BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for the third quarter of fiscal 2009 ending Tuesday,
September 29, 2009.
Total revenues for the third quarter of fiscal 2009 increased
approximately 8.5% to $103.9 million compared to $95.8 million for
the same quarter last year. Comparable restaurant sales decreased
by 1.6% during the third quarter of fiscal 2009 compared to a
decrease of 1.0% during the same quarter last year. Net income and
diluted net income per share for the third quarter of fiscal 2009
increased approximately 55% to $3.2 million and 50% to $0.12,
respectively, compared to the same quarter last year.
"Our leadership team was very pleased that BJ's continued its
forward momentum during the third quarter, despite the significant
pressures created by the ongoing economic recession," commented
Jerry Deitchle, Chairman and Chief Executive Officer. "We were also
pleased that our comparable restaurant sales once again
outperformed the widely-followed Knapp-Track™ benchmark survey for
casual dining comparable sales, which we believe will report an
estimated decrease of at least 6% for the third quarter. We believe
that our comparatively strong sales are the result of our steadily
improving restaurant level operational execution, combined with
favorable consumer response to our marketing and promotional
programs that focus on the communication of BJ’s everyday value and
our new products and services.”
“We expect that the tough economy will continue to keep pressure
on guest traffic for the upcoming quarter and into 2010,
particularly when considering that approximately two-thirds of our
restaurants are located in states with unemployment rates that are
currently higher than the national average,” said Deitchle.
“Nevertheless, BJ's will work hard to control what we can control
and to outperform our peers. We will continue to make prudent
investments in the quality of our food, beverages, facilities and –
most important – our restaurant management talent. By doing so, we
intend to emerge from the recession as an even stronger concept and
company. With only 89 restaurants opened today, we remain confident
in BJ's ability to achieve steady market share gains over time in
the estimated $80 billion casual dining segment of the restaurant
industry."
The Company has successfully opened seven new restaurants to
date during fiscal 2009. Three additional new restaurants are under
construction and all are expected to open before Thanksgiving. As
such, the Company will achieve its originally targeted 15% to 16%
increase in total restaurant operating weeks for the year. Based on
the current status of its new restaurant development pipeline, the
Company expects to open as many as 10 to 11 new restaurants during
fiscal 2010 and has thereby set a preliminary targeted increase in
total restaurant operating weeks in the range of 13% to 14% for
next year. “We believe that BJ’s is one of just a few publicly-held
casual dining restaurants companies that achieved double-digit
capacity growth during 2009, and that also plans to achieve that
level of growth during 2010,” commented Deitchle. Investors are
reminded that the actual number and timing of new restaurant
openings for any given period 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
third quarter earnings release today, October 22, 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 89 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,
entrées 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
(47), Texas (15), 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,
future guest traffic, 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 47 of our current 89 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, 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.
Further information concerning the Company’s results of
operations for third quarter 2009 will be provided in the Company’s
Form 10-Q filing, to be filed with the Securities and Exchange
Commission by November 8, 2009.
For further information, please contact Greg Levin of BJ’s
Restaurants, Inc. at (714) 500-2400.
BJ’s Restaurants, Inc.
Unaudited Consolidated
Statements of Income
(Dollars in thousands except for per share data)
Thirteen Weeks Ended Thirty-Nine
Weeks Ended September 29, September 30,
September 29, September 30, 2009
2008 2009 2008
Revenues $ 103,904 100.0 % $ 95,751
100.0 % $ 314,072 100.0 % $ 274,800 100.0 % Costs and expenses:
Cost of sales 26,087 25.1 24,298 25.4 78,352 24.9 69,221 25.2 Labor
and benefits 35,996 34.6 33,460 34.9 109,719 34.9 96,621 35.2
Occupancy and operating 22,781 21.9 21,916 22.9 67,606 21.5 58,739
21.4 General and administrative 7,054 6.8 5,683 5.9 21,790 6.9
20,077 7.3 Depreciation and amortization 6,104 5.9 4,992 5.2 17,705
5.6 13,744 5.0 Restaurant opening 1,481 1.4 2,673 2.8 3,153 1.0
6,015 2.2 Loss on disposal of assets – – – – – – 351 0.1 Natural
disaster and related – – 446
0.5 – – 446
0.2 Total costs and expenses 99,503 95.7
93,468 97.6 298,325
94.8 265,214 96.6
Income from operations
4,401 4.3 2,283 2.4 15,747 5.2 9,586 3.4 Other income:
Interest income, net 54 0.1 284 0.3 197 0.1 1,310 0.5 Other income,
net 50 0.1 79 0.1
246 0.1 280 0.1
Total other income 104 0.2 363
0.4 443 0.2 1,590
0.6
Income before income taxes
4,505 4.5 2,646 2.8 16,190 5.4 11,176 4.0 Income tax expense
1,336 1.3 606 0.6
4,873 1.6 3,123 1.1
Net income $ 3,169 3.2 % $ 2,040
2.2 % $ 11,317 3.8 % $ 8,053 2.9 % Net
income per share: Basic $ 0.12 $ 0.08 $ 0.42 $ 0.31 Diluted
$ 0.12 $ 0.08 $ 0.42 $ 0.30 Weighted average number of
shares outstanding: Basic 26,756 26,496 26,742
26,403 Diluted 27,232 26,746
27,084 26,733
Selected Consolidated Balance Sheet
Information (Dollars in thousands)
Balance Sheet Data (end of
period):
September 29,
2009
(unaudited)
December 30,
2008
(audited)
Cash and cash equivalents $ 12,693 $ 8,852
Investments (1) $ 28,510 $ 30,617 Total assets $ 359,078 $
335,209 Total long-term debt, including current portion $
7,000 $ 9,500 Shareholders’ equity $ 247,006 $ 232,277
(1) Investments are comprised of
auction rate securities classified as available for sale and
recorded at their fair value as of September 29, 2009 and December
30, 2008.
Supplemental Information (Dollars in
thousands) Thirteen Weeks
Ended Thirty-Nine Weeks Ended
September 29,
September 30, September 29,
September 30, 2009 2008
2009 2008 Stock-based compensation (2)
Labor and benefits (3) ($130 )
-0.1 % $ 177 0.2 % $ 371 0.1 % 606 0.2 % General and administrative
517 0.5 636
0.7 1,725 0.6
1,861 0.7 Total stock based
compensation $ 387 0.4 % $ 813
0.9 % $ 2,096 0.7 % $ 2,467
0.9 %
Unaudited Operating Data (4)
Comparable restaurant sales % change -1.6 % -1.0 % -1.0 % -0.1 %
Restaurants opened during period 2 6 5 12 Restaurants open at
period-end 87 79 87 79 Restaurant operating weeks 1,116 997 3,279
2,805
(2) Percentages represent percent
of total revenues.
(3) Decrease is related to a
favorable forfeiture rate adjustment.
(4) Excludes the one licensed
restaurant.
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