CALABASAS HILLS, Calif., Feb 25, 2003 (BUSINESS WIRE) -- On Tuesday, February
25, 1978, the first Cheesecake Factory restaurant opened for business in Beverly
Hills, California to a long line of curious and hungry guests. Twenty-five years
later, the long lines are still there.
"My family started a small wholesale bakery business in 1972 in the Los Angeles
area," said David Overton, Chairman and CEO of The Cheesecake Factory
Incorporated (Nasdaq:CAKE). "We thought that we could sell more cheesecakes and
other baked desserts to restaurant accounts if we opened our own restaurant that
showcased our creative, high quality premium desserts. We had never been in the
restaurant business before, so it was probably our naivete that helped us to be
successful. We created an extensive, made-from-scratch menu with high quality
ingredients and large portions at a good value. And, our Beverly Hills guests
taught us how to operate a great restaurant. Our challenge for all of these
years has been to manage to the power of the Cheesecake Factory concept itself,
and to not bring the concept down to a 'lowest common denominator' level just
for the sake of making it easier to replicate and manage. This operating
philosophy has kept the concept fresh and exciting for 25 years, and should
continue to serve us well into the future."
Cheesecake Factory restaurants are nationally recognized for their sustained
popularity and industry-leading sales productivity metrics. Average sales per
Cheesecake Factory restaurant, seat and productive square foot were
approximately $10.8 million, $34,300 and $1,004, respectively, for all locations
open for the full year of 2002.
Initially, many skeptics did not believe The Cheesecake Factory concept was
scalable, given its high degree of customization and operational complexity.
Today, there are 61 highly successful Cheesecake Factory restaurants in 20
states and the District of Columbia. "We have demonstrated the viability of the
concept in a wide variety of site layouts and markets across America," commented
Overton. As many as 14 new Cheesecake Factory restaurants are expected to be
opened during 2003, of which two have already opened as of this date. Company
management believes there is room domestically for at least 200 Cheesecake
Factory restaurants of various site types and sizes.
"On this special day for our Company, we also want to express our sincere
appreciation to our restaurant guests, staff members, suppliers and stockholders
for their continuing support as partners in our growth," said Overton. "We are
convinced the next 25 years should be the best years ever for The Cheesecake
Factory."
In celebration of the 25th anniversary of our restaurant operations, The
Cheesecake Factory and Godiva(R) Chocolatier have joined together to create a
specially formulated Godiva chocolate cheesecake. This cheesecake will be
available exclusively at Cheesecake Factory restaurants for a limited time
beginning today.
The Cheesecake Factory Incorporated operates 61 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. Additionally,
forward-looking statements regarding the number and timing of the Company's
planned new restaurant openings 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
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.
CONTACT:
The Cheesecake Factory Incorporated
Jane Vallaire, 818/871-3000
URL: http://www.businesswire.com
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