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Total revenue for the first quarter was $15.1 million, an increase of 45% over the $10.4 million reported for the first quarter of fiscal 1999. Comparable store sales increased 8%, which is the fourth consecutive quarter of comparable sales increases for the company. Net income totaled $51,000 or $.01 per share, compared to a net loss of $316,000 or $.04 per share for the same quarter in 1999.
"These very positive sales and profit results are aided by our continuing efforts to improve guest satisfaction in all our locations," said Martin O'Dowd, President and CEO of Famous Dave's. "We are heartened by these increases, and continue to develop programs to continue our momentum. We are placing equal emphasis on growth in revenue and on profitable operations, and the results of this emphasis are beginning to be reflected in the first quarter's performance." O'Dowd said.
"New Famous Dave's locations are also showing very substantial results," said O'Dowd. Our new restaurant in Nebraska remains the highest volume location in our system, generating higher revenue than even our Blues Clubs. The first locations in our 2000 development plan Addison and Vernon Hills, Illinois, are performing at a very satisfying rate." O'Dowd indicated that one of the four Red River restaurants acquired in January, 2000 had already bzeen converted to a Famous Dave's restaurant during the first quarter. "Based on our early results from this conversion, we are moving swiftly to bring the other three locations under the Famous Dave's banner".
Famous Dave's of America operates or franchises 32 full-service and counter-style restaurants in Minnesota, Wisconsin, Iowa, Illinois, Nebraska, Maryland and Virginia. Its menu features award-winning barbecued and grilled meats, and ample selection of salads, side items, sandwiches, and unique desserts. The Company plans to expand into additional states as well.