Exhibit 99.1

     NEWS RELEASE

CONTACTS:		R. Jeffrey Williams		Gene Marbach
		Interim Chief Financial Officer		Investor Relations
		O’Charley’s Inc.		Makovsky + Company
		(615) 782-8982		(212) 508-9600

O’CHARLEY’S INC. REPORTS FOURTH QUARTER AND FISCAL 2010 RESULTS

NASHVILLE, Tenn. (February 4, 2011) — O’Charley’s Inc. (Nasdaq: CHUX) today reported operating results for the 12-week and 52-week periods ended December 26, 2010.

Financial and Operating Highlights

	•		For the fourth quarter of 2010, revenue decreased by 1.4 percent to $183.5 million, from $186.0 million in the fourth quarter of 2009. Same-store sales at O’Charley’s company-operated restaurants declined by 1.4 percent in the quarter, as a 0.8 percent increase in average check was offset by a 2.1 percent decline in guest counts. Same-store sales at Ninety Nine Restaurants increased by 1.3 percent, as a 3.0 percent increase in average check was partially offset by a 1.6 percent decline in guest counts. Same-store sales at Stoney River Legendary Steaks increased by 3.7 percent, as a 10.3 percent increase in guest counts was partially offset by a 6.0 percent decline in average check.
	•		For the 2010 fiscal year, revenue decreased by 4.2 percent to $830.1 million, from $866.3 million in fiscal 2009. Same-store sales at O’Charley’s company-operated restaurants declined by 4.9 percent for the year, on a 1.6 percent decline in guest counts and a 3.3 percent decline in average check. Same-store sales at Ninety Nine Restaurants declined by 1.5 percent for the year, as a 0.1 percent increase in average check was offset by a 1.6 percent decline in guest counts. Same-store sales at Stoney River Legendary Steaks declined by 1.5 percent for the year as a 9.8 percent increase in guest counts was offset by a 10.2 percent decline in average check.
	•		Restaurant-level margins declined to 11.1 percent of restaurant sales in the fourth quarter from 13.1 percent of restaurant sales in the prior year quarter. This decline was due primarily to higher cost of food and beverage, as well as higher restaurant operating costs as a percent of restaurant sales. For the full year, restaurant-level margins declined to 13.6 percent of restaurant sales from 15.7 percent in the prior year.

CHUX Reports Fourth Quarter and Full Year Results for 2010
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	•		General and administrative expenses for the quarter were $10.1 million, or 5.5 percent of revenue, and included severance costs of $1.5 million related to organizational changes made in the quarter. These changes were made to reduce overhead costs and to better position the Company for improved performance in fiscal 2011 and beyond. General and administrative expenses for the prior year quarter were $8.8 million, or 4.7 percent of revenue.
	•		During the fourth quarter of 2010, the Company closed 19 restaurants. Loss from continuing operations for the fourth quarter of 2010 includes charges for asset impairment and disposal, severance and other exit costs for ten of these closed locations that are deemed to be a component of continuing operations. These charges totaled $9.2 million and $6.3 million in the fourth quarter of 2010 and 2009, respectively.
	•		Loss from operations in the fourth quarter of 2010 was $15.2 million, or 8.3 percent of revenue, while loss from operations was $17.3 million, or 2.1 percent of revenue, for the full year. In comparison, loss from operations in the fourth quarter 2009 was $7.7 million, or 4.1 percent of revenue, while income from operations was $10.6 million, or 1.2 percent of revenue, for the full year.
	•		Loss from continuing operations was $16.4 million, or $0.77 per diluted share, in the fourth quarter of 2010 compared to a loss from continuing operations of $11.8 million, or $0.56 per diluted share, in the prior-year quarter. Loss from continuing operations for the full year of 2010 was $27.3 million, or $1.29 per diluted share, compared to a loss from continuing operations of $3.2 million, or $0.15 per diluted share, in the prior year.
	•		Nine of the restaurants closed during the fourth quarter of 2010 have been classified as discontinued operations in accordance with Accounting Standards Codification Topic 205-20 “Presentation of Financial Statements — Discontinued Operations.” Charges for asset impairment and disposal, severance and other exit costs as well as the results of operations for these restaurants are shown in “Loss from discontinued operations, net.” Prior year results for these restaurants have been classified and presented as discontinued operations. During the fourth quarter of 2010, these charges were $4.2 million, or $0.20 per diluted share, compared to $3.4 million, or $0.16 per diluted share, in the fourth quarter of 2009. “Loss from discontinued operations, net” for the fiscal year of 2010 was $7.6 million, or $0.36 per diluted share, compared to “Loss from discontinued operations, net” in the prior year of $4.2 million, or $0.20 per diluted share.

