BJ�s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for the first quarter of fiscal 2009 that ended on Tuesday,
March 31, 2009.
Total revenues increased approximately 18% to $102.4 million
compared to $86.8 million for the same quarter last year.
Comparable restaurant sales decreased by only 0.1% during the first
quarter of fiscal 2009 compared to flat comparable restaurant sales
for the same quarter last year. Net income and diluted net income
per share for the first quarter of fiscal 2009 increased
approximately 20% to $3.8 million and 17% to $0.14, respectively,
compared to the first quarter of last year.
�Our leadership team was pleased with our overall performance
for the first quarter of 2009,� commented Jerry Deitchle, Chairman
and Chief Executive Officer. �Despite the continuing economic
recession and its related pressure on consumer discretionary
spending, our comparable restaurant sales were essentially flat
during the quarter compared to an estimated decrease of 4.2% in
comparable casual dining restaurant sales reported by the
Knapp-Track� survey for the first quarter. We believe that our
solid comparable sales performance is a strong testament to the
broad approachability of the BJ�s concept to all consumer
demographics, coupled with our unwavering focus to deliver a higher
quality dining experience at a price point that remains the same or
lower than most of our �mass market� casual dining competitors. In
addition to our favorable comparable sales performance, we believe
that our restaurant operators and support team did an effective job
of managing controllable costs and expenses�during the quarter.
While we currently believe that the tough economy will continue to
keep pressure on overall casual dining customer traffic for at
least the rest of 2009, BJ�s will continue to work hard to
outperform its peers and steadily capture additional market share
in the estimated $80 billion casual dining segment.�
The Company successfully opened two new restaurants during the
first quarter of 2009 (in Gainesville, Florida, and Henderson,
Nevada). �We are very pleased with initial sales volumes for our
first two new restaurants of 2009,� said Deitchle. �Our restaurant
in Gainesville set a new sales record for a non-California BJ�s
restaurant by achieving over $150,000 of opening week sales, a
record they subsequently broke the following week. Additionally,
sales for our new Henderson, Nevada, restaurant (in the Las Vegas
market) continue to track well in excess of $100,000 per week.� The
Company currently remains on track to open as many 9 to 11 new
restaurants during 2009 and thereby achieve a targeted increase of
15% to 16% in total restaurant operating weeks for the year. The
Company currently expects to open no new restaurants during the
second quarter; as many as four to five new restaurants during the
third quarter; and as many as three to four new restaurants during
the fourth quarter. The actual number and timing of new restaurant
openings is subject to a number of factors outside of the Company's
control, including weather conditions and factors under the control
of landlords, contractors and regulatory/licensing authorities.
Investor Conference Call and Webcast
BJ�s Restaurants, Inc. will conduct a conference call on its
first quarter earnings release today, April 23, 2009, at 2:00 p.m.
(Pacific Time). The Company will provide an Internet simulcast, as
well as a replay of the conference call. To listen to the
conference call, please visit the �Investors� page of the Company's
website located at http://www.bjsrestaurants.com several minutes
prior to the start of the call to register and download any
necessary audio software. An archive of the presentation will be
available for 30 days following the call.
