total revenue approaching $90 million with EPS between $0.35 and $0.38 cents per share. 3rd quarter estimates are for revenues of approximately $23-24 million with earnings per share expectations from $0.11 to $0.13.

About Famous Dave’s of America

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Famous Dave’s owns, operates and franchises barbeque restaurants and blues clubs. The company currently owns 35 locations and franchises 12 locations in Minnesota, Wisconsin, Illinois, Iowa, Nebraska, Utah, South Dakota, Maryland and Virginia and has signed development agreements for an additional 37 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 7/1/01 and 7/2/00

(in thousands, except per share data)

Quarter Ended 7/1/01 7/2/00
———- ———
Revenues, net $22,848 $18,354
Costs and expenses:
Food and beverage costs 7,026 6,077
Labor and benefits 6,061 4,910
Operating expenses 5,061 3,996
Depreciation and amortization 1,091 853
Pre-opening expenses 33 162
General and administrative 1,623 1,559
———- ———
Total costs and expenses 20,895 17,557
———- ———
Income from operations 1,953 797
Other income (expense):
Interest expense (382) (355)
Gain on Sale of Property 0 640
Other income (expense) (151) 22
———- ———
Total other income (expense) (533) 307
———- ———
Net income $1,420 $1,104
========== =========

Basic net income per common share $0.15 $0.12
Diluted net income per common share $0.13 $0.11

Weighted average common shares outstanding –
basic 9,686,000 9,090,000
Weighted average common shares outstanding –
diluted 10,938,000 9,760,000

Unit-Level Costs And Expenses as % Sales: Quarter Ended 7/1/01 7/2/00
—— ——
Food and beverage costs 31.4% 33.5%
Labor and benefits 27.1% 27.1%
Operating expenses 22.7% 22.1%
Depreciation and amortization 4.9% 5.7%
Pre-opening expenses 0.1% 0.9%
—- —-
Total costs and expenses 86.2% 88.3%
Income from unit-level operations 13.8% 11.7%
===== =====

FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS
For the Two Quarters Ended 7/1/01 and 7/2/00
(in thousands, except per share data)

Quarter Ended 7/1/01 7/2/00
———- ———
Revenues, net $43,317 $33,459
Costs and expenses:
Food and beverage costs 13,472 11,057
Labor and benefits 11,797 9,160
Operating expenses 9,873 7,510
Depreciation and amortization 2,174 1,667
Pre-opening expenses 326 354
General and administrative 3,075 2,638
———- ———
Total costs and expenses 40,717 32,386
———- ———
Income from operations 2,601 1,073
Other income (expense):
Interest expense (719) (580)
Gain on Sale of Property 0 640
Other income (expense) (67) 22
———- ———
Total other income (expense) (533) 82
——— ———
Net income $1,816 $1,155
========== =========

Basic net income per common share $0.19 $0.13
Diluted net income per common share $0.17 $0.12

Weighted average common shares outstanding –
basic 9,575,000 9,080,000
Weighted average common shares outstanding –
diluted 10,602,000 9,472,000

Unit-Level Costs And Expenses as % Sales:
Two Quarters Ended 7/1/01 7/2/00
—— ——
Food and beverage costs 31.7% 33.3%
Labor and benefits 27.8% 27.6%
Operating expenses 23.2% 22.6%
Depreciation and amortization 5.1% 5.0%
Pre-opening expenses 0.8% 1.1%
—- —-
Total costs and expenses 88.6% 89.6%
Income from unit-level operations 11.4% 10.4%
===== =====

FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS
As of July 1, 2001 and December 31, 2000
(in thousands, except per share data)

ASSETS 7/1/01 12/31/00
—— ——–

Current assets $6,057 $4,946
Property, equipment and leasehold improvements, net 45,134 46,053
Other assets 4,119 1,965
——- ——-
Total Assets $55,310 $52,964
======= =======

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities $8,822 $9,410
Long-term obligations 13,734 13,493
Shareholders’ equity 32,754 30,061
——- ——-
Total Liabilities and Shareholders’ Equity $55,310 $52,964
======= =======