     “Clearly, the results in the fourth quarter and in fiscal 2010 were disappointing to all,” said David W. Head, president and chief executive officer of O’Charley’s Inc. “During the quarter, we closed a number of underperforming restaurants and also made reductions in our overhead costs. These were extremely difficult decisions that we felt were necessary in order to improve our competitive positioning and as a continuing step on the road to profitable growth.”

     “During the fourth quarter, we made progress in our turnaround efforts as all three restaurant concepts achieved sequential improvement in sales comparisons and record guest satisfaction scores. Same store sales growth at Ninety Nine and Stoney River accelerated from the third quarter, and same store sales comparisons at O’Charley’s improved sequentially for the second consecutive quarter. During 2011, we expect to continue our efforts to drive guest loyalty by ensuring that every guest experiences

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great food, great service and strong value, while we manage our costs to improve our financial performance. We strongly believe in the potential of our three concepts.”

Stoney River Management Change

     The Company also announced that, effective February 2, 2011, Alfred (Fred) L. Thimm, Jr. joined the Company as President of the Stoney River Legendary Steaks concept. Thimm had previously served as the president and chief executive officer of Al Copeland Investments, Restaurant Division, and prior to that as president and chief operating officer of The Palm restaurants during their expansion from nine to 30 locations. Head stated, “Fred brings extensive experience to our leadership team and we believe that our Stoney River concept will benefit greatly from his expertise.” The Company also announced that Anthony (Tony) Halligan, III will be leaving his position as president of the Stoney River concept to pursue other interests.

Outlook for the First Quarter of 2011

     For the first quarter of 2011, the Company is forecasting total revenue of between $260 million and $266 million, income from operations of between $3 million and $6 million, and adjusted EBITDA of between $16 million and $19 million. The Company’s first fiscal quarter is a 16-week quarter, while the remaining three quarters have 12 weeks each. Based upon historical seasonal patterns, average weekly sales per restaurant and restaurant level margins are higher in the first quarter than in the subsequent three quarters. Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to income from operations is included with the supplementary information to this release.

Investor Conference Call and Web Simulcast

     O’Charley’s Inc. will conduct a conference call on its 2010 fourth quarter earnings release on February 4, 2011, at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (877) 941-6009, and the confirmation passcode is 4400968. Please dial in 10 minutes prior to the beginning of the call. A replay of the conference call will be available through February 18, 2011, by dialing (800) 406-7325 and entering passcode 4400968.

     The live broadcast of O’Charley’s conference call will be available online: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=82565&eventID=3661039.

     If you are unable to participate during the live Webcast, the call will be archived on the Company’s Web site at www.ocharleysinc.com, as well as www.streetevents.com and www.earnings.com, and will be available through February 18, 2011.

About O’Charley’s Inc.

O’Charley’s Inc., headquartered in Nashville, Tennessee, is a multi-concept restaurant company that operates or franchises a total of 346 restaurants under three brands: O’Charley’s, Ninety Nine Restaurant, and Stoney River Legendary Steaks. The O’Charley’s concept includes 230 restaurants in 19 states in the Southeast and Midwest, including 221 company-owned and operated O’Charley’s restaurants, and 9 restaurants operated by franchisees. The menu, with an emphasis on fresh preparation, features several specialty items, such as hand-cut and aged USDA choice steaks, a variety of seafood and chicken, freshly baked yeast rolls, fresh salads with special-recipe salad dressings and signature caramel pie. The company operates Ninety Nine restaurants

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in 106 locations throughout New England and upstate New York. Ninety Nine has earned a strong reputation as a friendly, comfortable place to gather and enjoy great American food and drink at a terrific price. The menu features a wide selection of appetizers, salads, sandwiches, burgers, entrees and desserts. The company operates 10 Stoney River Legendary Steaks restaurants in six states in the Southeast and Midwest. The steakhouse concept appeals to both upscale casual-dining and fine-dining guests by offering high-quality food and attentive customer service typical of high-end steakhouses, but at more moderate prices.

