Chart House Enterprises Reports Fourth Quarter and 2001 Results.

Business Editors

CHICAGO--(BUSINESS WIRE)--March 26, 2002

Chart House Enterprises, Inc. (OTCBB: FISH) announced total revenues of $37.5 million for the fourth quarter of 2001 compared to $35.9 million in 2000. Total revenues for 2001 were $150.9 million compared to $141.7 million in 2000. The Company reports fiscal years under a 52/53-week format and fiscal 2001 consisted of 53 weeks. Fourth quarter 2001 revenues benefited from the 53rd week and two new Angelo and Maxie's restaurants opened during 2001. These revenue increases were offset by a 9.0% decrease in same store sales and a reduction in revenues from restaurants disposed of in 2001. Full year revenues for 2001 further benefited from four Angelo and Maxie's restaurants opened and two Chart House restaurants reopened during 2000. These revenue increases were offset by a 4.8% decrease in same store sales for the year. "The economic contraction experienced since early in 2001 magnified by the national tragedy of September 11, 2001 had a significant impact on revenues for the year," said Kenneth R. Posner, President and Chief Financial Officer.

For the fourteen-week period ended December 31, 2001, the Company incurred a net loss of ($1,429,000), or ($0.72) loss per common share. The net loss for the thirteen-week period ended December 25, 2000 was ($5,017,000), or ($2.55) loss per common share. Results for the 2000 quarter included restaurant pre-opening costs of $2,034,000 and asset impairment and restructuring charges of $1,450,000 compared with no pre-opening costs and $179,000 of asset impairment and restructuring charges in the 2001 quarter.

For the fiscal year ended December 31, 2001 the Company incurred a net loss of ($20,427,000) or ($10.37) loss per common share, including an extraordinary loss related to material modification of debt of ($942,000), or ($0.48) loss per common share. The net loss for the year ended December 25, 2000 was ($10,426,000), or ($5.31) loss per common share. Reflected in the 2001 loss were $597,000 in pre-opening costs, $5,699,000 in asset impairment and restructuring charges and a $5,380,000 increase in the valuation allowance related to the Company's deferred tax asset. Reflected in the 2000 loss were $5,266,000 in pre-opening costs and $3,810,000 in asset impairment and restructuring charges.

At December 31, 2001, the Company had in excess of $25 million of senior, secured debt that matures on April 30, 2002. Since December 2001, the Company has been conducting a review of strategic alternatives with a principal focus on identifying appropriate sources of capital to address the debt maturity matter. This process has identified a number of capital sources, several of whom have expressed possible interest in making a significant investment in the Company. Although no definitive agreements have been reached with any of these potential investors, and no assurances can be given, management continues to believe that this process will be successful.

Headquartered in Chicago, Chart House Enterprises, Inc. currently operates 45 restaurants in the continental United States. They include the California-inspired Chart House Restaurants, known for great seafood, spectacular locations, and breathtaking views, Angelo and Maxie's, a sophisticated steakhouse with oversized portions at reasonable prices, and the South Pacific-inspired Peohe's Restaurant located in Coronado, California.

Certain of the statements contained in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include financial projections, estimates and statements regarding plans, objectives and expectations of the Company and its management. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which 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 such forward-looking statements. Information on significant potential risks and uncertainties is set forth more fully in the Company's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

Chart House Enterprises, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)

                          --------   ---------  ---------   ----------
                         Qtr Ended   Qtr Ended  Year Ended  Year Ended
                          Dec. 31,    Dec. 25,   Dec. 31,    Dec. 25,
                            2001       2000        2001        2000
----------------------    --------   --------   ---------   ---------


Revenues                  $ 37,545   $ 35,946   $ 150,871   $ 141,697
                          --------   --------   ---------   ---------
Operating Costs and
 Expenses:
  Cost of Sales             11,738     11,519      47,695      46,347
  Restaurant Labor          10,163     10,087      42,603      40,499
  Other Operating Costs      8,232      6,836      33,842      25,795
  Rent                       2,216      2,461       9,949       7,933
                          --------   --------   ---------   ---------
   Total Restaurant Costs   32,349     30,903     134,089     120,574

Selling, General &
  Administrative Expenses    2,598      3,392      11,245      12,224
Depreciation and
  Amortization               1,922      1,904       7,753       6,922
Pre-opening Costs                -      2,034         597       5,266
Impairment of Assets and
  Restructuring Charges        179      1,450       5,699       3,810
Loss on Sales of Assets        454        242       1,101         278
                          --------   --------   ---------   ---------
   Total Restaurant and
     Operating Costs        37,502     39,925     160,484     149,074
                          --------   --------   ---------   ---------

Income (Loss) from
  Operations                    43     (3,979)     (9,613)     (7,377)

Interest Expense, Net        1,251      1,038       4,958       3,049
Other Income                     -          -        (900)          -
                          --------   --------   ---------   ---------

Loss Before Income Taxes
  and Extraordinary Item    (1,208)    (5,017)    (13,671)    (10,426)

Provision for Income Taxes       -          -       5,380           -
                          --------   --------   ---------   ---------

Net Loss Before
  Extraordinary Item        (1,208)    (5,017)    (19,051)    (10,426)

Extraordinary Item,
  Material Modification
  of Debt                        -          -         942           -
                          --------   --------   ---------   ---------

Net Loss                  $ (1,208)  $ (5,017)  $ (19,993)  $ (10,426)

Preferred Stock Dividends      221          -         434           -
                          --------   --------   ---------   ---------

Net Loss Available to
  Common Shares           $ (1,429)  $ (5,017)  $ (20,427)  $ (10,426)
                          ========   ========   =========   =========

Net Loss Per Common Share
  before Extraordinary
  Item - Basic and
  Diluted (1)             $  (0.72)  $  (2.55)  $   (9.89)  $   (5.31)

Extraordinary Item,
  Material Modification
  of Debt (1)                    -          -       (0.48)          -
                          --------   --------   ---------   ---------

Net Loss Per Common Share
  - Basic and Diluted (1) $  (0.72)  $  (2.55)  $  (10.37)  $   (5.31)
                          ========   ========   =========   =========

Weighted-Average Shares
  Outstanding (1)            1,973      1,966       1,970       1,965
                          --------   --------   ---------   ---------

------------------------

(1) On February 22, 2002, the Company effected a reverse split of its
    Common Stock, pursuant to which each six shares of Common Stock
    issued and outstanding on such date were reclassified as and
    converted into one share of Common Stock immediately following the
    reverse split. The reverse split has been reflected in the above
    Statements of Operations as if the reverse split had occurred at
    the beginning of fiscal 2000.