BJ�s Restaurants, Inc. (NASDAQ:BJRI) today reported revenues and
net income for the third quarter of fiscal 2006 ended October 3,
2006. Highlights for the 13 weeks ended October 3, 2006, compared
to the 13 weeks ended October 4, 2005, were as follows: Revenues
increased approximately 30% to $61.8 million Comparable restaurant
sales increased 5.3% Net income of approximately $2.4 million
Diluted net income per share of $0.10 During the first quarter of
fiscal 2006, the Company adopted SFAS No. 123 (Revised),
"Share-Based Payment." SFAS No. 123R requires the fair value
measurement of all stock-based payments to employees, including
grants of stock options, and recognition of those expenses in the
Company�s results of operations. The results for fiscal 2005 do not
include the impact of SFAS 123R. If the impact of SFAS 123R was
included on a pro-forma (non-GAAP) basis in the prior year�s third
quarter, net income and diluted net income per share for the third
quarter of fiscal 2006 would have increased approximately 17% and
25% respectively. Reconciliations between GAAP and non-GAAP results
are included in the accompanying financial data. �BJ�s leadership
team was very pleased with our strong performance during the third
quarter,� commented Jerry Deitchle, President and CEO. �Our
comparable restaurant sales increased a strong 5.3% during the
third quarter in spite of a very challenging sales and operating
environment for casual dining restaurants in general and
successfully rolled over a solid 5.5% increase achieved during the
same quarter last year. BJ�s has now achieved 40 consecutive
quarters of positive comparable restaurant sales comparisons since
our 1996 IPO, which is truly an impressive accomplishment. We
believe our consistent strong sales growth during the past 10 years
can be attributed to the unusually broad �approachability� of the
BJ�s concept to all consumer demographics, coupled with our
unwavering focus on delivering a higher quality dining experience
at a price point that remains the same or lower than many of the
�mass market� casual dining restaurants with which we compete. We
believe our favorable competitive positioning should continue to
provide the �oxygen� for BJ�s future growth.� During the third
quarter, the Company opened two new restaurants (El Paso, TX and
Temecula, CA) with initial sales volumes well in excess of
expectations. Three new restaurants (Bakersfield, CA; Arlington,
TX; and Aurora, CO) have already opened during the current fourth
quarter, with two of those restaurants opening on the same day. The
Company expects to open its 11th new restaurant during 2006 in
Reno, NV prior to Thanksgiving. �We are very pleased to have
accomplished our previously stated goal to open as many as 11 new
restaurants during 2006,� commented Deitchle. The Company continues
to target capacity growth of 20% to 25% during fiscal 2007,
measured in terms of total restaurant operating weeks. As many as
13 new restaurants are currently planned for 2007 openings. Nine
signed leases or purchase agreements are already in hand for those
potential openings (with four of those restaurants currently under
construction). Another 15 signed letters of intent are already in
hand for potential 2007/2008 openings. �We continue to be very
pleased with the overall quality of our prospective restaurant
sites, as well as the capabilities and depth of our restaurant
construction and opening teams,� said Deitchle. �We have solid
confidence in our ability to execute our 2007 new restaurant
opening plan.� As previously noted in the Company�s 2005 annual
report and accompanying letter to shareholders, the Company is in
the final stages of structuring a meaningful performance-based
equity incentive plan, BJ�s Gold Standard Stock Ownership Plan, for
its restaurant general managers, executive kitchen managers and
field supervision personnel. �The recruitment, retention and
motivation of highly qualified restaurant management personnel
remains absolutely critical to the successful execution of BJ�s
national restaurant expansion plan, as well as to help maintain and
improve the talent necessary to provide consistent execution of our
established high volume, operationally complex restaurants,�
commented Deitchle. The new equity incentive plan is currently
expected to consist of awards of restricted stock units that will
require five-year service and performance commitments. �This
incentive plan will give us the ability to compete for the very
best restaurant management talent available, and we are excited to
offer it to our current restaurant management team as well,� said
Deitchle. The annualized non-cash pre-tax compensation expense
associated with these awards is currently expected to average
approximately $16,000 per restaurant on an ongoing basis. �We
believe the modest cost of this plan will be recovered over time by
improved operational execution and lower expenses related to
restaurant manager turnover,� commented Deitchle. Effective the
fiscal third quarter of 2005, the Company changed its fiscal
week-end from Sunday to Tuesday. This change was completed to
facilitate operational efficiencies by transferring certain
administrative tasks away from the weekends when its restaurants
are busiest. Accordingly, the thirteen weeks ended October 3, 2006
contain 91 days as compared to 93 days for the thirteen weeks ended
October 4, 2005. The two additional days of operations contributed
$705,000 of additional revenues to the thirteen weeks ended October
4, 2005. Investor Conference Call and Webcast BJ�s Restaurants,
Inc. will conduct a conference call on its third quarter earnings
release today, October 26, 2006, at 2:00 p.m. (Pacific). The
Company will provide an Internet simulcast, as well as a replay of
the conference call. The link to the simulcast and rebroadcast can
be found on the Company�s website at http://www.bjsrestaurants.com.