Forward Looking Statement

The forward looking statements in this press release and statements made by or on behalf of the Company relating hereto, including those containing words like “forecast,” “expect,” “project,” “believe,” “may,” “could,” “anticipate,” and “estimate,” are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the finalization of the Company’s fourth quarter and year-end financial and accounting procedures, and may be affected by certain risks and uncertainties, including, but not limited to, the deterioration in the United States economy and the related adverse effect on our sales of decreased consumer spending; the Company’s ability to comply with the terms and conditions of its financing agreements; the Company’s ability to maintain or increase operating margins and same-store sales at its restaurants; the effect that increases in food, labor, energy, interest costs and other expenses have on our results; the effect of increased competition; the Company’s ability to sell or sublease closed restaurants and other surplus assets; and the other risks described in the Company’s filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, you should not regard the inclusion of such information as a representation by us that our objectives, plans and projected results of operations will be achieved and the Company’s actual results could differ materially from such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to the forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

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CHUX Reports Fourth Quarter and Full Year Results for 2010

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February 4, 2011

O’Charley’s Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
12 Weeks Ended December 26, 2010 and December 27, 2009

All percentages shown as a percentage of total revenue unless indicated otherwise

										(2)
		2010								2009
		(in thousands, except per share data)
Revenues:
Restaurant sales		$	183,246				99.9	%		$	185,704				99.9	%
Franchise and other revenue			204				0.1	%			266				0.1	%
			183,450				100.0	%			185,970				100.0	%
Costs and expenses:
Cost of food and beverage			55,916				30.5	%			54,603				29.4	%
Payroll and benefits			66,674				36.4	%			68,107				36.7	%
Restaurant operating costs			40,394				22.0	%			38,703				20.8	%
Cost of restaurant sales (1), excluding depreciation and amortization shown below			162,984				88.9	%			161,413				86.9	%
Advertising and marketing expenses			7,166				3.9	%			6,479				3.5	%
General and administrative expenses			10,054				5.5	%			8,832				4.7	%
Depreciation and amortization of property and equipment			9,161				5.0	%			10,430				5.6	%
Impairment and disposal charges, net			9,246				5.0	%			6,293				3.4	%
Pre-opening costs			0				0.0	%			180				0.1	%
			198,611				108.3	%			193,627				104.1	%
Loss from operations			(15,161	)			-8.3	%			(7,657	)			-4.1	%
Other expense (income):
Interest expense, net			2,407				1.3	%			2,516				1.4	%
Other, net			(3	)			0.0	%			4				0.0	%
			2,404				1.3	%			2,520				1.4	%
Loss from continuing operations and before income taxes			(17,565	)			-9.6	%			(10,177	)			-5.5	%
Income tax (benefit) expense			(1,155	)			-0.6	%			1,646				0.9	%
Loss from continuing operations			(16,410	)			-8.9	%			(11,823	)			-6.4	%
Loss from discontinued operations, net			(4,200	)			-2.3	%			(3,393	)			-1.8	%
Net loss		$	(20,610	)			-11.2	%		$	(15,216	)			-8.2	%
Net loss per share-basic and diluted
Loss from continuing operations		$	(0.77	)						$	(0.56	)
Loss from discontinued operations		$	(0.20	)						$	(0.16	)
Net loss		$	(0.97	)						$	(0.72	)
Weighted-average common shares outstanding			21,330								20,989

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O’Charley’s Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
52 Weeks Ended December 26, 2010 and December 27, 2009

All percentages shown as a percentage of total revenue unless indicated otherwise

										(2)
		2010								2009
		(in thousands, except per share data)
Revenues:
Restaurant sales		$	828,982				99.9	%		$	865,342				99.9	%
Franchise and other revenue			1,127				0.1	%			931				0.1	%
			830,109				100.0	%			866,273				100.0	%
Costs and expenses:
Cost of food and beverage			247,558				29.9	%			252,207				29.1	%
Payroll and benefits			293,629				35.4	%			305,418				35.3	%
Restaurant operating costs			175,025				21.1	%			171,930				19.9	%
Cost of restaurant sales (1), excluding depreciation and amortization shown below			716,212				86.4	%			729,555				84.3	%
Advertising and marketing expenses			34,655				4.2	%			32,234				3.7	%
General and administrative expenses			39,474				4.8	%			38,343				4.4	%
Depreciation and amortization of property and equipment			42,093				5.1	%			46,460				5.4	%
Impairment, disposal and restructuring charges, net			14,998				1.8	%			8,437				1.0	%
Pre-opening costs			7				0.0	%			597				0.1	%
			847,439				102.1	%			855,626				98.8	%
(Loss) income from operations			(17,330	)			-2.1	%			10,647				1.2	%
Other expense (income):
Interest expense, net			11,812				1.4	%			11,628				1.3	%
Other, net			(8	)			0.0	%			(68	)			0.0	%
			11,804				1.4	%			11,560				1.3	%
Loss from continuing operations and before income taxes			(29,134	)			-3.5	%			(913	)			-0.1	%
Income tax (benefit) expense			(1,849	)			-0.2	%			2,254				0.3	%
Loss from continuing operations			(27,285	)			-3.3	%			(3,167	)			-0.4	%
Loss from discontinued operations, net			(7,630	)			-0.9	%			(4,158	)			-0.5	%
Net loss		$	(34,915	)			-4.2	%		$	(7,325	)			-0.8	%
Net loss per share-basic and diluted
Loss from continuing operations		$	(1.29	)						$	(0.15	)
Loss from discontinued operations		$	(0.36	)						$	(0.20	)
Net loss		$	(1.65	)						$	(0.35	)
Weighted-average common shares outstanding			21,211								20,826

