Famous Dave's profit plunges 92% in 1Q

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Famous Dave's of America posted first-quarter profits of just $62,000, a 92 percent drop compared with $817,000 a year ago, Twin Cities Business reports.

Revenue at the Minnetonka-based barbecue restaurant chain fell to $36.6 million from $37.5 million during the same three month period in 2012.

Administrative costs totaled $5 million, up about 12 percent, which stemmed mostly from a $325,000 jump in compensation-related to the reorganized CEO and chief operating officer positions, the Star Tribune reports.

“Our first-quarter sales, royalties, and franchise fee results were disappointing, which led to poor [earnings] results,” CEO John Gilbert III said in a news release. "Over the past six months, we've developed a strategic framework for performance improvement, tested a number of smart, innovative tactics that have proven successful, and launched the best of these tactics in our company restaurants."

Gilbert, a board member, was named Famous Dave's new chief executive officer last October. He replaced Christopher O’Donnell who stayed with the company as president and chief operating officer.

Click here, to follow Famous Dave's stock performance.

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