BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for its fiscal 2019 second quarter ended Tuesday, July
2, 2019.
Second Quarter 2019 Highlights Compared
to Second Quarter 2018
- Total revenues grew 4.7% to $301.1 million
- Total restaurant operating weeks increased approximately
2.6%
- Comparable restaurant sales increased 2.0%
- Net income of $14.2 million compared to $16.9 million° Second
quarter 2019 net income was impacted by a $0.7 million expense
related to the adoption of ASU 2016-02° Second quarter 2018 net
income benefited from a $1.1 million excess tax benefit from equity
awards
- Diluted net income per share of
$0.68 compared to $0.79° Second quarter 2019 diluted net income per
share was impacted by a $0.03 expense related to the adoption of
ASU 2016-02° Second quarter 2018 diluted net income per share
benefited from a $0.05 excess tax benefit from equity awards
“BJ's record second quarter revenue reflects our
continued trend of driving comparable restaurant sales coupled with
the success of our new restaurant openings,” commented Greg Trojan,
Chief Executive Officer. “The 2.0% growth in comparable restaurant
sales represents our seventh consecutive quarter of positive
comparable sales and successfully hurdles last year’s second
quarter comparable restaurant sales growth of 5.6%. This solid
topline growth was partially offset by wage rate pressures and
higher commodity costs during the quarter resulting in a 200 basis
point restaurant level margin decrease. While these inflationary
pressures make it challenging to leverage our solid revenue growth,
I am very proud of our team’s dedication and hard work as they
consistently drive industry leading traffic, quarterly sales growth
and high guest satisfaction scores.
“During the quarter, our team successfully
rolled out our new tri-tip slow roasted menu offerings and began
the implementation of our new Gold Standard Kitchen Systems, which
are focused on more efficiently executing kitchen organization,
food prep, food safety, cook speed and the allocation of labor to
each of these important aspects of our business,” added Trojan.
“The investment in these initiatives is always challenging,
especially in the current labor and cost environment, but they are
fortifying our foundation for future success and further
strengthening our higher quality positioning in the casual dining
space. At BJ’s we have always focused on building sales while
complementing these efforts with systems, technology, process
initiatives and other efficiencies that will, over time, allow us
to more than double our restaurant operating base in a high return,
profitable manner. I am confident that with average unit sales
volumes of $5 million plus, solid cash flow from operations and a
strong and flexible balance sheet, we are well positioned to invest
in our business, continue our national expansion and return capital
to our shareholders through our share repurchases and dividend
programs, which together support our goal of enhancing shareholder
value.”
In the second quarter of fiscal 2019, BJ’s
opened new restaurants in Sterling Heights, Michigan and Toms
River, New Jersey. To date in the third quarter, the Company opened
its 206th restaurant and first location in the state of Connecticut
in Manchester. “We expect to open an additional restaurant in the
third quarter and two restaurants in the fourth quarter, thereby
achieving our goal of opening seven restaurants this year. We
remain committed to our long term expansion plan and expanding our
platform to over 425 restaurants over time. Accordingly, our
development team is building a solid pipeline for fiscal 2020 and
2021 new restaurant openings,” concluded Trojan.
During the second quarter of 2019, the Company
repurchased and retired approximately 422,000 shares of its common
stock at a cost of approximately $19.2 million. Since the Company’s
first share repurchase authorization was approved in April 2014,
BJ’s has repurchased and retired approximately 10.4 million shares
at a cost of approximately $408.9 million. The Company has
approximately $91.1 million available under its currently
authorized share repurchase program.
The Company’s Board of Directors declared a cash
dividend of $0.12 per share of common stock payable August 26,
2019, to shareholders of record at the close of business on August
12, 2019. While the Company intends to pay quarterly cash dividends
for the foreseeable future, dividends will be reviewed quarterly
and declared by the Board of Directors at its discretion.
