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Total revenue for the fourth quarter was $11.9 million compared to $11.2 for the fourth quarter of fiscal 1998, an increase of 6.1% despite having a 14 week quarter last year. The increase is 14.4% when adjusted for the extra week. Comparable store sales increased +4.8%. Net loss totaled $6,138,000 or .69 per share including an accounting charge of $5,660,000 or .64 per share to write down assets for impairment charges, severance payments and expenses on sites that were not developed. The write down was previously announced on December 7, 1999. Exclusive of the accounting charge, net loss for the quarter was $478,000 or .05 per share compared to a net loss of $273,000 or .03 per share for the same quarter in 1998.
Sales in the fourth quarter for restaurants open at least 18 months, increased 4.8%. "This is the third consecutive quarter of comparable store sales increases," said Martin O'Dowd, President and CEO of Famous Dave's. "We are again very pleased with these increases, especially considering sales were largely unaided by media advertising."
Total revenue for fiscal year 1999 ended January 2, 2000 was $47.6 million, an increase of 16.7% over fiscal year 1998. Net loss was $6,610,000 or .75 per share compared to a net loss of $4,829,000 or .55 per share in fiscal 1998. Results for 1999 and 1998 include approximately $5.7 million and $2.7 million respectively in accounting charges. Exclusive of these charges, net loss for 1999 was $950,000 or .11 per share compared to a net loss of $2,095,000 or .24 per share in fiscal 1998. Cash flow (EBITDA) increased 311% to $2,450,000 in 1999 compared to $596,000 in 1998.
The company's new restaurant development plan for fiscal 2000 remains at six new restaurants. These will be in addition to the acquisition of 4 Red River restaurants acquired from Pro River, Inc. in January. The acquired restaurants will be converted to Famous Dave's restaurants during the first half of fiscal 2000.
Martin O'Dowd President and CEO said, "We are excited and looking forward to a very successful year in 2000. Our cash flows are strong and our team is realizing substantial improvements in performance and profitability in new and existing restaurants."
Famous Dave's of America operates or franchises 30 full-service and counter-style restaurants in Minnesota, Wisconsin, Iowa, Illinois, Nebraska, Maryland and Virginia. Its menu features award-winning barbecued and grilled meats, an ample selection of salads, side items, sandwiches, and unique desserts. The Company plans to expand into additional states as well as continuing development in its home markets.