Chart House Restaurants Reports Fourth Quarter and 2000 Results.

Business Editors

CHICAGO--(BUSINESS WIRE)--March 13, 2001

Chart House Enterprises, Inc. (NYSE:CHT) announced total revenues for the fourth quarter of $35.9 Million compared to $32.9 million in 1999. Revenues for 2000 were $141.7 million compared to $140.9 million in 1999. In 2000, comparable restaurant growth and revenues contributed by new restaurants openings were equally offset by permanent closures of underperforming restaurants.

Chart House Restaurants same store sales (excluding restaurants held for disposition) increased 3.3% for the fourth quarter 2000. Same store sales for 2000 (excluding restaurants held for disposition) increased 6.3%. The average annual sales volume for the Chart House concept restaurants increased $200,000, from $2.7 million in 1999 to $2.9 million in 2000. "We are very pleased with Chart House's same store sales results for the quarter and for the year" said Thomas J. Walters, President and Chief Executive Officer. Mr. Walters added "It has been many years since Chart House has had this many consecutive quarters of same store sales growth. This sales growth reflects the popularity of the Chart House brand that has continued beyond its resurgence in 1999 after full-scale restaurant remodeling and the introduction of a new seafood-oriented menu."

Angelo and Maxie's also posted strong same store sales. Angelo and Maxie's same store sales increased 3.7% for the fourth quarter. "The Angelo and Maxie's performance continues to be strong, which adds to the excitement of growing this concept." Beginning in the second quarter 2000, the Company has opened four new Angelo and Maxie's in Atlanta, Georgia, Washington, D.C., Phoenix, Arizona, and a second location in Manhattan.

The results from operations for the fourth quarter produced a net loss of ($5,017,000) or ($.43) per share on revenues of $35.9 million versus a net loss of ($5,787,000) or ($.49) per share on revenues of $32.9 million in the fourth quarter 1999. Reflected in the 2000 net loss were $2,034,000 in pre-opening costs and $1,450,000 in write down of assets and restructuring charges versus $4,890,000 in write down of assets and restructuring charges in 1999.

The results from operations for the fiscal year reflect a net loss of ($10,426,000) or ($.88) per share on revenues of $141.7 million versus a net loss of ($3,540,000) or ($.30) per share on revenues of $140.9 million in fiscal year 1999. Reflected in the 2000 loss were $5,266,000 in pre-opening costs and $3,810,000 in write down of assets and restructuring charges versus $4,890,000 in write down of assets and restructuring charges in 1999.

The charges for write down of assets and restructuring relate to the closure of eleven Chart House restaurants announced in 1999. The preopening expenses incurred in 2000 relate to of opening of four new Angelo and Maxie's restaurants and the re-opening of two Chart House restaurants. The preopening costs were significantly higher then expected based on construction delays and related carrying costs, including, but not limited to employee salaries, benefits, training, and marketing expenses.

"We have made a commitment to ensure that our management teams were trained to be successful in helping to grow our Angelo and Maxie's brand. The financial impact of this commitment to our Company's bottom line was material, however, we see this as a critical investment that will help make the concept stronger and better positioned for more effective growth. Having opened six restaurants in 2000, we have refined our model to ensure higher quality and cost efficient openings for the two restaurants to be opened in 2001, and as a result preopening cost will be greatly reduced," said Thomas J. Walters, President and Chief Executive Officer.

Headquartered in Chicago, Chart House Enterprises, Inc. currently operates 46 restaurants in the continental United States and Hawaii. 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 Statement of Operations
(amounts in thousands, except for per share data)

                  Quarter Ended Quarter Ended Year Ended   Year Ended
                   December 25, December 27,  December 25, December 27,
                      2000          1999          2000       1999
----------------------------------------------------------------------


Revenues            $ 35,946      $ 32,937      $ 141,697   $ 140,937

Restaurant
 Operating Costs      30,515        28,815        119,486     119,004
Selling, General
 & Administrative
 Expenses              3,780         2,439         13,312      11,472
Depreciation and
 Amortization          1,904         1,963          6,922       7,830
Preopening Costs       2,034             -          5,266           -
Writedown of
 Assets and
 Restructuring
 Charges               1,450         4,890          3,810       4,890
Loss (Gain) on
 Sales of Assets         242             -            278        (742)
Interest Expense       1,038           617          3,049       2,023

Total Costs
 and Expenses         40,963        38,724        152,123     144,477

Loss Before
 Income Taxes         (5,017)       (5,787)       (10,426)     (3,540)

Provision for
 Income Taxes              -             -              -           -

Net Loss            $ (5,017)     $ (5,787)     $ (10,426)   $ (3,540)

Net Loss Per
 Common Share
 - Basic
 and Diluted         $ (0.43)      $ (0.49)       $ (0.88)    $ (0.30)

Weighted
 Average Shares
 Outstanding          11,796        11,775         11,788      11,767



Chart House Enterprises, Inc.
Consolidated Balance Sheets
(amounts in thousands, except for per share data)

                                    December 25,         December 27,
                                        2000                 1999
----------------------------------------------------------------------
ASSETS

Current Assets:
  Cash and Equivalents                 $ 383                $ 424
  Accounts Receivable, net of Allowance
   for Doubtful Accounts of $226
   in 2000 and $176 in 1999            3,764                2,969
  Inventories                          2,401                2,282
  Prepaid Expenses and Other
   Current Assets                        811                  530
  Current Portion of Deferred Tax Asset   77                  288

Total Current Assets                   7,436                6,493

Net Property & Equipment              77,190               67,983

Leased Property under Capital Leases,
 Less Accumulated Amortization of
 $2,319 in 2000 and $2,329 in 1999     1,979                2,514

Other Assets, Less Accumulated
 Amortization of $3,860 in 2000 and
 $3,680 in 1999:
  Goodwill                             8,282               10,043
  Trade Name                           6,394                6,742
  Non-current Portion of
   Deferred Tax Asset                  5,303                5,092
  Other Assets                         1,811                1,589

Total Other Assets, net               21,790               23,466

                                   $ 108,395            $ 100,456

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Current Portion of Long-Term
  Obligations                        $ 4,210              $ 1,685
  Accounts Payable                    19,596                9,711
  Accrued Liabilities                 12,720               10,358

Total Current Liabilities             36,526               21,754

Non-Current Liabilities:
  Deferred Payments on Acquisition       250                1,000
  Long-Term Debt                      20,600               17,700
  Long-Term Debt to Related Parties    2,000                   -
  Long-Term Obligations under
   Capital Leases                      3,058                3,713

Total Non-Current Liabilities         25,908               22,413

Stockholders' Equity:
  Preferred Stock, $1.00 par value,
   authorized 10,000,000 shares; 0
   outstanding 2000 and 1999
  Common Stock, $.01 par value,
   authorized 30,000,000 shares
   11,795,529 and 11,775,191 shares
   outstanding in 2000 and
   1999 respectively                     118                  118
  Additional Paid-In Capital          61,276               61,178
  Accumulated Deficit                (15,433)              (5,007)

Total Stockholders' Equity            45,961               56,289

                                   $ 108,395            $ 100,456