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To: reaper who wrote (66592)	2/18/2003 10:40:04 AM
From: marginmike	Respond to of 209892

Cake has alotof growth in front of it. Two interesting facts 1) Landloards will pay upwards of 2-3 million upfront in Cash towerds buildout for CAKE 2)Cake gets super preferential Leases because of its drwing power 3)Cake cost of buildout and ocupancy is usially very favorable. Cake also only has 42 stores they could easily 2X that number in 3-4 years without oversaturation. Cake is also a Very hard concept to duplicate because of its complex and sizable Menu. This is unlike PF or others that can and are being knocked off. A great strategy in that space is going long PF and cake or just cake and short about anyone else.

To: reaper who wrote (66592)	2/18/2003 11:32:23 AM
From: who cares?	Read Replies (2) \| Respond to of 209892

### ### WACHOVIA SECURITIES ### ### Friday Night Wait Report Restaurant Industry Update February 18, 2003 Jeff Omohundro, CFA / (804) 868-1125 Katie H. Willett / (804) 868-1135 John C. White, CFA / (804) 868-1150 L. James Borges, CFA / (804) 868-1102 Key Points * For Friday, February 14, 2003, wait times averaged 54 minutes across all surveyed units. Wait times averaged 30 minutes higher than the prior week. We attribute the significant increase in wait times from the prior week in large part to the Valentine's Day holiday which fell on Friday night this year. * For the week, wait times were longest at Outback Steakhouse (88 minute average wait) and shortest at California Pizza Kitchen (20 minute average wait). * We are tracking wait times at leading casual dining chains on Friday nights during peak dining hours. Over the long-term, our goal for this report is to help us better gauge potential changes in same-store sales momentum for the leading casual dining chains. * The chains in our survey include: Applebee's, California Pizza Kitchen, Carrabba's Italian Grill, The Cheesecake Factory, Chili's Grill & Bar, LongHorn Steakhouse, O'Charley's, Olive Garden, Outback Steakhouse, Romano's Macaroni Grill, Red Lobster, and Ruby Tuesday. Discussion We are tracking wait times at leading casual dining chains on Friday nights during peak dining hours. Our survey reports wait times at 240 restaurant units throughout the United States. Over the long-term, our goal for this report is to help us better gauge potential changes in same-store sales momentum for the leading casual dining chains. -----------------------------====================------------------------------ Page 2 of 3 For Friday, February 14, 2003, wait times averaged 54 minutes across all surveyed units. Wait times averaged 30 minutes higher than the prior week. We attribute the significant increase in wait times from the prior week in large part to the Valentine's Day holiday which fell on Friday night this year. For the week, wait times were longest at Outback Steakhouse (88 minute average wait) and shortest at California Pizza Kitchen (20 minute average wait). Friday Night Wait Analysis Average Wait Times (in minutes) Feb MTD QTD 14 Wkly MTD Y/Y QTD Y/Y Chain TKR Avg Chg Avg Chg Avg Chg Applebee's APPB 26 14 19 5 13 0 California Pizza CPKI 20 11 14 5 13 2 Carrabba's OSI 65 24 53 0 46 -5 Cheesecake Factory CAKE 86 59 56 20 36 4 Chili's Grill & Bar EAT 36 18 27 9 21 2 LongHorn Steakhouse RARE 57 35 40 20 25 4 Macaroni Grill EAT 70 44 48 25 28 2 O'Charley's CHUX 26 6 23 3 19 -3 Olive Garden DRI 76 46 53 22 35 2 Outback Steakhouse OSI 88 40 68 24 47 -3 Red Lobster DRI 78 48 54 11 37 -3 Ruby Tuesday RI 26 16 18 4 10 -3 Average 54 30 39 12 27 0 Source: Wachovia Securities, Inc. We note that weekly wait time tracking is not a proxy for actual same-store sales results and due to small sample sizes could vary materially from actual sales momentum.