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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.

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