Investor Conference Call and
Webcast
BJ’s Restaurants, Inc. will conduct a conference
call on its second quarter 2019 earnings release today, July 25,
2019, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Senior
management will discuss the financial results and host a question
and answer session. In addition, a live audio webcast of the call
will be accessible to the public on the “Investors” page of the
Company’s website located at http://www.bjsrestaurants.com, and a
recording of the webcast will be archived on the site for 30 days
following the live event. Please allow 15 minutes to register and
download and install any necessary software.
About BJ’s Restaurants,
Inc.
BJ’s Restaurants, Inc. (“BJ’s”) is a national
brand with brewhouse roots and a menu where craft matters. BJ’s
broad menu with over 140 offerings has something for everyone:
slow-roasted entrees like prime rib, BJ’s EnLIGHTened Entrees®
including Cherry Chipotle Glazed Salmon, signature deep dish pizza
and the often imitated, but never replicated world-famous Pizookie®
dessert. BJ’s has been a pioneer in the craft brewing world since
1996, and takes pride in serving BJ’s award-winning proprietary
handcrafted beers, brewed at its brewing operations in five states
and by independent third-party craft brewers. The BJ’s experience
offers high-quality ingredients, bold flavors, moderate prices,
sincere service and a cool, contemporary atmosphere. Founded in
1978, BJ’s owns and operates 206 casual dining restaurants. All
restaurants offer dine-in, take-out, delivery and large party
catering. BJ’s restaurants are located in 28 states: Alabama,
Arizona, Arkansas, California, Colorado, Connecticut, Florida,
Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Nevada,
New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma,
Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee,
Texas, Virginia and Washington. For more BJ’s information, visit
http://www.bjsrestaurants.com.
Forward-Looking Statements
Disclaimer
Certain statements in the preceding paragraphs
and all other statements that are not purely historical constitute
“forward-looking” statements for purposes of the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended, and are
intended to be covered by the safe harbors created thereby. Such
statements include, but are not limited to, those regarding
expected comparable restaurant sales and margin growth in future
periods, total potential domestic capacity, the success of various
sales-building and productivity initiatives, future guest traffic
trends, construction cost savings initiatives and the number and
timing of new restaurants expected to be opened in future periods.
These “forward-looking” statements involve known and unknown risks,
uncertainties and other factors which may cause actual results to
be materially different from those projected or anticipated.
Factors that might cause such differences include, but are not
limited to: (i) our ability to manage new restaurant openings,
(ii) construction delays, (iii) labor shortages, (iv)
increases in minimum wage and other employment related costs,
including compliance with the Patient Protection and Affordable
Care Act and minimum salary requirements for exempt team members,
(v) the effect of credit and equity market disruptions on our
ability to finance our continued expansion on acceptable terms,
(vi) food quality and health concerns and the effect of negative
publicity about us, our restaurants, other restaurants, or others
across the food supply chain, due to food borne illness or other
reasons, whether or not accurate, (vii) factors that impact
California, Texas and Florida, where a substantial number of
our restaurants are located, (viii) restaurant and brewery
industry competition, (ix) impact of certain brewing business
considerations, including without limitation, dependence upon
suppliers, third party contractors and distributors, and related
hazards, (x) consumer spending trends in general for casual dining
occasions, (xi) potential uninsured losses and liabilities due to
limitations on insurance coverage, (xii) fluctuating commodity
costs and availability of food in general and certain raw materials
related to the brewing of our craft beers and energy requirements,
(xiii) trademark and service-mark risks, (xiv) government
regulations and licensing costs, (xv) beer and liquor regulations,
(xvi) loss of key personnel, (xvii) inability to secure acceptable
sites, (xviii) legal proceedings, (xix) other general economic and
regulatory conditions and requirements, (xx) the success of our key
sales-building and related operational initiatives, (xxi) any
failure of our information technology or security breaches with
respect to our electronic systems and data, and (xxii) numerous
other matters discussed in the Company’s filings with the
Securities and Exchange Commission, including its recent reports on
Forms 10-K, 10-Q and 8-K. The “forward-looking” statements
contained in this press release are based on current assumptions
and expectations, and BJ’s Restaurants, Inc. undertakes no
obligation to update or alter its “forward-looking” statements
whether as a result of new information, future events or
otherwise.
