Franchise News Release: Nashville, TN - (Jan-22-2004)

Captain D's Announces Record Sales Milestones for 2003 at Recently Completed Franchise Convention

At its recently completed national Franchise convention in Las Vegas, Captain D's Seafood reported record-breaking sales milestones to its franchisees for the 2003 fiscal year.

Ron Walker, president and chief operating officer of Captain D's, told the franchisees in attendance that the seafood chain set an all-time sales record in 2003. That makes nine times out of the past 11 years that the company has experienced positive same-store sales growth. Walker also announced that:

- For the first time in company history, the average unit sales volume topped $900,000.
- A total of 174 stores (31% o the system) generated $1 million in sales, an all-time high.
- Two Captain D's locations generated $2 million in sales, also a new company record.

"In a year when many quick-service and fast-casual chains struggled, we couldn't be any happier with our performance in 2003," says Walker. "Our results were driven by our ability to stay focused on building traffic through our marketing efforts, by offering some outstanding promotions throughout the year, and we didn't hesitate to put in price-value messages when needed. Sticking with those strategies really got our business back on track after we struggled through a long winter and the start of conflict in the Middle East."

On the chain's stretch of positive same-store results, Walker adds, "The credit for our consistent performance goes to our management team and franchisees. The company's leadership hasn't changed significantly over the past 11 years, and that has produced consistent operational execution for the chain. Plus, we have some terrific franchisees who are equally committed to setting a high standard for their operations."

Increased Store Development Anticipated in 2004

The best is yet to come! That was the theme for this year's Captain D's franchise convention, and it symbolizes the increased emphasis on new store development the company plans on having in 2004.

Captain D's told its franchisees that it has the capital to open up to 20 company stores, in addition to 20 new franchise locations being planned in its 2004 fiscal year. That would be the most store openings for the chain since 1987. Captain D's also signed multiple franchise development agreements for a total of 42 stores in 2003, the highest total for the company since 1992.

"We may have the capital to open 20 stores in 2004 but we are going to be smart in how we grow the system. If that means we develop less than 20, then so be it. We want the best sites we can possibly develop. It's clear that Captain D's has a lot of momentum right now, and after a decade of stagnant unit development, we feel that pieces are in place to expand the Captain D's brand throughout the country," added Walker.

The new locations in 2004 will feature Captain D's new prototype Restaurant design that uses a smaller building combined with a redesigned T-line kitchen to improve customer service. Recreating the allure of a dockside seafood shack, the inside of the restaurant includes naturally aged woods, hanging steel lights and a galvanized steel awning hanging over a portion of the dining room, in addition to nautical artifacts and local navigational

In addition to adding new stores, the company plans on remodeling 40 additional stores in 2004 with its prototype restaurant design.

Caution to prospective franchisees: Although the sales figures stated above represent actual historical amounts, the Federal Trade Commission requires Captain D's to make the following statements:

These figures are only estimates of what we think you may earn. There is no assurance you'll do as well. If you rely on our figures, you must accept the risk of not doing as well.

A total of 243 or 44% o all Captain D's restaurants (both company-owned and
franchised) in operation during the entire fiscal year ended October 26, 2003, generated $900,000 or more in sales. That amount includes 141 or 43% o all company-owned restaurants and 102 or 45% o all franchised restaurants in operation during that entire period.

About Captain D's

Captain D's Seafood is a pioneer and leader in the fast-casual dining category. The company offers its customers great seafood at reasonable prices in a relaxed environment that embodies the fun and romance of dockside seafood shacks.

Each Captain D's Seafood restaurant serves a seafood menu centered around the company's signature fried fish, which is hand cut, hand battered and made to order to ensure freshness. The restaurants also offer premium-quality baked and broiled fish, as well as shrimp, chicken and home-style side dishes.

Inside, the restaurants feature naturally aged woods, an embossed tin ceiling, hanging steel lights and a galvanized steel awning over the dining room, as well as nautical artifacts and local navigational charts, giving them a relaxed, coastal style.

Headquartered in Nashville, Tenn., Captain D's Seafood owns, operates and Franchises 567 restaurants in 24 states. The first store was opened in Donelson, Tenn., in 1969 as Mr. D's. The company later changed its name to Captain D's Seafood and became Captain D's, LLC, in August 2002.



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