020542 Famous Dave's Franchise Commitment Reaches 113May 22, 2002Minneapolis, MN - Famous Dave's of America has signed agreements for the development of 28 additional franchise restaurants, increasing the total of franchise restaurants that are open or are committed to open to 113. The new franchise agreements include development in Florida, Idaho, Michigan, Montana, Washington and Wyoming, all of which are new states for Famous Dave's restaurants. The 28 new commitments come from four franchise groups that collectively have ownership in Applebee's, Burger King, Hardee's, Papa John's, and Papa Murphy's franchises. "Over the past 18-months we have gone from only 15 open and committed franchise restaurants to 113 opened or committed -- a very significant achievement," said Mark Bartholomay, Famous Dave's Vice President of Business Development. "The addition to our franchise community of a group of quality, proven operators, with vast multi-unit operating experience, is further proof of the excitement Famous Dave's is generating in the restaurant industry." Famous Dave's currently has 61 locations in 16 states, including 26 franchises, with commitments to open an additional 87 franchise units. All of Famous Dave's franchise commitments are scheduled to open in the next five years. The Company also re-affirmed its revenue and earnings guidance for the current quarter. In previous communication, the Company indicated that it expected revenues of $24 to $25 million and earnings per share of $0.08 to $0.09. The Company expects a total of 8-10 new company restaurants and 12-15 new franchised restaurants to be opened in 2002. Looking ahead to 2003, the Company announced estimates of 10-12 new company restaurants and 20-25 new franchise restaurants.
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