Famous Dave's Names Ed Rensi Interim CEO
Rensi commented, "I have been a customer and a fan of Famous Dave's for 20 years and I am delighted to lead Famous Dave's for the foreseeable future!
"On behalf of the board, I appreciate that Mr. Rensi has stepped in to bring his years of effective restaurant management and franchisor expertise to serve as interim CEO during this important transition period for
Riesen also said that the company's plan to release Fourth Quarter and 2013 results would proceed on schedule after market close on
$155.4 millionincreased approximately $444,000, reflecting an increase in restaurant sales, partially offset by a decline in franchise royalty revenue and fees.
- Comparable sales for Company-owned restaurants open 24 months or more were a positive 0.2% compared to a decrease of 1.8% in 2012.
- Fourth quarter comparable sales for Company-owned restaurants open 24 months or more decreased 2.6%, compared to a decrease of 6.0% for the comparable quarter in the prior year.
- Restaurant-level cash flow margins increased 250 basis points, reflecting year-over-year improvement in all operating line items.
Income from operations for fiscal 2013 was approximately
$7.7 millionand increased 25% over fiscal 2012.
During fiscal 2013, the Company used approximately
$6.9 millionto repurchase approximately 379,000 shares at an average price of $18.22, excluding commissions, and has approximately 252,000 shares remaining on its current authorization.
The company will host a conference call on
About Famous Dave's
Diana G. Purcel- Chief Financial Officer 952-294-1300