For further information, please contact Greg
Levin of BJ’s Restaurants, Inc. at (714) 500-2400 or JCIR at (212)
835-8500 or at bjri@jcir.com.
BJ’s Restaurants, Inc. |
Unaudited Consolidated Statements of Income |
(Dollars in thousands except for per share
data) |
|
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
|
July 2, 2019 |
July 3, 2018 |
|
July 2, 2019 |
July 3, 2018 |
|
Revenues |
$ |
301,090 |
|
100.0 |
% |
|
$ |
287,634 |
|
100.0 |
% |
|
$ |
591,644 |
|
100.0 |
% |
|
$ |
566,157 |
|
100.0 |
% |
|
Restaurant operating costs
(excluding depreciation and amortization): |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
76,861 |
|
25.5 |
|
|
|
72,026 |
|
25.0 |
|
|
|
150,187 |
|
25.4 |
|
|
|
141,997 |
|
25.1 |
|
|
Labor and benefits |
|
108,505 |
|
36.0 |
|
|
|
101,986 |
|
35.5 |
|
|
|
213,726 |
|
36.1 |
|
|
|
202,419 |
|
35.8 |
|
|
Occupancy and operating |
|
64,493 |
|
21.4 |
|
|
|
59,073 |
|
20.5 |
|
|
|
126,084 |
|
21.3 |
|
|
|
116,576 |
|
20.6 |
|
|
General and administrative |
|
15,985 |
|
5.3 |
|
|
|
15,851 |
|
5.5 |
|
|
|
32,881 |
|
5.6 |
|
|
|
30,982 |
|
5.5 |
|
|
Depreciation and amortization |
|
17,839 |
|
5.9 |
|
|
|
17,620 |
|
6.1 |
|
|
|
35,481 |
|
6.0 |
|
|
|
35,074 |
|
6.2 |
|
|
Restaurant opening |
|
610 |
|
0.2 |
|
|
|
835 |
|
0.3 |
|
|
|
1,058 |
|
0.2 |
|
|
|
1,432 |
|
0.3 |
|
|
Loss on disposal of assets |
|
1,042 |
|
0.3 |
|
|
|
1,123 |
|
0.4 |
|
|
|
2,687 |
|
0.5 |
|
|
|
2,184 |
|
0.4 |
|
|
Total costs and expenses |
|
285,335 |
|
94.8 |
|
|
|
268,514 |
|
93.4 |
|
|
|
562,104 |
|
95.0 |
|
|
|
530,664 |
|
93.7 |
|
|
Income from operations |
|
15,755 |
|
5.2 |
|
|
|
19,120 |
|
6.6 |
|
|
|
29,540 |
|
5.0 |
|
|
|
35,493 |
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1,066 |
) |
(0.4 |
) |
|
|
(1,381 |
) |
(0.5 |
) |
|
|
(2,136 |
) |
(0.4 |
) |
|
|
(2,768 |
) |
(0.5 |
) |
|
Other income (expense), net |
|
141 |
|
- |
|
|
|
81 |
|
- |
|
|
|
1,238 |
|
0.2 |
|
|
|
(19 |
) |
- |
|
|
Total other expense |
|
(925 |
) |
(0.3 |
) |
|
|
(1,300 |
) |
(0.5 |
) |
|
|
(898 |
) |
(0.2 |
) |
|
|
(2,787 |
) |
(0.5 |
) |
|
Income before income taxes |
|
14,830 |
|
4.9 |
|
|
|
17,820 |
|
6.2 |
|
|
|
28,642 |
|
4.8 |
|
|
|
32,706 |
|
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
638 |
|
0.2 |
|
|
|
875 |
|
0.3 |
|
|
|
1,586 |
|
0.3 |
|
|
|
1,097 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
14,192 |
|
4.7 |
% |
|
$ |
16,945 |
|
5.9 |
% |
|
$ |
27,056 |
|
4.6 |
% |
|
$ |
31,609 |
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.69 |
|
|
|
$ |
0.81 |
|
|
|
$ |
1.30 |
|
|
|
$ |
1.52 |
|
|
|
Diluted |
$ |
0.68 |
|
|
|
$ |
0.79 |
|
|
|
$ |
1.27 |
|
|
|
$ |
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,692 |
|
|
|
|
20,880 |
|
|
|
|
20,874 |
|
|
|
|
20,733 |
|
|
|
Diluted |
|
20,999 |
|
|
|
|
21,477 |
|
|
|
|
21,232 |
|
|
|
|
21,282 |
|
|
|
Percentages reflected above may not reconcile due
to rounding.
