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Famous Dave's Ups Franchisees

MINNEAPOLIS-The casual-dining restaurant signs 205 franchisee locations and plans to open nine stores in Q4.

By Dana Dubriwny | Updated on November 03, 2005

MINNEAPOLIS-During its third quarter ended Oct. 2, barbeque chain Famous Dave’s of America Inc. entered into area development agreements for 15 new restaurants in the Tampa Bay, Florida area, the Northwestern portion of Florida, and Mobile and Montgomery, Alabama.

David Goronkin, president and chief executive officer, said the company is on track to nine additional stores in the fourth quarter. Year to date, the company has opened 17 franchise-operated restaurants and has closed two in the same category. Famous Dave’s now has restaurants in 31 states, having added Colorado and New Hampshire during the third quarter.

During the company’s earnings call Thursday, Goronkin also announced an additional 205 franchised locations that are in the development pipeline. However, he said the company remains focused on continuing its base of company-owned stores. “With leases coming up, we are considering relocations where there are favorable real estate opportunities,” he told investors. He added that several stores would undergo renovations. The company posted total revenues of $26.3 million for the quarter, representing a 1.2% increase compared to last year. Net income for the quarter was approximately $1.2 million, or 11 cents per diluted share, compared to $1.3 million during the same period last year.

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