CALABASAS HILLS, Calif., Dec 18, 2003 (BUSINESS WIRE) -- The
Cheesecake Factory Incorporated (Nasdaq: CAKE) announces the opening
of its newest Cheesecake Factory(R) restaurant in Palo Alto,
California on December 17, 2003. The uniquely designed restaurant
contains approximately 13,000 square feet and 311 seats.
"Opening night sales in Palo Alto were very strong," said David
Overton, Chairman and CEO. "Our Palo Alto location represents our
fourth Cheesecake Factory restaurant in the northern California
market, and we plan to open additional restaurants in that market in
the near future."
"We successfully achieved our goal to open as many as 14 new
Cheesecake Factory restaurants during fiscal 2003 and set a new growth
record for our Company on that measure," said Overton. "We opened 10
of those restaurants during a 17-week period, including a large
Cheesecake Factory restaurant in Honolulu that has the potential to be
one of our very best. This is a strong testament to the strength and
depth of our design, construction and operations teams. Initial sales
volumes for substantially all of our 2003 openings were stronger than
we had expected. Our new Honolulu restaurant that opened on December
10, 2003 achieved first-week sales in excess of $350,000, setting a
new Company record for first-week sales. That is an incredible amount
of business."
During fiscal 2004, the Company's goal is to open as many as 16
restaurants. "We remain very excited about our growth prospects for
2004 and beyond," commented Overton.
The Cheesecake Factory Incorporated operates 73 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 $15.78. 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.
Additionally, the Company operates three upscale casual dining
restaurants under the Grand Lux Cafe(R) name in Los Angeles, Chicago
and Las Vegas; one self-service, limited menu "express" foodservice
operation under The Cheesecake Factory Express(R) mark inside the
DisneyQuest(R) family entertainment center in Orlando, Florida; and
licenses three bakery cafe outlets to another foodservice operator
under The Cheesecake Factory Bakery Cafe(R) name.
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,
uncertainties and other factors 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. In
particular, forward-looking statements regarding the Company's
restaurant sales trends are subject to risks and uncertainties due to
national and regional economic and public safety conditions that
impact consumer confidence and spending, as well as weather and other
factors outside of the Company's control. Forward-looking statements
regarding the number and timing of the Company's planned new
restaurant openings, and the amount and timing of their associated
preopening costs, are subject to risks and uncertainties due to
factors outside of the Company's control, including factors that are
under the control of government agencies, landlords and others.
Forward-looking statements regarding bakery sales are subject to a
number of risks and uncertainties, including (but not limited to)
unforeseen changes in the purchasing plans of the Company's
large-account bakery customers and inherent difficulties in predicting
the timing of product orders and shipments. Forward-looking statements
speak only as of the dates on which they were made. 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 contained in the Company's
filings with the Securities and Exchange Commission.
SOURCE: The Cheesecake Factory Incorporated
CONTACT: The Cheesecake Factory Incorporated
Jane Vallaire, 818-871-3000