This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Famous Dave's Of America, Inc. Reports Fourth Quarter And Full Year Fiscal 2012 Results

MINNEAPOLIS, Feb. 13, 2013 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (Nasdaq:DAVE) today reported financial results for its fourth quarter and 2012 fiscal year end.

Highlights for the fourth quarter of 2012 as compared to the fourth quarter of 2011 include:

  • Revenue decreased to $36.3 million from $37.5 million
  • Comparable restaurant sales for Company-owned restaurants open 24 months or more decreased 6.0% compared to an increase of 3.6% for the fourth quarter of 2011
  • Comparable restaurant sales for franchise-operated restaurants decreased 4.0%
  • Franchise royalty revenue was $4.0 million for both periods, reflecting the opening of a net two new franchise restaurants and a comparable sales decrease of 4.0%
  • Net income increased to $750,000 from $414,000
  • Diluted net income per share was $0.10, compared to $0.05 in 2011 which primarily reflected the cumulative impact from a favorable tax rate adjustment for employment tax credits, for two open tax years, equal to approximately $0.04 per diluted share

Highlights for the year ended December 30, 2012 as compared to the year ended January 1, 2012 include:

  • Revenue increased to $155.0 million from $154.8 million
  • Comparable restaurant sales for Company-owned restaurants open 24 months or more decreased 1.8% compared to an increase of 1.5% in 2011
  • Comparable restaurant sales for franchise-operated restaurants decreased 2.0%
  • Franchise royalty revenue was $17.4 million, an increase from $16.6 million, reflecting the opening of a net two new franchise restaurants, partially offset by the decrease in franchise-operated comparable sales
  • Net income decreased to $4.4 million from $5.6 million
  • Diluted net income per share was $0.57, compared to $0.68, in 2011
  • Diluted net income per share for fiscal 2012 and 2011 reflected $0.04 and $0.05 of non-cash charges, respectively. Earnings for December 30, 2012, reflected the cumulative impact from a favorable tax rate adjustment for employment tax credits, for four open tax years, equal to approximately $0.07 per share
  • Diluted adjusted net income per share was $0.61, a decrease from $0.73 for 2011
  • Adjusted EBITDA was $12.6 million, a decrease from $15.5 million for 2011

John Gilbert, CEO, commented, "Since becoming CEO of Famous Dave's in October, 2012, I have been working closely with the Board and the senior management team to implement new strategies for delivering reliable and sustainable revenue and earnings growth. And while our 2012 results fell short of expectations, I am confident in our ability to accelerate performance in the future through a more customer-centric organization.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,881.77 -33.30 -0.20%
S&P 500 1,962.67 -2.01 -0.10%
NASDAQ 4,404.8330 +8.6290 0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs