CALABASAS HILLS, Calif.--(BUSINESS WIRE)--May 19, 2014--
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today
announced that it has entered into an exclusive licensing agreement with
Hong Kong-based Maxim’s Caterers Limited, a diversified operator of
full-service and quick-service restaurants, as well as bakery and coffee
shops, in Asia, to build and operate The Cheesecake Factory®
restaurants. The agreement provides for the development of a minimum of
14 restaurants over the next 10 years in Hong Kong, Macau, Taiwan and
the People’s Republic of China, with the opportunity to expand to Japan,
South Korea, Malaysia, Singapore and Thailand. The first restaurant is
expected to open in fiscal 2015.
“Our brand has experienced a tremendous level of success outside of the
U.S.A. and we are excited to announce another step forward in our global
expansion efforts. Our strategy of entering into license agreements with
highly qualified, experienced restaurant operators that have broad
geographic capabilities is proving to be an excellent way to expand our
complex, high volume concept internationally. The agreement with Maxim’s
provides an incredible opportunity for us to develop in Asia with an
established, multi-unit restaurant operator that has nearly 60 years of
operating experience in the region,” said David Overton, Chairman and
CEO.
“International expansion will become an increasingly meaningful driver
to achieving our goal of delivering mid-teens earnings per share growth
over time as the number of restaurants operated by our licensees
gradually increases. Together with our ongoing development of
Company-owned restaurants and consistent increases in sales from our
existing base of restaurants, we are poised to continue to deliver
high-quality and dependable financial performance for many years to
come,” concluded Overton.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated created the upscale casual dining
segment in 1978 with the introduction of its namesake concept. The
Company operates 181 full-service, casual dining restaurants throughout
the U.S. and Puerto Rico, including 169 restaurants under The Cheesecake
Factory® mark; 11 restaurants under the Grand Lux Cafe® mark; and one
restaurant under the RockSugar Pan Asian Kitchen® mark. Internationally,
four The Cheesecake Factory® restaurants operate under a licensing
agreement. The Company also operates two bakery production facilities in
Calabasas Hills, CA and Rocky Mount, NC that produce approximately 70
varieties of quality cheesecakes and other baked products. In 2014, the
Company was named to Fortune magazine’s “100 Best Companies to Work For”
list. To learn more about the Company, visit www.thecheesecakefactory.com.
About Maxim’s Caterers Limited
Founded in 1956, Maxim’s Caterers Limited, operating under Hong Kong
Maxim’s Group (“Group”), is a leading Food & Beverage company comprising
of Chinese, Asian and European restaurants, quick service restaurants,
bakery shops and institutional catering, while providing a range of
festive products, including the award-winning Maxim’s Mooncakes. The
Group is also the licensee of renowned brands including Starbucks Coffee
(Hong Kong, Macau & Vietnam), and Genki Sushi and Ippudo ramen (Hong
Kong & China). Altogether the Group operates over 840 outlets in Hong
Kong and China, and 4 in Vietnam. It also established the first
Sino-Foreign joint venture in China in 1980 and now delivers air
catering service in 11 cities through joint ventures. To learn more
about Maxim’s, visit www.maxims.com.hk/en.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
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, including uncertainties related to: the Company’s ability to
continue execute on its global growth strategy; consumer acceptance of
The Cheesecake Factory® brand outside of the United States; the
Company’s ability to continue to identify licensees that are qualified
to expand its concept internationally; the Company’s ability to achieve
its goal of delivering mid-teens earnings per share growth; the
Company’s ability to continue to expand the number of Company-owned
restaurants; the Company’s ability to continue to deliver increase in
comparable sales; the Company’s ability to deliver high-quality and
dependable financial performance in the future; factors outside of the
Company’s control that impact consumer confidence and spending; current
and future macro national and regional economic and credit market
conditions; changes in national and regional unemployment rates; the
economic health of the Company’s landlords and other tenants in retail
centers in which its restaurants are located; the economic health of
suppliers, vendors and other third parties providing goods or services
to the Company; adverse weather conditions in regions in which the
Company’s restaurants are located; factors that are under the control of
government agencies, landlords and other third parties; and other risks
and uncertainties detailed from time to time in the Company’s filings
with the Securities and Exchange Commission (“SEC”), as set forth below.
Investors are cautioned that forward-looking statements are not
guarantees of future performance and that undue reliance should not be
placed on such statements. Forward-looking statements speak only as of
the dates on which they are made and 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
securities laws. Investors are referred to the full discussion of risks
and uncertainties associated with forward-looking statements and the
discussion of risk factors contained in the Company’s latest Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K as filed with the SEC, which are available at www.sec.gov.
Source: The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated
Jill Peters, 818-871-3000
investorrelations@thecheesecakefactory.com