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                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE

               FAMOUS DAVE'S ANNOUNCES FIRST QUARTER 2004 RESULTS

         Minneapolis, MN, April 21, 2004 - Famous Dave's of America, Inc.
(Nasdaq: DAVE) today reported results for the first quarter ended March 28,
2004. The company reported net income of approximately $527,000, or $0.04 per
diluted share for the first quarter of fiscal 2004, compared to a net loss of
approximately $1.1 million, or $0.10 per diluted share for the comparable period
in the prior year. The results for the first quarter of 2003 included pre-tax
charges of approximately $2.2 million, or $0.12 per diluted share related to
losses in the Isaac Hayes Blues clubs, as well as costs associated with the
divestiture of those clubs.

         Revenue for the first quarter of fiscal 2004 of approximately $22.6
million decreased 1.6% from revenue of approximately $23.0 million for the first
quarter of fiscal 2003. This decrease in revenue reflects the impact on
restaurant sales from the closing of two company-owned restaurants in Texas, in
addition to the sale of three company-owned restaurants to a franchise partner,
both of which occurred during the fourth quarter of fiscal 2003. Comparable net
sales for company restaurants open year-round for 18 months or more decreased
2.2% for the first quarter of fiscal 2004, as compared to a comparable net sales
decline of 2.7% in the prior year quarter.

         System-wide net sales for the first quarter of fiscal 2004 were
approximately $53.5 million, a 36.1% increase over system-wide net sales for the
prior year quarter. System-wide net sales are a non-GAAP financial measure that
includes sales of all restaurants, company-owned and franchise, operating under
the Famous Dave's brand name. Management believes that system-wide sales
information is useful to investors because it gives a more accurate indicator of
the market penetration of the Famous Dave's brand.

         "We remain pleased with the organizational progress that we have made
over the past nine months," said David Goronkin, President and CEO. "This has
been, and continues to be a journey, and we continue to believe that the
decisions made during fiscal 2003 have positioned us for positive forward
momentum. We are focused on our core competencies, specifically in areas of
operations and in developing brand awareness, and our results reflect the
positive impact from those areas of focus."

         Goronkin continued, "As expected, our comparable sales were soft, and
will continue to remain soft through at least the second quarter, as we
annualize against the significant level of discounting in the prior year. We now
have our agency-of-record on-board, and are looking forward to learning more
about how a consistent national brand message, and increased marketing activity
for the remainder of the year in general, can impact our results." Goronkin
concluded, "We still have a lot of work to do. Throughout fiscal 2004 we will
continually challenge ourselves to identify further operational efficiencies and
improvements in brand development, which should contribute to the sustainable
long-term growth and viability of our concept."

         The company is hosting a conference call tomorrow, Thursday, April 22,
2004 at 10:00 am CST to discuss its first quarter 2004 financial results, and
invites all those interested in


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hearing management's discussion of the quarter to join the conference call by
dialing (800) 374-1553. A replay will be available for one week following the
call by dialing (800) 642-1687; conference ID 6737143. Participants may also
access a live webcast of the discussion through the Investor Relations section
of Famous Dave's web site at www.famousdaves.com.

Contact information: Diana Purcel (952) 294-1300, or
diana.purcel@famousdaves.com.

Famous Dave's of America, Inc. (NASDAQ:DAVE) develops, owns, operates and
franchises barbeque restaurants. As of March 28, 2004, the company owned 38
locations and franchised 54 additional units in 23 states, and had signed
development agreements for an additional 163 franchise locations. Its menu
features award-winning barbequed and grilled meats, an ample selection of
salads, side items, sandwiches and unique desserts.

Statements in this press release that are not strictly historical, including but
not limited to statements regarding the timing of our restaurant openings and
the timing or success of our expansion plans, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks, which may
cause the company's actual results to differ materially from expected results.
Although Famous Dave's of America, Inc. believes the expectation reflected in
any forward-looking statements are based on reasonable assumptions, it can give
no assurance that its expectation will be attained. Factors that could cause
actual results to differ materially from Famous Dave's expectation include
financial performance, restaurant industry conditions, execution of restaurant
development and construction programs, franchisee performance, changes in local
or national economic conditions, availability of financing, governmental
approvals and other risks detailed from time to time in the company's SEC
reports.