BJ's Restaurants, Inc. currently owns and operates 84 casual
dining restaurants under the BJ's Restaurant & Brewery, BJ's
Restaurant & 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, appetizers, 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 several microbreweries which produce and
distribute BJ's critically acclaimed handcrafted beers throughout
the chain. The Company's restaurants are located in California
(44), Texas (13), Arizona (5), Colorado (3), Oregon (2), Nevada
(3), Florida (5), Ohio (2), Oklahoma (2), Kentucky (1), Indiana
(1), Louisiana (1) and Washington (2). 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, but are not limited to, those regarding
expected comparable restaurant sales growth in future periods,
those regarding the effect of new sales-building initiatives, as
well as those regarding the number of restaurants expected to be
opened in future periods and the timing and location of such
openings. 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) the effect of recent credit and equity
market disruptions on our ability to finance our continued
expansion on acceptable terms, (ii) our ability to manage an
increasing number of new restaurant openings, (iii) construction
delays, (iv) labor shortages, (v) minimum wage increases, (vi) food
quality and health concerns, (vii) factors that impact California,
where 44 of our current 84 restaurants are located, (viii)
restaurant and brewery industry competition, (ix) impact of certain
brewery business considerations, including without limitation,
dependence upon suppliers and related hazards, (x) consumer
spending trends in general for casual dining occasions, (xi)
potential uninsured losses and liabilities, (xii) fluctuating
commodity costs and availability of food in general and certain raw
materials related to the brewing of our handcrafted beers and
energy, (xiii) trademark and servicemark risks, (xiv) government
regulations, (xv) licensing costs, (xvi) beer and liquor
regulations, (xvii) loss of key personnel, (xviii) inability to
secure acceptable sites, (xix) limitations on insurance coverage,
(xx) legal proceedings, (xxi) other general economic and regulatory
conditions and requirements, (xxii) the success of our key
sales-building and related operational initiatives and (xxiii)
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 first quarter 2009 will be provided in the Company�s
Form 10-Q filing, to be filed with the Securities and Exchange
Commission by May 11, 2009.
BJ�s Restaurants, Inc. Unaudited Consolidated Statements
of Income (Dollars in thousands except for per share
data) � �
For the Thirteen Weeks Ended March 31,
2009 �
April 1, 2008
Statement of Income Data: � � Revenues $ 102,425 100.0 % $
86,822 100.0 % � Costs and expenses: Cost of sales 25,441 24.8
21,897 25.2 Labor and benefits 36,295 35.4 30,671 35.3 Operating
and occupancy expenses 21,715 21.2 17,746 20.4 General and
administrative expenses 7,135 7.0 7,396 8.5 Depreciation and
amortization 5,710 5.6 4,268 4.9 Restaurant opening expense 984 1.0
1,127 1.3 Loss on disposal of assets � - - � � 52 - � Total cost
and expenses � 97,280 95.0 � � 83,157 95.6 � Income from operations
5,145 5.0 3,665 4.4 � Other income: Interest income, net 76 0.1 651
0.7 Other income, net � 149 0.1 � � 140 0.1 � Total other income �
225 0.2 � � 791 0.8 � Income before income tax expense 5,370 5.2
4,456 5.2 � Income tax expense � 1,611 1.6 � � 1,336 1.5 � � Net
income $ 3,759 3.6 % $ 3,120 3.7 % � Net income per share: Basic $
0.14 $ 0.12 �
Diluted
$ 0.14 $ 0.12 � Weighted average number of shares outstanding:
Basic 26,732 26,359 � Diluted 26,904 26,736 �
Selected
Consolidated Balance Sheet Information (Dollars in
thousands) � �
Balance Sheet Data (end of
period):
March 31,
2009
(unaudited)
December 30,
2008
(audited)
� Cash and cash equivalents $ 6,299 $ 8,852 � Investments (1) $
29,497 $ 30,617 � Total assets $ 331,277 $ 335,209 � Total
long-term debt, including current portion $ 8,000 $ 9,500 �
Shareholders� equity $ 236,476 $ 232,277 �
(1) Investments are comprised of
auction rate securities classified as available for sale and
recorded at their fair value as of March 31, 2009 and December 30,
2008.
�
Supplemental Information (Dollars in thousands) �
For the Thirteen Weeks Ended March 31, 2009 �
April 1, 2008 Stock based compensation (2) � � Labor
and benefits $ 273 0.3 % $ 208 0.2 % General and administrative �
606 � 0.6 � � 608 � 0.7 � Total stock based compensation $ 879 � �
0.9 % $ 816 � � 0.9 % �
Unaudited Operating Data (3)
Comparable restaurant sales % change -0.1 % 0.0 % Restaurants
opened during period 2 2 Restaurants open at period-end 84 69
Restaurant operating weeks 1,071 894 �
(2) Percentages represent percent
of total revenues.
�
(3) Excludes the one licensed
restaurant.
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