Famous Dave's Updates Restaurant Opening Guidance, Further Reduces Debt
MINNEAPOLIS (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced that it is updating its guidance on franchise restaurant openings in fiscal 2009 to 13 from its most recent range of 9 to 11. The company has opened 10 restaurants through the end of the third quarter.
"At a time when many restaurant chains are retrenching, we've been able to continue to grow," said Christopher O'Donnell, Famous Dave's president and chief executive officer. "This marks the second time this year we've increased our guidance concerning new restaurant openings. Famous Dave's is a compelling brand, something very different in the casual dining industry - and that translates to growth even in this challenging economic environment."
Company Pays Down Additional Debt
Famous Dave's also announced that on October 1st, it paid off the last of five outstanding notes, bringing the amount of debt the company has retired in 2009 to approximately $10 million.
Famous Dave's will announce its Third Quarter 2009 earnings after market close on October 28, 2009, and will host a conference call, October 29, 2009, at 10:00 a.m., Central Time.
About Famous Dave's
Famous Dave's of America, Inc. (NASDAQ: DAVE) develops, owns, operates and franchises Bar-B-Que restaurants. The award-winning Bar-B-Que restaurants are known for barbequed and grilled meats, sandwiches, side items, salads and unique desserts. With 176 locations in 37 states, Famous Dave's has won over 400 awards for everything from best ribs to best Bar-B-Que sauce to best cookbook.
The Famous Dave's family also includes a Famous Dave's Rib Team, which has a stellar track record and has been ranked in first place at competitions throughout the United States, including the Best in the West Nugget Rib Cook-Off in Sparks, Nevada; the Great American Rib Cook-Off in Cleveland, Ohio; the Southern Florida Championship Cook Off in Jupiter, Florida and many, many more.
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.
SOURCE: Famous Dave's