The rebroadcast will be available following the live broadcast and
continue for 30 days. BJ�s Restaurants, Inc. currently owns and
operates 54 casual dining restaurants under the BJ�s Restaurant and
Brewery, BJ�s Restaurant and Brewhouse or BJ�s Pizza & Grill
brand names. BJ�s restaurants offer an innovative and broad menu
featuring award-winning, signature deep-dish pizza complemented
with generously portioned salads, sandwiches, soups, pastas,
entr�es and desserts. Quality, flavor, value, moderate prices and
sincere service remain distinct attributes of the BJ�s experience.
The Company operates 11 microbreweries which produce and distribute
BJ�s critically acclaimed handcrafted beers throughout the chain.
The Company�s restaurants are located in California (35), Texas
(8), Arizona (4), Oregon (3), Colorado (3) and Nevada (1). The
Company also has a licensing interest in a BJ�s restaurant in
Lahaina, Maui.�Visit BJ�s Restaurants, Inc. on the web at
http://www.bjsrestaurants.com. 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 and Exchange Act of 1934,
as amended, and are intended to be covered by the safe harbors
created thereby. Such statements include disclosure regarding
implementation of the Company's fiscal 2006 key initiatives,
expectations as to restaurant openings and the effects on SFAS 123R
on diluted net income per share for 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 an increasing number of new
restaurant openings, (ii) construction delays, (iii) labor
shortages, (iv) minimum wage increases (v) food quality and health
concerns, (vi) factors that impact California, where 35 of our
current 54 restaurants are located, (vii) restaurant and brewery
industry competition, (viii) impact of certain brewery business
considerations, including without limitation, dependence upon
suppliers and related hazards, (ix) consumer trends, (x) potential
uninsured losses and liabilities, (xi) fluctuating commodity costs
including food and energy, (xii) trademark and servicemark risks,
(xiii) government regulations, (xiv) licensing costs (xv) beer and
liquor regulations, (xvi) loss of key personnel, (xvii) inability
to secure acceptable sites, (xviii) limitations on insurance
coverage, (xix) legal proceedings, (xx) other general economic and
regulatory conditions and requirements, (xxi) and numerous other
matters discussed in the Company�s filings with the Securities and
Exchange Commission. 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.
Further information concerning the Company�s results of operations
for third quarter 2006 will be provided in the Company�s Form 10-Q
filing, to be filed with the Securities and Exchange Commission by
no later than November 13, 2006. For further information, please
contact Greg Levin of BJ�s Restaurants, Inc. (714) 848-3747 ext.
240. BJ�s Restaurants, Inc. Unaudited Consolidated Statements of
Income (Dollars in thousands except for per share data) � Thirteen
Weeks Ended Thirty-Nine Weeks Ended October 3, October 4, October
3, October 4, 2006� � 2005� 2006� � 2005� � Revenues $61,796�
100.0% $47,578� 100.0% $172,995� 100.0% $128,956� 100.0% Costs and
expenses: Cost of sales 16,043� 26.0� 12,057� 25.3� 44,525� 25.7�
32,670� 25.3� Labor and benefits 21,427� 34.7� 17,201� 36.2�
60,129� 34.8� 46,278� 35.9� Occupancy and operating expenses
12,039� 19.5� 9,103� 19.1� 33,263� 19.2� 24,513� 19.0� General and
administrative 5,099� 8.3� 3,430� 7.2� 14,817� 8.6� 9,552� 7.4�
Depreciation and amortization 2,619� 4.2� 1,835� 3.9� 7,067� 4.1�
4,902� 3.8� Restaurant opening expense 1,308� � 2.1� � 899� � 1.9�
3,647� � 2.1� � 3,003� � 2.3� Total costs and expenses 58,535� �
94.8� � 44,525� � 93.6� 163,448� � 94.5� � 120,918� � 93.7� Income
from operations 3,261� 5.2� 3,053� 6.4� 9,547� 5.5� 8,038� 6.3� �
Other income: Interest income, net 321� 0.5� 369� 0.8� 1,089� 0.6�
762� 0.6� Other income, net 5� � �� � 4� � -� 37� � �� � 121� �
0.1� Total other income 326� � 0.5� � 373� � 0.8� 1,126� � 0.6� �
883� � 0.7� Income before income taxes 3,587� 5.7� 3,426� 7.2�
10,673� 6.1� 8,921� 7.0� � Income tax expense 1,215� � 2.0� �
1,117� � 2.3� 3,650� � 2.1� � 2,885� � 2.2� � Net income $2,372� �
3.7% � $2,309� � 4.9% $7,023� � 4.0% � $6,036� � 4.8% � Net income
per share: Basic $0.10� $0.10� $0.31� $0.28� � Diluted $0.10�
$0.10� $0.30� $0.26� � Weighted average number of shares
outstanding: Basic 22,918� 22,682� 22,869� 21,934� � Diluted
23,693� 24,001� 23,751� 23,163� Selected Balance Sheet Information
(Dollars in thousands) � Balance Sheet Data (end of period):
October 3, 2006 (unaudited) January 3,2006 � Cash, cash equivalents
and short-term investments $29,780� $49,847� � Total assets
$177,897� $163,958� � Total long-term debt, including current
portion $ �� $ �� � Shareholders� equity $140,534� $129,899�
Thirteen Weeks Ended Thirty-Nine Weeks Ended October 3, October 4,
October 3, October 4, Supplemental Information (1) 2006� 2005�
2006� 2005� � Comparable restaurant sales % change 5.3% 5.5% 6.0%
4.4% Restaurants opened during period 2� 1� 7� 6� Restaurants open
at period-end 51� 41� 51� 41� Restaurant operating weeks 653� 542�
1,847� 1,494� (1) Excludes the one licensed restaurant
Reconciliation of Non-GAAP Financial Measures The following table
illustrates the effect on net income and net income per share if
the Company had applied the fair value recognition provisions of
FAS 123R to all periods presented. This pro-forma non-GAAP
financial information includes financial measures which the Company
reconciles to the results reported in accordance with GAAP. The
Company believes that pro-forma non-GAAP reporting for prior
periods, giving effect to the adjustments shown in the
reconciliation below, is useful to investors to permit them to
compare the Company�s results to prior periods using consistent
assumptions regarding stock-based compensation. In addition, the
Company believes that its competitors report similar non-GAAP
financial information and, as a result, investors, analysts and
others in the investment community expect such information to be
reported as it allows them to better compare the Company's results
with those of its competitors. The Company uses such non-GAAP
financial measures to analyze and compare the performance of its
core business. The pro-forma non-GAAP financial information
presented herein should be considered supplemental to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP. (Unaudited, dollars in thousands except per
share data) � Thirteen Weeks Ended Thirty-Nine Weeks Ended October
3, 2006 October 4, 2005 October 3, 2006 October 4, 2005 (As
Reported) � (Pro Forma) (As Reported) � (Pro Forma) � Net income
before stock based compensation $2,655� 4.2% $2,309� 4.8% (a)
$7,869� 4.4% $6,036� 4.8% (a) Stock based compensation: Labor and
benefits (10) �� (3) �� (29) �� (22) �� General and administrative
(425) (0.7) (441) (0.9) (1,273) (0.7) (2,405) (1.9) Tax benefit of
stock based compensation 152� � 0.2� � 160� � 0.3� 456� � 0.3� �
876� � 0.7� Net income $2,372� � 3.7% � $2,025� � 4.2% (b) $7,023�
� 4.0% � $4,485� � 3.6% (b) � Basic net income per share: Net
income before stock based compensation $0.11� $0.10� (a) $0.35�
$0.28� (a) Stock based compensation, net (0.01) (0.01) (0.04)
(0.08) Basic net income per share $0.10� $0.09� (b) $0.31� $0.20�
(b) � Diluted net income per share: Net income before stock based
compensation $0.11� $0.10� (a) $0.34� $0.26� (a) Stock based
compensation, net (0.01) (0.02) (0.04) (0.07) Diluted net income
per share $0.10� $0.08� (b) $0.30� $0.19� (b) (a) Represents net
income and basic and diluted net income per share for the 2005
period under GAAP as reported in the Company's filings with the
Securities and Exchange Commission. (b) Represents pro-forma
non-GAAP net income and basic and diluted net income per share for
the 2005 period as if the Company had applied the fair value
recognition provisions of FAS 123R to prior quarters. BJ's
Restaurants, Inc. (NASDAQ:BJRI) today reported revenues and net
income for the third quarter of fiscal 2006 ended October 3, 2006.
Highlights for the 13 weeks ended October 3, 2006, compared to the
13 weeks ended October 4, 2005, were as follows: -- Revenues
increased approximately 30% to $61.8 million -- Comparable
restaurant sales increased 5.3% -- Net income of approximately $2.4
million -- Diluted net income per share of $0.10 During the first
quarter of fiscal 2006, the Company adopted SFAS No. 123 (Revised),
"Share-Based Payment." SFAS No. 123R requires the fair value
measurement of all stock-based payments to employees, including
grants of stock options, and recognition of those expenses in the
Company's results of operations. The results for fiscal 2005 do not
include the impact of SFAS 123R. If the impact of SFAS 123R was
included on a pro-forma (non-GAAP) basis in the prior year's third
quarter, net income and diluted net income per share for the third
quarter of fiscal 2006 would have increased approximately 17% and
25% respectively. Reconciliations between GAAP and non-GAAP results
are included in the accompanying financial data. "BJ's leadership
team was very pleased with our strong performance during the third
quarter," commented Jerry Deitchle, President and CEO. "Our
comparable restaurant sales increased a strong 5.3% during the
third quarter in spite of a very challenging sales and operating
environment for casual dining restaurants in general and
successfully rolled over a solid 5.5% increase achieved during the
same quarter last year. BJ's has now achieved 40 consecutive
quarters of positive comparable restaurant sales comparisons since
our 1996 IPO, which is truly an impressive accomplishment. We
believe our consistent strong sales growth during the past 10 years
can be attributed to the unusually broad 'approachability' of the
BJ's concept to all consumer demographics, coupled with our
unwavering focus on delivering a higher quality dining experience
at a price point that remains the same or lower than many of the
'mass market' casual dining restaurants with which we compete. We
believe our favorable competitive positioning should continue to
provide the 'oxygen' for BJ's future growth." During the third
quarter, the Company opened two new restaurants (El Paso, TX and
Temecula, CA) with initial sales volumes well in excess of
expectations. Three new restaurants (Bakersfield, CA; Arlington,
TX; and Aurora, CO) have already opened during the current fourth
quarter, with two of those restaurants opening on the same day. The
Company expects to open its 11th new restaurant during 2006 in
Reno, NV prior to Thanksgiving. "We are very pleased to have
accomplished our previously stated goal to open as many as 11 new
restaurants during 2006," commented Deitchle. The Company continues
to target capacity growth of 20% to 25% during fiscal 2007,
measured in terms of total restaurant operating weeks. As many as
13 new restaurants are currently planned for 2007 openings. Nine
signed leases or purchase agreements are already in hand for those
potential openings (with four of those restaurants currently under
construction). Another 15 signed letters of intent are already in
hand for potential 2007/2008 openings. "We continue to be very
pleased with the overall quality of our prospective restaurant
sites, as well as the capabilities and depth of our restaurant
construction and opening teams," said Deitchle. "We have solid
confidence in our ability to execute our 2007 new restaurant
opening plan." As previously noted in the Company's 2005 annual
report and accompanying letter to shareholders, the Company is in
the final stages of structuring a meaningful performance-based
equity incentive plan, BJ's Gold Standard Stock Ownership Plan, for
its restaurant general managers, executive kitchen managers and
field supervision personnel. "The recruitment, retention and
motivation of highly qualified restaurant management personnel
remains absolutely critical to the successful execution of BJ's
national restaurant expansion plan, as well as to help maintain and
improve the talent necessary to provide consistent execution of our
established high volume, operationally complex restaurants,"
commented Deitchle. The new equity incentive plan is currently
expected to consist of awards of restricted stock units that will
require five-year service and performance commitments. "This
incentive plan will give us the ability to compete for the very
best restaurant management talent available, and we are excited to
offer it to our current restaurant management team as well," said
Deitchle. The annualized non-cash pre-tax compensation expense
associated with these awards is currently expected to average
approximately $16,000 per restaurant on an ongoing basis. "We
believe the modest cost of this plan will be recovered over time by
improved operational execution and lower expenses related to
restaurant manager turnover," commented Deitchle. Effective the
fiscal third quarter of 2005, the Company changed its fiscal
week-end from Sunday to Tuesday. This change was completed to
facilitate operational efficiencies by transferring certain
administrative tasks away from the weekends when its restaurants
are busiest. Accordingly, the thirteen weeks ended October 3, 2006
contain 91 days as compared to 93 days for the thirteen weeks ended
October 4, 2005. The two additional days of operations contributed
$705,000 of additional revenues to the thirteen weeks ended October
4, 2005. Investor Conference Call and Webcast BJ's Restaurants,
Inc. will conduct a conference call on its third quarter earnings
release today, October 26, 2006, at 2:00 p.m. (Pacific). The
Company will provide an Internet simulcast, as well as a replay of
the conference call. The link to the simulcast and rebroadcast can
be found on the Company's website at http://www.bjsrestaurants.com.
The rebroadcast will be available following the live broadcast and
continue for 30 days. BJ's Restaurants, Inc. currently owns and
operates 54 casual dining restaurants under the BJ's Restaurant and
Brewery, BJ's Restaurant and Brewhouse or BJ's Pizza & Grill
brand names. BJ's restaurants offer an innovative and broad menu
featuring award-winning, signature deep-dish pizza complemented
with generously portioned salads, sandwiches, soups, pastas,
entrees and desserts. Quality, flavor, value, moderate prices and
sincere service remain distinct attributes of the BJ's experience.
The Company operates 11 microbreweries which produce and distribute
BJ's critically acclaimed handcrafted beers throughout the chain.
The Company's restaurants are located in California (35), Texas
(8), Arizona (4), Oregon (3), Colorado (3) and Nevada (1). The
Company also has a licensing interest in a BJ's restaurant in
Lahaina, Maui. Visit BJ's Restaurants, Inc. on the web at
http://www.bjsrestaurants.com. 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 and Exchange Act of 1934,
as amended, and are intended to be covered by the safe harbors
created thereby. Such statements include disclosure regarding
implementation of the Company's fiscal 2006 key initiatives,
expectations as to restaurant openings and the effects on SFAS 123R
on diluted net income per share for 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 an increasing number of new
restaurant openings, (ii) construction delays, (iii) labor
shortages, (iv) minimum wage increases (v) food quality and health
concerns, (vi) factors that impact California, where 35 of our
current 54 restaurants are located, (vii) restaurant and brewery
industry competition, (viii) impact of certain brewery business
considerations, including without limitation, dependence upon
suppliers and related hazards, (ix) consumer trends, (x) potential
uninsured losses and liabilities, (xi) fluctuating commodity costs
including food and energy, (xii) trademark and servicemark risks,
(xiii) government regulations, (xiv) licensing costs (xv) beer and
liquor regulations, (xvi) loss of key personnel, (xvii) inability
to secure acceptable sites, (xviii) limitations on insurance
coverage, (xix) legal proceedings, (xx) other general economic and
regulatory conditions and requirements, (xxi) and numerous other
matters discussed in the Company's filings with the Securities and
Exchange Commission. 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.
Further information concerning the Company's results of operations
for third quarter 2006 will be provided in the Company's Form 10-Q
filing, to be filed with the Securities and Exchange Commission by
no later than November 13, 2006. For further information, please
contact Greg Levin of BJ's Restaurants, Inc. (714) 848-3747 ext.
240. -0- *T BJ's Restaurants, Inc. Unaudited Consolidated
Statements of Income (Dollars in thousands except for per share
data) Thirteen Weeks Ended ------------------------------- October
3, October 4, 2006 2005 ------------------------------- Revenues
$61,796 100.0% $47,578 100.0% Costs and expenses: Cost of sales
16,043 26.0 12,057 25.3 Labor and benefits 21,427 34.7 17,201 36.2
Occupancy and operating expenses 12,039 19.5 9,103 19.1 General and
administrative 5,099 8.3 3,430 7.2 Depreciation and amortization
2,619 4.2 1,835 3.9 Restaurant opening expense 1,308 2.1 899 1.9
------------------------------- Total costs and expenses 58,535
94.8 44,525 93.6 ------------------------------- Income from
operations 3,261 5.2 3,053 6.4 Other income: Interest income, net
321 0.5 369 0.8 Other income, net 5 - 4 -
------------------------------- Total other income 326 0.5 373 0.8
------------------------------- Income before income taxes 3,587
5.7 3,426 7.2 Income tax expense 1,215 2.0 1,117 2.3
------------------------------- Net income $2,372 3.7% $2,309 4.9%
=============================== Net income per share: Basic $0.10
$0.10 ======== ======== Diluted $0.10 $0.10 ======== ========
Weighted average number of shares outstanding: Basic 22,918 22,682
======== ======== Diluted 23,693 24,001 ======== ========
Thirty-Nine Weeks Ended ---------------------------------- October
3, October 4, 2006 2005 ---------------------------------- Revenues
$172,995 100.0% $128,956 100.0% Costs and expenses: Cost of sales
44,525 25.7 32,670 25.3 Labor and benefits 60,129 34.8 46,278 35.9
Occupancy and operating expenses 33,263 19.2 24,513 19.0 General
and administrative 14,817 8.6 9,552 7.4 Depreciation and
amortization 7,067 4.1 4,902 3.8 Restaurant opening expense 3,647
2.1 3,003 2.3 ---------------------------------- Total costs and
expenses 163,448 94.5 120,918 93.7
---------------------------------- Income from operations 9,547 5.5
8,038 6.3 Other income: Interest income, net 1,089 0.6 762 0.6
Other income, net 37 - 121 0.1 ----------------------------------
Total other income 1,126 0.6 883 0.7
---------------------------------- Income before income taxes
10,673 6.1 8,921 7.0 Income tax expense 3,650 2.1 2,885 2.2
---------------------------------- Net income $7,023 4.0% $6,036
4.8% ================================== Net income per share: Basic
$0.31 $0.28 ========== ========= Diluted $0.30 $0.26 ==========
========= Weighted average number of shares outstanding: Basic
22,869 21,934 ========== ========= Diluted 23,751 23,163 ==========
========= *T -0- *T Selected Balance Sheet Information (Dollars in
thousands) October 3, Balance Sheet Data (end of period): 2006
January 3, (unaudited) 2006 ----------- ---------- Cash, cash
equivalents and short-term investments $29,780 $49,847 Total assets
$177,897 $163,958 Total long-term debt, including current portion
$- $- Shareholders' equity $140,534 $129,899 *T -0- *T Thirteen
Weeks Ended Thirty-Nine Weeks Ended -----------------------
------------------------ October 3, October 4, October 3, October
4, Supplemental 2006 2005 2006 2005 Information (1) -----------
----------- ------------ ----------- Comparable restaurant sales %
change 5.3% 5.5% 6.0% 4.4% Restaurants opened during period 2 1 7 6
Restaurants open at period-end 51 41 51 41 Restaurant operating
weeks 653 542 1,847 1,494 *T -0- *T (1) Excludes the one licensed
