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Famous Dave's Reports Full Year Results Of $0.82 Per Share

MINNEAPOLIS, March 2, 2011 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (Nasdaq:DAVE) today announced revenue of $36.2 million and net income of $517,000, or $0.06 per diluted share, for its fiscal fourth quarter ended January 2, 2011. These results compare to revenue of $32.6 million and net income of $774,000, or $0.08 per diluted share for the comparable period in the prior year which included one additional fiscal week equal to $0.05 per diluted share. For the full year ended January 2, 2011, the company reported net income of $7.2 million, or $0.82 per diluted share, on total revenue of approximately $148.3 million, as compared with net income of $5.7 million, or $0.62 per diluted share, on total revenue of approximately $136.0 million for fiscal 2009.

"I'm proud of the solid results that our organization, led by operations, delivered in 2010," said Christopher O'Donnell, president and CEO of Famous Dave's of America. "However, as we enter 2011, with strong momentum and confidence that business conditions are beginning to improve, we remain cautious about the rising price environment and the potential impact it could have on consumer confidence and restaurant-level margins."

Fiscal 2010's results include one-time non-cash gains of approximately $2.0 million or $0.15 per diluted share related to the acquisition of seven restaurants in New York and New Jersey, and a gain on the termination of the Marietta, Georgia lease, partially offset by lease termination costs for a company-owned location closed during the fourth quarter. In addition to the 53 rd week, fiscal 2009's fourth quarter results included approximately $0.02 per diluted share related to acquisition costs for the New York/New Jersey restaurants as well as operational costs for closed restaurants. Fiscal 2009's full year results reflect approximately $0.06 of net charges for asset impairments, lease terminations, other closing costs, acquisition costs, and early debt retirement costs. These charges were partially offset by the $0.05 per diluted share contributed by the additional fiscal week.

Fiscal 2010 comparable sales for company-owned restaurants open for 24 months or more increased 3.3 percent for the fourth quarter, and increased 0.7 percent for the full year period. Comparable sales for franchise-operated restaurants declined 0.8 percent for both the fourth quarter and the full year period.

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