BJ’s Restaurants, Inc. |
|
Selected Consolidated Balance Sheet
Information |
|
(Dollars in thousands) |
|
|
July 2, 2019(unaudited) |
|
January 1, 2019 |
|
Cash and cash equivalents |
$ |
23,376 |
|
$ |
29,224 |
|
Total assets (1) |
$ |
1,055,520 |
|
$ |
695,107 |
|
Total debt |
$ |
100,000 |
|
$ |
95,000 |
|
Shareholders’ equity |
$ |
324,236 |
|
$ |
309,221 |
|
|
(1) Total assets includes $377.4 million of lease right of
use assets, as of the second quarter ended July 2, 2019, related to
the adoption of ASU 2016-02. |
|
BJ’s Restaurants, Inc. |
Unaudited Supplemental Information |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
July 2, 2019 |
July 3, 2018 |
|
July 2, 2019 |
July 3, 2018 |
Stock-based
compensation (1) |
|
|
|
|
|
|
|
|
|
Labor and benefits |
$ |
556 |
|
0.2 |
% |
|
$ |
544 |
|
0.2 |
% |
|
$ |
1,014 |
|
0.2 |
% |
|
$ |
1,122 |
|
0.2 |
% |
General and
administrative |
|
1,739 |
|
0.6 |
|
|
|
1,254 |
|
0.4 |
|
|
|
3,365 |
|
0.6 |
|
|
|
2,959 |
|
0.5 |
|
Total stock-based
compensation |
$ |
2,295 |
|
0.8 |
% |
|
$ |
1,798 |
|
0.6 |
% |
|
$ |
4,379 |
|
0.7 |
% |
|
$ |
4,081 |
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Data |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales %
change |
|
2.0 |
% |
|
|
|
5.6 |
% |
|
|
|
2.0 |
% |
|
|
|
4.9 |
% |
|
Restaurants opened during
period |
|
2 |
|
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
3 |
|
|
Restaurants open at
period-end |
|
205 |
|
|
|
|
200 |
|
|
|
|
205 |
|
|
|
|
200 |
|
|
Restaurant operating
weeks |
|
2,651 |
|
|
|
|
2,584 |
|
|
|
|
5,277 |
|
|
|
|
5,147 |
|
|
|
(1) Percentages represent percent of total revenues. |
Note Regarding Non-GAAP Financial Measures
The Company is reporting below certain non-GAAP
financial results and related reconciliations to the corresponding
GAAP financial measures. These non-GAAP measures are not in
accordance with, or a substitute for, measures prepared in
accordance with GAAP, and may be different from non-GAAP measures
used by other companies. These measures should only be used to
evaluate the Company's results of operations in conjunction with
corresponding GAAP measures.
Restaurant Level Operating Margin
Restaurant level operating margin, a non-GAAP
financial measure, is equal to the revenues generated by our
restaurants less their direct operating costs which consist of cost
of sales, labor and benefits, and occupancy and operating costs.
This performance measure includes only the costs that restaurant
level managers can directly control and excludes other operating
costs that are essential to conduct the Company’s business, as
detailed in the table below. Management uses restaurant level
operating margin as a supplemental measure of restaurant
performance. Management believes restaurant level operating margin
is useful to investors in that it highlights trends in our core
business that may not otherwise be apparent to investors when
relying solely on GAAP financial measures. Because other companies
may calculate restaurant level operating margin differently than we
do, restaurant level operating margin as presented herein may not
be comparable to similarly titled measures reported by other
companies.
A reconciliation of income from operations to
restaurant level operating margin for the second quarter and six
months ended July 2, 2019 and July 3, 2018 is set forth below:
Supplemental Financial Information – Restaurant Level
Operating Margin |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
July 2, 2019 |
July 3, 2018 |
|
July 2, 2019 |
July 3, 2018 |
Income from operations |
$ |
15,755 |
5.2 |
% |
|
$ |
19,120 |
6.6 |
% |
|
$ |
29,540 |
5.0 |
% |
|
$ |
35,493 |
6.3 |
% |
General and administrative |
|
15,985 |
5.3 |
|
|
|
15,851 |
5.5 |
|
|
|
32,881 |
5.6 |
|
|
|
30,982 |
5.5 |
|
Depreciation and amortization |
|
17,839 |
5.9 |
|
|
|
17,620 |
6.1 |
|
|
|
35,481 |
6.0 |
|
|
|
35,074 |
6.2 |
|
Restaurant opening |
|
610 |
0.2 |
|
|
|
835 |
0.3 |
|
|
|
1,058 |
0.2 |
|
|
|
1,432 |
0.3 |
|
Loss on disposal of assets |
|
1,042 |
0.3 |
|
|
|
1,123 |
0.4 |
|
|
|
2,687 |
0.5 |
|
|
|
2,184 |
0.4 |
|
Restaurant level operating
margin |
$ |
51,231 |
17.0 |
% |
|
$ |
54,549 |
19.0 |
% |
|
$ |
101,647 |
17.2 |
% |
|
$ |
105,165 |
18.6 |
% |
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (“Adjusted EBITDA”)
Adjusted EBITDA is a non-GAAP financial measure
that represents the sum of net income, interest expense, income tax
expense, depreciation and amortization, stock-based compensation
expense, other expense (income) and loss on disposal of assets
detailed within the reconciliation below. Management uses Adjusted
EBITDA as a supplemental measure of our performance. Management
believes these measures are useful to investors in that they
highlight cash flow and trends in our core business that may not
otherwise be apparent to investors when relying solely on GAAP
financial measures. Because other companies may calculate these
measures differently than we do, Adjusted EBITDA as presented
herein may not be comparable to similarly titled measures reported
by other companies.
Supplemental Financial Information – Net Income to Adjusted
EBITDA |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
July 2, 2019 |
July 3, 2018 |
|
July 2, 2019 |
July 3, 2018 |
Net income |
$ |
14,192 |
|
4.7 |
% |
|
$ |
16,945 |
|
5.9 |
% |
|
$ |
27,056 |
|
4.6 |
% |
|
$ |
31,609 |
5.6 |
% |
Interest expense, net |
|
1,066 |
|
0.4 |
|
|
|
1,381 |
|
0.5 |
|
|
|
2,136 |
|
0.4 |
|
|
|
2,768 |
0.5 |
|
Income tax expense |
|
638 |
|
0.2 |
|
|
|
875 |
|
0.3 |
|
|
|
1,586 |
|
0.3 |
|
|
|
1,097 |
0.2 |
|
Depreciation and amortization |
|
17,839 |
|
5.9 |
|
|
|
17,620 |
|
6.1 |
|
|
|
35,481 |
|
6.0 |
|
|
|
35,074 |
6.2 |
|
Stock-based compensation expense |
|
2,295 |
|
0.8 |
|
|
|
1,798 |
|
0.6 |
|
|
|
4,379 |
|
0.7 |
|
|
|
4,081 |
0.7 |
|
Other (income) expense, net |
|
(141 |
) |
- |
|
|
|
(81 |
) |
- |
|
|
|
(1,238 |
) |
0.2 |
|
|
|
19 |
- |
|
Loss on disposal of assets |
|
1,042 |
|
0.3 |
|
|
|
1,123 |
|
0.4 |
|
|
|
2,687 |
|
0.5 |
|
|
|
2,184 |
0.4 |
|
Adjusted EBITDA |
$ |
36,931 |
|
12.3 |
% |
|
$ |
39,661 |
|
13.8 |
% |
|
$ |
72,087 |
|
12.2 |
% |
|
$ |
76,832 |
13.6 |
% |
ASU 2016-02 Reconciliation
The following table illustrates the impact from
the adoption of ASU 2016-02 on our results for the second quarter
and six months ended July 2, 2019. The Company believes the
non-GAAP financial measure and reconciliation below provides
analysts and others in the investment community a way to analyze
and compare the Company’s results to prior period results in which
ASU 2016-02 was not applied.