restaurant *T Reconciliation of Non-GAAP Financial Measures The
following table illustrates the effect on net income and net income
per share if the Company had applied the fair value recognition
provisions of FAS 123R to all periods presented. This pro-forma
non-GAAP financial information includes financial measures which
the Company reconciles to the results reported in accordance with
GAAP. The Company believes that pro-forma non-GAAP reporting for
prior periods, giving effect to the adjustments shown in the
reconciliation below, is useful to investors to permit them to
compare the Company's results to prior periods using consistent
assumptions regarding stock-based compensation. In addition, the
Company believes that its competitors report similar non-GAAP
financial information and, as a result, investors, analysts and
others in the investment community expect such information to be
reported as it allows them to better compare the Company's results
with those of its competitors. The Company uses such non-GAAP
financial measures to analyze and compare the performance of its
core business. The pro-forma non-GAAP financial information
presented herein should be considered supplemental to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP. -0- *T (Unaudited, dollars in thousands
except per share data) Thirteen Weeks Ended
------------------------------ October 3, October 4, 2006 2005 (As
Reported) (Pro Forma) ------------------------------ Net income
before stock based compensation $2,655 4.2% $2,309 4.8%(a) Stock
based compensation: Labor and benefits (10) - (3) - General and
administrative (425) (0.7) (441) (0.9) Tax benefit of stock based
compensation 152 0.2 160 0.3 ------------------------ ----- Net
income $2,372 3.7% $2,025 4.2%(b) ======================== =====
Basic net income per share: Net income before stock based
compensation $0.11 $0.10 (a) Stock based compensation, net (0.01)
(0.01) ------- ------- Basic net income per share $0.10 $0.09 (b)
======= ======= Diluted net income per share: Net income before
stock based compensation $0.11 $0.10 (a) Stock based compensation,
net (0.01) (0.02) ------- ------- Diluted net income per share
$0.10 $0.08 (b) ======= ======= Thirty-Nine Weeks Ended
------------------------------- October 3, October 4, 2006 2005 (As
Reported) (Pro Forma) ------------------------------- Net income
before stock based compensation $7,869 4.4% $6,036 4.8%(a) Stock
based compensation: Labor and benefits (29) - (22) - General and
administrative (1,273) (0.7) (2,405) (1.9) Tax benefit of stock
based compensation 456 0.3 876 0.7 ------------------------- -----
Net income $7,023 4.0% $4,485 3.6%(b) =========================
===== Basic net income per share: Net income before stock based
compensation $0.35 $0.28 (a) Stock based compensation, net (0.04)
(0.08) -------- ------- Basic net income per share $0.31 $0.20 (b)
======== ======= Diluted net income per share: Net income before
stock based compensation $0.34 $0.26 (a) Stock based compensation,
net (0.04) (0.07) -------- ------- Diluted net income per share
$0.30 $0.19 (b) ======== ======= *T -0- *T (a) Represents net
income and basic and diluted net income per share for the 2005
period under GAAP as reported in the Company's filings with the
Securities and Exchange Commission. (b) Represents pro-forma
non-GAAP net income and basic and diluted net income per share for
the 2005 period as if the Company had applied the fair value
recognition provisions of FAS 123R to prior quarters. *T
BJs Restaurants (NASDAQ:BJRI)
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BJs Restaurants (NASDAQ:BJRI)
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