Famous Dave's of America, Inc. ( DAVE) Q2 2011 Conference Call July 28, 2011, 10:00 AM CT Executives Diana Purcel - CFO Christopher O’Donnell - President and CEO Presentation Operator [Operator Comments] Diana Purcel
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Now, I will turn the call over to Christopher O’Donnell, Famous Dave’s President and CEO. Christopher?Christopher O’Donnell Thank you, Diana. Good morning everyone, and thank you for joining us for today’s call. Yesterday after the close, Famous Dave’s reported revenue of $41.3 million and second quarter earnings of $0.29 per share. During the second quarter, we experienced a 1.2 percent decline in comparable restaurant sales for our company-owned locations and a 1.4% decline for franchise comparable sales. We have positive comparable sales on a year-to-date basis for our company locations of 0.9% and negative comparable sales of 0.7% for our franchise locations. Our comparable sales results primarily reflect a year over year shift in holidays that Diana will touch on and declines in our dine-in business. To help offset this trend, and to drive incremental sales through new product introductions, we have created offerings aimed to attract new guests as well as maximize the value of our current guests. While we are carefully watching our dine-in traffic, we are pleased that our to-go and catering segments increased during the quarter, and we remain pleased with the overall improvement in off-premise sales on a year-to-date basis. These two segments at various times have served as somewhat of a positive leading indicator for our overall trends, so we remain encouraged. To help continue to build our off-premise sales, and offer convenience for our guests, we recently completed the successful rollout of on-line ordering to all of our 52 company-owned restaurants. Additionally, several of our franchise partners have elected to implement the new system as well. Since the rollout began, we have seen a higher check average for on-line orders and have received great feedback from our guests. Now our focus will be in maximizing the opportunities with greater guest trial. On the marketing and brand-building front, Dave Anderson appeared as one of the nation’s six most prominent barbeque experts in a four-episode cook-off featured on the Food Network, called “Best in Smoke.” In our humble opinion, Dave was an audience favorite throughout the competition—and although he didn’t “officially win” he captured many people’s hearts and added great credibility to our brand.