BJ’s Restaurants, Inc. |
Supplemental Financial Information –
ASU 2016-02, Leases, Reconciliation |
(Dollars in thousands except for per
share data) |
|
|
|
Second Quarter Ended |
|
July 2, 2019 |
July 3, 2018 |
|
New Standard |
Total Adjustments |
|
Previous Standard |
Previous Standard |
Revenues |
$ |
301,090 |
|
$ |
- |
|
|
$ |
301,090 |
|
$ |
287,634 |
|
Restaurant
operating costs (excluding depreciation and amortization): |
|
|
|
|
|
Cost of sales |
|
76,861 |
|
|
95 |
|
(1 |
) |
|
76,956 |
|
|
72,026 |
|
Labor and benefits |
|
108,505 |
|
|
- |
|
|
|
108,505 |
|
|
101,986 |
|
Occupancy and operating |
|
64,493 |
|
|
(789 |
) |
(2 |
) |
|
63,704 |
|
|
59,073 |
|
General and administrative |
|
15,985 |
|
|
- |
|
|
|
15,985 |
|
|
15,851 |
|
Depreciation and amortization |
|
17,839 |
|
|
- |
|
|
|
17,839 |
|
|
17,620 |
|
Restaurant opening |
|
610 |
|
|
- |
|
|
|
610 |
|
|
835 |
|
Loss on disposal of assets |
|
1,042 |
|
|
- |
|
|
|
1,042 |
|
|
1,123 |
|
Total costs and
expenses |
|
285,335 |
|
|
(694 |
) |
|
|
284,641 |
|
|
268,514 |
|
Income from operations |
|
15,755 |
|
|
694 |
|
|
|
16,449 |
|
|
19,120 |
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
Interest expense, net |
|
(1,066 |
) |
|
- |
|
|
|
(1,066 |
) |
|
(1,381 |
) |
Other income, net |
|
141 |
|
|
- |
|
|
|
141 |
|
|
81 |
|
Total other
expense |
|
(925 |
) |
|
- |
|
|
|
(925 |
) |
|
(1,300 |
) |
Income before income taxes |
|
14,830 |
|
|
694 |
|
|
|
15,524 |
|
|
17,820 |
|
|
|
|
|
|
|
Income tax
expense |
|
638 |
|
|
- |
|
|
|
638 |
|
|
875 |
|
|
|
|
|
|
|
Net income |
$ |
14,192 |
|
$ |
694 |
|
|
$ |
14,886 |
|
$ |
16,945 |
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
Basic |
$ |
0.69 |
|
$ |
0.03 |
|
|
$ |
0.72 |
|
$ |
0.81 |
|
Diluted |
$ |
0.68 |
|
$ |
0.03 |
|
|
$ |
0.71 |
|
$ |
0.79 |
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
Basic |
|
20,692 |
|
|
20,692 |
|
|
|
20,692 |
|
|
20,880 |
|
Diluted |
|
20,999 |
|
|
20,999 |
|
|
|
20,999 |
|
|
21,477 |
|
(1) Prior to the adoption of ASU 2016-02,
this amount was recorded as “Cost of sales” expenses. Amount
represents contract considerations, which is now required to be
allocated to the lease and non-lease components and recorded as
“Occupancy and operating” expenses.(2) Amount primarily
represents the amortization of deferred sales-leaseback gain
coupled with the contract consideration noted in footnote (1).
