BJ's Restaurants, Inc. Reports Financial Results for the First Quarter of Fiscal 2010
April 22 2010 - 3:03PM
BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial
results for the first quarter of fiscal 2010 that ended on Tuesday,
March 30, 2010.
Total revenues increased approximately 19% to $121.7 million
compared to $102.4 million for the same quarter last year.
Comparable restaurant sales increased by 4.4% during the first
quarter of fiscal 2010 compared to a decrease of 0.1% for the same
quarter last year. Net income and diluted net income per share for
the first quarter of fiscal 2010 increased approximately 16% to
$4.4 million and 14% to $0.16, respectively, compared to the first
quarter of last year.
"Our leadership team is pleased to report solid increases in
sales and earnings for the first quarter, despite the ongoing
economic challenges facing consumers in many of our key markets,"
said Jerry Deitchle, Chairman and Chief Executive Officer.
"Thanks to the continuing effective execution of our restaurant
operators, coupled with the success of our new February menu, which
included our 'Snacks and Small Bites' menu introduction as well as
upgrades to our kids' menu and lunch specials, guest traffic in our
comparable restaurants moved into positive territory for the first
time since the third quarter of 2007. Furthermore, our guest
traffic comparisons remain positive for the first few weeks of the
second quarter. While the estimated direct and indirect costs
incurred to roll out these menu enhancements totaled approximately
$0.02 per share during the quarter, this investment strategically
strengthened BJ's competitive positioning as a higher quality, more
differentiated concept with exceptional value for the
consumer. During the last two recessionary years, some of our
competitors adopted a defensive philosophy of saving their way to
success, and either deferred or eliminated many investments that
might have added more quality and value to their concepts. At
BJ's, we continued to prudently invest in new restaurant growth as
well as in our food, service, facilities, talent base and support
infrastructure, so that we will be well positioned to emerge from
the recession as an even stronger market-share 'taker' in the
estimated $80 billion casual dining segment over the longer
term."
The Company successfully opened two new restaurants during the
first quarter of 2010 in Fort Worth, Texas (Alliance Town Center)
and Escondido, California (North County Fair Mall). Initial
sales volumes for both new restaurants remain
strong. "We believe that BJ's is one of just a few
publicly-held casual dining restaurant companies to target
double-digit capacity growth during 2010," commented
Deitchle. "Our 2010 new restaurant development pipeline is in
excellent shape as of today, and we are already working on
potential locations for 2011 openings. Six new restaurants
are currently under construction and other potential restaurant
locations are in their final stages of permitting and plan
development. As of this date, we expect to open two new
restaurants in the second quarter, four in the third quarter and as
many as two or three new restaurants during the fourth
quarter." Investors are reminded that 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 22, 2010, 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 94 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
(50), Texas (17), Arizona (5), Colorado (3), Oregon (2), Nevada
(3), Florida (5), Ohio (2), Oklahoma (2), Kentucky (1), Indiana
(1), Louisiana (1) and Washington (2). 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 50 of our current 94 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 service-mark 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 2010 will be provided in the Company's
Form 10-Q filing, to be filed with the Securities and Exchange
Commission by May 9, 2010.
|
BJ's Restaurants, Inc.
|
|
Unaudited Consolidated Statements of Income
|
|
(Dollars in thousands except for per share
data)
|
|
|
|
For the Thirteen Weeks Ended
|
|
|
March 30, 2010
|
March 31, 2009
|
|
Statement of Income Data:
|
|
|
|
|
|
|
|
|
|
Revenues
|
$121,686
|
100.0%
|
$102,425
|
100.0%
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
Cost of sales
|
30,064
|
24.7
|
25,441
|
24.8
|
|
Labor and benefits
|
43,420
|
35.7
|
36,295
|
35.4
|
|
Operating and occupancy
|
26,012
|
21.4
|
21,715
|
21.2
|
|
General and administrative
|
8,474
|
7.0
|
7,135
|
7.0
|
|
Depreciation and amortization
|
6,731
|
5.5
|
5,710
|
5.6
|
|
Restaurant opening
|
1,129
|
0.9
|
984
|
1.0
|
|
Loss on disposal of assets
|
140
|
0.1
|
--
|
--
|
|
Total cost and expenses
|
115,970
|
95.3
|
97,280
|
95.0
|
|
Income from operations
|
5,716
|
4.7
|
5,145
|
5.0
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
Interest income
|
29
|
--
|
109
|
0.1
|
|
Interest expense
|
(21)
|
--
|
(33)
|
--
|
|
Other income, net
|
236
|
0.2
|
149
|
0.1
|
|
Total other income
|
244
|
0.2
|
225
|
0.2
|
|
Income before income tax expense
|
5,960
|
4.9
|
5,370
|
5.2
|
|
|
|
|
|
|
|
Income tax expense
|
1,610
|
1.3
|
1,611
|
1.6
|
|
|
|
|
|
|
|
Net income
|
$4,350
|
3.6%
|
$3,759
|
3.6%
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
Basic
|
$0.16
|
|
$0.14
|
|
|
|
|
|
|
|
|
Diluted
|
$0.16
|
|
$0.14
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
Basic
|
26,872
|
|
26,732
|
|
|
|
|
|
|
|
|
Diluted
|
27,723
|
|
26,904
|
|
|
|
|
|
|
|
|
Selected Consolidated Balance Sheet
Information
|
(Dollars in thousands)
|
|
|
|
Balance Sheet Data (end of period):
|
March 30,
2010
(unaudited)
|
December 30,
2009
(audited)
|
|
|
|
Cash and cash equivalents
|
$22,401
|
$44,906
|
|
|
|
Short term investments
|
$10,850
|
$--
|
|
|
|
Long term investments
|
$4,132
|
$--
|
|
|
|
Total assets
|
$374,185
|
$381,122
|
|
|
|
Total long-term debt, including current portion
|
$2,500
|
$5,000
|
|
|
|
Shareholders' equity
|
$260,836
|
$252,979
|
|
|
|
Supplemental Information
|
(Dollars in thousands)
|
|
|
|
For the Thirteen Weeks Ended
|
|
March 30, 2010
|
March 31, 2009
|
Stock based compensation (1)
|
|
|
|
|
Labor and benefits
|
$226
|
0.2%
|
$273
|
0.3%
|
General and administrative
|
778
|
0.6
|
606
|
0.6
|
Total stock based compensation
|
$1,004
|
0.8%
|
$879
|
0.9%
|
|
|
|
|
|
Unaudited Operating Data
|
|
|
|
|
Comparable restaurant sales % change
|
4.4%
|
|
-0.1%
|
|
Restaurants opened during period
|
2
|
|
2
|
|
Restaurants open at period-end
|
94
|
|
84
|
|
Restaurant operating weeks
|
1,199
|
|
1,071
|
|
(1) Percentages represent percent of total
revenues.
|
|
|
|
|
|
|
|
|
|
CONTACT: BJ's Restaurants, Inc.
Greg Levin
(714) 500-2400
![BJ's Restaurants, Inc.](http://media.primezone.com/cache/12013/small/7544.jpg)
BJs Restaurants (NASDAQ:BJRI)
Historical Stock Chart
From Jun 2024 to Jul 2024
BJs Restaurants (NASDAQ:BJRI)
Historical Stock Chart
From Jul 2023 to Jul 2024