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Famous Dave's Announces 3rd Quarter Revenues; Sets Timing of Earnings Release & Conference Call

October 2, 2002 at 4:32 PM EDT
MINNEAPOLIS, Oct 2, 2002 (BUSINESS WIRE) -- Famous Dave's of America, Inc. (Nasdaq:DAVE) today announced that it reported revenues of $24.0 million for the 3rd Quarter of 2002. Comparable sales at company owned restaurants decreased 1.3% for the quarter. Average weekly sales for the quarter were $48,333 for company operated restaurants and $50,526 for franchise operated restaurants.

Five new Famous Dave's restaurants opened during the quarter including three company operated and two franchise operated. The company operated restaurants opened in Mesquite, Texas, Lewisville, Texas and Tulsa, Oklahoma. The franchise operated restaurants opened in Benson Park, Nebraska and Davenport, Iowa. This brings the quarter end total to 69 Famous Dave's restaurants including 38 company operated and 31 franchise operated. There are currently 146 franchise restaurants either open or under signed Area Development Agreements, an increase of 24 over the end of the 2nd quarter.

The Company expects two new company operated restaurants and four new franchise operated restaurants will open during the 4th quarter. This will be a total of eight new company restaurants and eleven new franchise restaurants for the year. The Company had previously communicated an expectation for a total of 8 to 10 new company operated restaurants and 12 to 15 new franchise restaurants. Two franchise restaurant openings were delayed until the 1st quarter of 2003 due to construction issues.

Famous Dave's will release financial results for the 2nd Quarter at 3:15 p.m. Central Time on Tuesday, October 22, 2002 with a conference call to follow at 4:00 p.m. Central Time.

The company invites all those interested in hearing management's discussion of the quarter to join the call by dialing (800) 239-3044. A replay will be available for one week following the call by dialing (800) 642-1687 and entering access code 4816976. Participants may also access a live web cast of the conference call through the investor relations section of Famous Dave's web site at www.famousdaves.com.

Famous Dave's of America, Inc. (Nasdaq:DAVE) owns, operates and franchises barbeque restaurants. The company currently owns 38 locations and franchises an additional 31 units in 19 states. The Company also has signed Area Development Agreements for an additional 115 franchise restaurants. Its menu features award-winning barbecued and grilled meats, an ample selection of salads, side items, sandwiches and unique desserts.

Certain matters discussed within this press release, including statements regarding revenue and profit forecasts, new restaurant sites, restaurant openings and expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Famous Dave's of America, Inc. believes the expectation reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, changes in local or national economic conditions, availability of financing, outcome of pending litigation and other risks detailed from time to time in the company's SEC reports.

CONTACT:          Famous Dave's of America, Inc., Minneapolis
                  Ken Stanecki, 952/294-1300

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