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Famous Dave's Reports Improved Results For Second Quarter Fiscal 2013

Revenue increased 5% to $43.4 million Same Store Sales increased 3.8% Earnings Per Share increased 8.0% to $0.27 Second Quarter Restaurant Level Margin increased 360 basis points

MINNEAPOLIS, July 24, 2013 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (Nasdaq:DAVE) today reported financial results for the second quarter and six months ending June 30, 2013.

Highlights for the second quarter of 2013 as compared to the second quarter of 2012 include:

  • Revenue increased to $43.4 million from $41.3 million
  • Comparable sales for Company-owned restaurants open 24 months or more increased 3.8%, compared to a decrease of 0.6% for the second quarter of 2012
  • Franchise royalty revenue of $4.6 million was essentially flat to the prior year, reflecting a comparable sales decrease of 1.9%
  • Net income increased to $2.1 million, up from $1.9 million
  • Net income for the second quarter of fiscal 2013 includes a bonus accrual of approximately $540,000, or $0.05 per diluted share and severance costs as a result of a recent reduction in force of approximately $271,000, or $0.02 per diluted share
  • Net income for fiscal 2012's second quarter included the favorable impact of approximately $431,000 due to the bonus recapture, or approximately $0.04 per diluted share
  • Diluted net income per share increased 8.0% to $0.27, compared to $0.25 in 2012

Highlights for the six months ended June 30, 2013 as compared to the six months ended July 1, 2012 include:

  • Revenue increased to $80.0 million from $78.8 million
  • Comparable sales for Company-owned restaurants open 24 months or more increased 1.1% compared to a decrease of 1.0% in 2012
  • Franchise royalty revenue was $8.7 million, compared to $9.0 million, reflecting a franchise comparable sales decrease of 3.9% for the year-to-date period
  • Cash flows provided by operations were $9.4 million for the first six months of fiscal 2013, compared to $4.5 million for the first six months of fiscal 2012
  • Net income decreased to $2.2 million from $2.8 million
  • Net income for the first half of fiscal 2013 includes a bonus accrual of approximately $1.0 million, or $0.09 per diluted share and severance costs as a result of a recent reduction in force of approximately $271,000, or $0.02 per diluted share
  • Net income for the first half of fiscal 2012 did not include a bonus accrual
  • Diluted net income per share was $0.28 compared to $0.36, for 2012
  • Diluted adjusted net income per share was $0.28 which represents a decrease from $0.38 for the first six months of 2012
  • Adjusted EBITDA was $6.7 million, compared to $7.9 million for the first six months of 2012
  • The Company paid down $7.3 million of debt since the end of fiscal 2012

John Gilbert, CEO of Famous Dave's, commented, "I am pleased with our performance in spite of the economic environment that continues to challenge the restaurant industry. Our improved quarterly financials are the result of a more focused organization executing on our previously announced program to optimize the customer experience at each point of interaction: dine-in, To Go, catering and retail. As a result of these efforts I firmly believe we are a stronger company today than we were one year ago with company-owned same store sales growth, improved store level profitability and reduced G&A expenses more appropriate for the size of our business."

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