THE CHEESECAKE FACTORY INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share Data)	December 30, 2003			December 31, 2002
ASSETS
Current assets:
Cash and cash equivalents	$	15,167		$	11,033
Investments and marketable securities		33,988			11,819
Accounts receivable		7,360			5,490
Other receivables		23,416			20,717
Inventories		20,434			17,985
Prepaid expenses		10,403			7,050
Deferred income taxes		4,725			2,160
Total current assets		115,493			76,254
Property and equipment, net		359,969			282,213
Other assets:
Marketable securities		87,852			91,634
Other receivables		7,371			5,868
Trademarks		2,046			1,940
Other		12,077			8,899
Total other assets		109,346			108,341
Total assets	$	584,808		$	466,808
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	25,996		$	14,839
Other accrued expenses		55,558			43,239
Total current liabilities		81,554			58,078
Deferred income taxes		35,721			22,285
Other noncurrent liabilities		9,631			6,881
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized;
none issued and outstanding		–			–
Junior participating cumulative preferred stock, $.01 par value,
150,000 shares authorized; none issued and outstanding		–			–
Common stock, $.01 par value, 150,000,000 shares authorized;
52,126,185 and 50,995, 890 issued at December 30, 2003
and December 31, 2002, respectively		521			510
Additional paid-in capital		229,157			205,994
Retained earnings		245,612			187,776
Unrealized gain/(loss) on available-for-sale securities		(161	)		1,664
Treasury stock, 1,077, 300 and 1,047, 300 shares at cost at
December 30, 2003 and December 31, 2002, respectively		(17,227	)		(16,380	)
Total stockholders' equity		457,902			379,564
Total liabilities and stockholders' equity	$	584,808		$	466,808

See the accompanying notes to the consolidated financial statements.