020713 Famous Dave's Announces 2nd Quarter Revenues

Minneapolis, MN - Famous Dave's of America, Inc. announced that it reported revenues of $24.2 million for the 2nd Quarter of 2002, in line with previously issued guidance of $24 to $25 million. Comparable sales at company owned restaurants increased 1.9% for the quarter. Average weekly sales for the quarter were $50,314 for company operated restaurants and $51,734 for franchise operated restaurants. The Company re-affirmed its earnings guidance of $0.08 to $0.09 per share for the 2nd quarter.

Six new Famous Dave's restaurants opened during the quarter including three company operated and three franchise operated. The company operated restaurants opened in Gaithersburg, Maryland, Richmond, Virginia and Orland Park, Illinois. The franchise operated restaurants opened in Duluth, Minnesota, Florence, Kentucky and Fargo, North Dakota. This brings the quarter end total to 64 Famous Dave's restaurants including 37 company operated and 27 franchise operated. The company also has signed Area Development Agreements for an additional 95 franchised restaurants.

The Company expects three new company operated restaurants and two new franchise operated restaurants will open during the 3rd quarter. The Company also announced that it completed the sale of its two company operated restaurants in Utah to a new franchise group who simultaneously entered into an Area Development Agreement to open three additional restaurants. This transaction was completed in the 3rd quarter.

For fiscal 2002, the Company reaffirmed its expectation for a total of 8 to 10 new company operated restaurants and 12 to 15 new franchise restaurants. Revenue guidance has been adjusted to reflect the sale of the two restaurants as well as the timing of company restaurant openings. The Company now expects revenues for the year of $93 million to $96 million. Earnings expectation remains at $0.27 to $0.30 per share for the year, excluding any one-time gains on the sale of assets.

For fiscal 2003, the Company expects that 10-12 new company operated restaurants and 20-25 new franchise restaurants will open. The Company estimates 2003 revenues of $122 million to $130 million and earnings per share of $0.40 to $0.45.

"We made significant progress with our restaurant development plans." Said Martin O'Dowd, President and CEO. "The new restaurant openings have been great successes and we saw a dramatic increase in the number of franchise restaurants under development agreements."

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