Prior to the adoption of ASU 2016-02, sales-leaseback gains were
deferred and amortized over the life of the lease as a credit to
“Occupancy and operating” expenses.
BJ’s Restaurants, Inc. |
Supplemental Financial Information –
ASU 2016-02, Leases, Reconciliation |
(Dollars in thousands except for per
share data) |
|
|
|
Six Months Ended |
|
July 2, 2019 |
July 3, 2018 |
|
New Standard |
Total Adjustments |
|
Previous Standard |
Previous Standard |
Revenues |
$ |
591,644 |
|
$ |
- |
|
|
$ |
591,644 |
|
$ |
566,157 |
|
Restaurant
operating costs (excluding depreciation and amortization): |
|
|
|
|
|
Cost of sales |
|
150,187 |
|
|
188 |
|
(1) |
|
150,375 |
|
|
141,997 |
|
Labor and benefits |
|
213,726 |
|
|
- |
|
|
|
213,726 |
|
|
202,419 |
|
Occupancy and operating |
|
126,084 |
|
|
(1,260 |
) |
(2) |
|
124,824 |
|
|
116,576 |
|
General and administrative |
|
32,881 |
|
|
- |
|
|
|
32,881 |
|
|
30,982 |
|
Depreciation and amortization |
|
35,481 |
|
|
- |
|
|
|
35,481 |
|
|
35,074 |
|
Restaurant opening |
|
1,058 |
|
|
- |
|
|
|
1,058 |
|
|
1,432 |
|
Loss on disposal of assets |
|
2,687 |
|
|
- |
|
|
|
2,687 |
|
|
2,184 |
|
Total costs and
expenses |
|
562,104 |
|
|
(1,072 |
) |
|
|
561,032 |
|
|
530,664 |
|
Income from operations |
|
29,540 |
|
|
1,072 |
|
|
|
30,612 |
|
|
35,493 |
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
Interest expense, net |
|
(2,136 |
) |
|
- |
|
|
|
(2,136 |
) |
|
(2,768 |
) |
Other income (expense), net |
|
1,238 |
|
|
- |
|
|
|
1,238 |
|
|
(19 |
) |
Total other
expense |
|
(898 |
) |
|
- |
|
|
|
(898 |
) |
|
(2,787 |
) |
Income before income taxes |
|
28,642 |
|
|
1,072 |
|
|
|
29,714 |
|
|
32,706 |
|
|
|
|
|
|
|
Income tax
expense |
|
1,586 |
|
|
- |
|
|
|
1,586 |
|
|
1,097 |
|
|
|
|
|
|
|
Net income |
$ |
27,056 |
|
$ |
1,072 |
|
|
$ |
28,128 |
|
$ |
31,609 |
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
Basic |
$ |
1.30 |
|
$ |
0.05 |
|
|
$ |
1.35 |
|
$ |
1.52 |
|
Diluted |
$ |
1.27 |
|
$ |
0.05 |
|
|
$ |
1.32 |
|
$ |
1.49 |
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
Basic |
|
20,874 |
|
|
20,874 |
|
|
|
20,874 |
|
|
20,733 |
|
Diluted |
|
21,232 |
|
|
21,232 |
|
|
|
21,232 |
|
|
21,282 |
|
(1) Prior to the adoption of ASU 2016-02,
this amount was recorded as “Cost of sales” expenses. Amount
represents contract considerations, which is now required to be
allocated to the lease and non-lease components and recorded as
“Occupancy and operating” expenses.(2) Amount primarily
represents the amortization of deferred sales-leaseback gain
coupled with the contract consideration noted in footnote (1).
Prior to the adoption of ASU 2016-02, sales-leaseback gains were
deferred and amortized over the life of the lease as a credit to
“Occupancy and operating” expenses.
BJs Restaurants (NASDAQ:BJRI)
Historical Stock Chart
From Mar 2024 to Apr 2024
BJs Restaurants (NASDAQ:BJRI)
Historical Stock Chart
From Apr 2023 to Apr 2024