MINNEAPOLIS - March 06, 2017 // GLOBE NEWSWIRE // - Famous Dave's of America, Inc. (NASDAQ:DAVE) today announced that its Board of Directors has appointed current Board member and experienced industry executive, Charles W. Mooty Non-Executive Chairman of the Board, effective February 27, 2017. Mr. Mooty joined the Company’s board in December 2016.
A longtime member of the Minneapolis business community, Mr. Mooty has more than 21 years of experience in the restaurant industry, having served in key executive leadership positions at both the management and board level at International Dairy Queen, owned by Berkshire Hathaway Inc. Currently, Mr. Mooty serves as President and CEO of Jostens, Inc. Mr. Mooty succeeds Joseph Jacobs, the President and Co-Founder of Wexford Capital LP, who served as Non-Executive Chairman of the Board since 2015 and will remain on the Board of Directors.
“Since joining the Board, Chuck has demonstrated a deep passion for our Company and a relentless desire to work together to build strong momentum across the business. He has exhibited tremendous leadership and vision in setting a path for Famous Dave’s. The Board appreciates the proven experience and expertise Chuck brings to positioning Famous Dave’s for long-term success,” said Mr. Jacobs.
“As a strong believer in the brand, it is truly an honor to assume the responsibility of Chairman at this pivotal time for the Company and to further lead its evolution. I am confident that together with the leadership of the Board, our management team and our franchisees we will drive enhanced total returns for our shareholders,” said Mr. Mooty.
Today, the Company reported financial results for the fourth quarter and fiscal year ended January 1, 2017 compared to the fourth quarter and fiscal year ended January 3, 2016.
Highlights for the Fourth Quarter of 2016 include the following:
Highlights for Fiscal Year 2016 include the following:
Financial Results
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(1) The quarterly year over year decrease was primarily the result of a decline in Company-owned restaurant sales and franchise royalty revenue due to the previously mentioned comparable sales declines and changes in restaurant count; and the inclusion of the 53rd operating week in fiscal 2015.
(2) The year over year decrease was primarily the result of a decline in Company-owned restaurant sales and franchise royalty revenue due to the previously mentioned comparable sales declines and changes in restaurant count; the inclusion of the 53rd operating week in fiscal 2015; and the refranchising of five Company-owned restaurants and the closure of one Company-owned restaurant in the third quarter of fiscal 2015.
Mike Lister, Chief Executive and Operating Officer, commented, “while 2016 was a challenging year for the industry and Famous Dave’s, we remain focused on the all-important return of our Brand to a position of strength. The foundation of the Brand and the quality of our people is unquestionable. I am confident that together with the leadership of the Board, Chuck’s invaluable insights, and our people we will elevate Famous Dave’s to the next level.”
The company will host a conference call, March 6, 2017, at 3:30 p.m. Central Time to discuss its fourth quarter financial results. There will be a live webcast of the discussion through the Investor Relations section of Famous Dave's web site at www.famousdaves.com.
To supplement its financial statements, Famous Dave’s of America, Inc. also provides investors with adjusted net (loss) income per common share from continuing operations and adjusted (loss) income from operations which are non-GAAP financial measures. The Company believes that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Famous Dave’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and planning purposes.
Adjusted net (loss) income per common share from continuing operations consists of net (loss) income from continuing operations plus non-cash items, such as, asset impairment, estimated lease termination and other closing costs, net gain on disposal of equipment, settlement agreements, VP level and above stock based compensation recapture, severance, and the related tax impact, divided by the weighted average number of shares of stock outstanding during each period presented. Famous Dave’s of America, Inc. believes adjusted net (loss) income loss per common share from continuing operations is useful to an investor because it is widely used to measure a company’s operating performance.
Adjusted (loss) income from operations consists of (loss) income from operations plus non-cash items, such as asset impairment, estimated lease termination and other closing costs, net gain on disposal of equipment, settlement agreements, VP level and above stock based compensation recapture, and severance. Famous Dave’s uses adjusted (loss) income from operations as a measure of operating performance because it assists the Company in comparing performance on a consistent basis, as it removes from operating results the impact of non-cash events. The Company believes adjusted (loss) income from operations is useful to an investor in evaluating the company’s operating performance because it is widely used to measure a company’s operating performance and to present a meaningful measure of corporate performance exclusive of the impact of non-cash events and the method by which assets were acquired.
These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles in the United States. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements and are subject to inherent limitations. Famous Dave’s of America, Inc. urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release. The tables appearing at the end of this release provide reconciliations of net (loss) income from continuing operations to adjusted net (loss) income per common share from continuing operations and adjusted (loss) income from operations.
Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company’s actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the Company's SEC reports.
Famous Dave’s of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of March 6, 2017, the Company owns 35 locations and franchises 138 additional units in 32 states, the Commonwealth of Puerto Rico, Canada, and the United Arab Emirates. Its menu features award-winning barbequed and grilled meats, a selection of salads, sandwiches, side items, and made-from-scratch desserts.
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Dexter Newman
Chief Financial Officer
952-294-1300
SOURCE Famous Dave's of America, Inc
Famous Dave's of America, Inc. develops, owns, operates and franchises Bar B Que restaurants.