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O’Charley’s Inc.
Condensed Consolidated Balance Sheets (unaudited)
At December 26, 2010 and December 27, 2009

		2010				2009
		(in thousands)
Cash		$	29,693			$	21,880
Other current assets			33,051				34,174
Property and equipment, net			320,012				366,850
Trade names and other intangible assets			25,946				25,946
Other assets			14,039				13,405
Total assets		$	422,741			$	462,255
Current portion of long-term debt and capital leases		$	1,710			$	1,979
Other current liabilities			74,747				71,019
Long-term debt, net of current portion			117,164				128,121
Capitalized lease obligations			0				1,798
Other liabilities			50,887				50,219
Shareholders’ equity			178,233				209,119
Total liabilities and shareholders’ equity		$	422,741			$	462,255

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O’Charley’s Inc. and Subsidiaries
Financial and Other Information (unaudited)
12 and 52 Weeks Ended December 26, 2010 and December 27, 2009
All percentages shown as percentage of restaurant sales

						Quarter								Full Year
						2010				2009				2010				2009
O’Charley’s Concept:
Number of restaurants open at period end			(1	)			221				235				221				235
Average check per guest			(1	)		$	12.33			$	12.23			$	12.43			$	12.85
Average weekly sales per restaurant			(1	)		$	42,260			$	42,480			$	44,107			$	46,189
Restaurant sales (millions)						$	115.9			$	118.6			$	529.2			$	558.9
Costs and expenses:
Cost of food and beverage							30.8	%			29.6	%			29.9	%			29.0	%
Payroll and benefits							36.9	%			36.7	%			35.6	%			35.2	%
Restaurant operating costs (2)							21.6	%			20.2	%			20.6	%			19.0	%
Cost of restaurant sales							89.3	%			86.5	%			86.1	%			83.2	%
Ninety Nine Concept:
Number of restaurants open at period end							106				116				106				116
Average check per guest						$	14.97			$	14.53			$	14.63			$	14.61
Average weekly sales per restaurant						$	44,976			$	43,515			$	46,611			$	46,734
Restaurant sales (millions)						$	58.7			$	58.9			$	265.9			$	273.5
Costs and expenses:
Cost of food and beverage							29.2	%			28.3	%			29.1	%			28.5	%
Payroll and benefits							36.8	%			37.9	%			36.3	%			36.3	%
Restaurant operating costs (2)							23.4	%			22.2	%			22.2	%			21.5	%
Cost of restaurant sales							89.4	%			88.4	%			87.6	%			86.3	%
Stoney River Concept:
Number of restaurants open at period end (3)							11				11				11				11
Average check per guest						$	36.62			$	38.87			$	36.35			$	41.20
Average weekly sales per restaurant						$	65,302			$	63,347			$	59,206			$	59,456
Restaurant sales (millions)						$	8.6			$	8.2			$	33.9			$	32.9
Costs and expenses:
Cost of food and beverage							35.0	%			35.0	%			35.7	%			36.1	%
Payroll and benefits							27.0	%			27.7	%			26.9	%			29.3	%
Restaurant operating costs (2)							18.9	%			18.9	%			19.9	%			20.7	%
Cost of restaurant sales							80.9	%			81.6	%			82.5	%			86.1	%

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February 4, 2011

O’Charley’s Inc. and Subsidiaries
Calculation of Adjusted EBITDA (unaudited) (1)
A Non-GAAP Financial Measure
12 and 52 Weeks Ended December 26, 2010 and December 27, 2009

		Quarter								Full Year
		2010				2009				2010				2009
(Loss) Income from Operations		$	(15,161	)		$	(7,657	)		$	(17,330	)		$	10,647
Add:
Depreciation and amortization			9,161				10,430				42,093				46,460
Impairment and disposal charges, net (2)			9,246				6,293				14,998				8,437
Stock-based compensation expense (3)			502				1,024				3,562				4,440
Severance, recruiting and relocation expense (4)			1,455				79				3,850				514
Changes in deferred compensation balances (5)			239				312				378				902
Adjusted EBITDA		$	5,442			$	10,481			$	47,551			$	71,400

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