                                       ###


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                 FAMOUS DAVE'S OF AMERICA, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
             FOR THE QUARTER ENDED MARCH 28, 2004 AND MARCH 30, 2003
             (IN THOUSANDS, EXCEPT PER SHARE AND SHARES OUTSTANDING)

<Table>
<Caption>
                                                            MARCH 28, 2004      MARCH 30, 2003
                                                            --------------      --------------
<S>                                                         <C>                 <C>
Revenue:
  Restaurant sales, net                                     $       20,573      $       21,893
  Franchising royalty revenue                                        1,584                 833
  Franchise fee revenue                                                438                 239
  Licensing and other revenue                                           52                  42
                                                            --------------      --------------
Total revenue                                                       22,647              23,007

Costs and expenses:
  Food and beverage costs                                            6,407               6,562
  Labor and benefits                                                 6,336               6,665
  Operating expenses                                                 5,004               5,366
  Total depreciation and amortization                                1,118               1,243
  Pre-opening expenses                                                  --                 222
  General and administrative                                         2,498               2,173
                                                            --------------      --------------
Total costs and expenses                                            21,363              22,231

Income from operations                                               1,284                 776

Other income (expense):
  Interest expense, net                                               (406)               (331)
  Other expense, net                                                   (11)                (86)
  Equity in loss of unconsolidated affiliate                            --              (2,155)
                                                            --------------      --------------
Total other expense                                                   (417)             (2,572)

Income (loss) before income taxes                                      867              (1,796)
Income tax (expense) benefit                                          (340)                701
                                                            --------------      --------------
Net income (loss)                                           $          527      $       (1,095)
                                                            ==============      ==============

Basic and diluted net income (loss) per common share        $         0.04      $        (0.10)

Weighted average common shares outstanding - basic              12,279,213          11,391,454

Weighted average common shares outstanding - diluted            12,641,063          11,391,454
</Table>


<Table>
<Caption>
                   RESTAURANT OPERATING RESULTS AS A % OF NET RESTAURANT SALES
         -------------------------------------------------------------------------------
         QUARTER ENDED:                               MARCH 28, 2004      MARCH 30, 2003
         --------------                               --------------      --------------
<S>                                                   <C>                 <C>
         Food and beverage costs                                31.1%               30.0%
         Labor and benefits                                     30.8%               30.4%
         Operating expenses                                     24.3%               24.5%
         Depreciation and amortization                           5.1%                5.4%
                                                      --------------      --------------
         Total costs and expenses                               91.3%               90.3%
         Income from restaurant operations                       8.7%                9.7%
</Table>


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<Table>
<Caption>
                                            SUPPLEMENTAL SALES INFORMATION
         ----------------------------------------------------------------------------------------------------
         QUARTER ENDED:                                                   MARCH 28, 2004       MARCH 30, 2003
         --------------                                                   --------------       --------------
<S>                                                                       <C>                  <C>
         Weighted average weekly net sales, company-operated              $       41,633       $       41,542
         Weighted average weekly net sales, franchise-operated            $       49,640       $       42,232

         System-wide net sales                                            $   53,484,000       $   39,300,000

         Comparable net sales, company-operated                                     (2.2)%               (2.7)%
         Comparable net sales, franchise-operated                                   (2.6)%               (7.3)%

         Total number of units, company-operated                                      38                   41
         Total number of units, franchise-operated                                    54                   36
</Table>

                 FAMOUS DAVE'S OF AMERICA, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                   AS OF MARCH 28, 2004 AND DECEMBER 28, 2003
                                 (IN THOUSANDS)

<Table>
<Caption>
                                                                       MARCH 28, 2004    DECEMBER 28, 2003
                                                                       --------------    -----------------
<S>                                                                    <C>               <C>
ASSETS
      Current assets                                                   $       17,270     $       16,350
      Property, equipment and leasehold improvements, net                      46,380             47,147
      Other assets                                                             10,253             10,270
                                                                       --------------     --------------
      TOTAL ASSETS                                                     $       73,903     $       73,767
                                                                       ==============     ==============

LIABILITIES AND SHAREHOLDERS' EQUITY

      Current liabilities                                              $        6,459     $        7,309
      Long-term obligations                                                    19,581             19,586
      Shareholders' equity                                                     47,863             46,872
                                                                       --------------     --------------
      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                       $       73,903     $       73,767
                                                                       ==============     ==============
</Table>

