CALABASAS HILLS, Calif., May 31 /PRNewswire/ -- The Cheesecake Factory
Incorporated (Nasdaq: CAKE) announces the opening of its 43rd Cheesecake
Factory restaurant in Winter Park, Florida. Located in Winter Park Village,
the uniquely designed 370-seat restaurant recorded first-week sales that were
well in excess of initial expectations.
"This week, we signed two additional leases for potential fiscal 2001
openings at the new International Plaza in Tampa, FL and Bellevue Square in
Bellevue, WA," commented David Overton, Chairman and CEO. "In addition to
these signed leases, we currently have signed leases on hand for potential
2001 openings in Seattle, WA; Sherman Oaks, CA; Los Angeles, CA (Grand Lux
Cafe); King of Prussia, PA; and Chandler, AZ. We are also well underway with
our fiscal 2002 development plan, with signed leases or letters of intent
already in hand for potential locations in Chicago, IL (Grand Lux Cafe); San
Jose, CA; Austin, TX; San Antonio, TX; Minneapolis, MN; Ft. Lauderdale, FL;
Boston, MA; and Orlando, FL. Negotiations are in progress for several other
attractive locations, including potential sites in St. Louis, MO and
Littleton, CO. One of our key growth objectives is to increase our total
restaurant operating weeks by 24% to 25% during fiscal 2001 and 2002."
Overton also commented that, for the June 2001 quarter to date, comparable
sales comparisons are positive for the Company's restaurants.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that may cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by forward-looking statements. Investors are cautioned
that forward-looking statements are not guarantees of future performance and
that undue reliance should not be placed on such statements. The development
and opening processes for the Company's planned new restaurants are subject to
a number of factors both within and outside of its control, including factors
under the influence and control of landlords. The Company undertakes no
obligation to publicly update or revise any forward-looking statements or to
make any other forward-looking statements, whether as a result of new
information, future events or otherwise unless required to do so by the
securities laws. Investors are referred to the full discussion of risks and
uncertainties associated with forward-looking statements in general, and the
restaurant development and opening processes in particular, included in the
Company's Form 10-K for the fiscal year ended January 2, 2001 and other
periodic reports filed with the Securities and Exchange Commission.
The Cheesecake Factory Incorporated operates 43 upscale, casual dining
restaurants under The Cheesecake Factory(R) name that offer an extensive menu
of more than 200 items with an average check of approximately $15.40. The
Company also operates a bakery production facility that produces over 50
varieties of quality cheesecakes and other baked products for the Company's
restaurants and for other leading foodservice operators, retailers and
distributors. Grand Lux Cafe(R), the Company's upscale casual dining
restaurant created for the Venetian Resort-Hotel-Casino in Las Vegas, Nevada,
was opened in May 1999. The Company operates two self-service, limited menu
foodservice operations under The Cheesecake Factory Express(R) name inside the
DisneyQuest(R) family entertainment concepts in Orlando, Florida and Chicago,
Illinois. Additionally, the Company licenses three bakery cafe outlets to
another foodservice operator under The Cheesecake Factory Bakery Cafe(R) name.
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SOURCE The Cheesecake Factory Incorporated
CONTACT: Jane Vallaire of The Cheesecake Factory, 818-871-3000/