BJ'S Restaurants, Inc. Reports Financial Results for the First Quarter of Fiscal 2011
April 20 2011 - 4:03PM
BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial
results for the first quarter of fiscal 2011 that ended on Tuesday,
March 29, 2011.
Highlights for the first quarter, compared to the same quarter
last year, were as follows:
- Total revenues increased 19% to $144.9 million
- Comparable restaurant sales increased 7.8%
- Operating income margin increased 230 basis points to 7.0%
- Net income increased 65% to $7.2 million
- Diluted net income per share increased 56% to $0.25
- Total restaurant operating weeks increased 11%
"Our leadership team was pleased with the Company's strong
performance for the first quarter of 2011," commented Jerry
Deitchle Chairman and Chief Executive Officer. "Our comparable
restaurant sales increase of 7.8% successfully hurdled a solid 4.4%
increase in the same quarter last year, which is quite impressive.
We are sales builders first and foremost at BJ's, and we plan to
continue our focus on driving additional sales increases through
the effective execution of our operational, merchandising and
capital expenditure initiatives for 2011. Additionally, our
restaurant operators continue to do an excellent job of managing
our sales increases by effectively leveraging the technological and
other systems we implemented during the past few years to improve
the dining experience for our guests and to also protect our
four-wall restaurant operating margins."
The Company successfully opened two new restaurants during the
first quarter of 2011 in Tyler, Texas (Broadway Square Mall) and
Sacramento, California (Arden Fair Mall). "We remain very
pleased with the initial sales volumes of our two new restaurant
openings this year to date," continued Deitchle. Seven new
restaurants are currently under construction for potential openings
later this year. The Company remains on track to open as many
as 12 to 13 new restaurants during 2011. As of this date,
three new restaurants are expected to open in the second quarter,
four in the third quarter and as many as three or four 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 20, 2011, 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 104 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
(52), Texas (21), Arizona (6), Colorado (4), Oregon (2), Nevada
(4), Florida (6), 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 and 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 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 52 of our current 104 restaurants are located, (viii)
restaurant and brewery industry competition, (ix) impact of certain
brewery business considerations, including without limitation,
dependence upon suppliers, third party contractors 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 2011 will be provided in the Company's
Form 10-Q filing, to be filed with the Securities and Exchange
Commission by May 8, 2011.
BJ's Restaurants,
Inc. |
Unaudited Consolidated
Statements of Income |
(Dollars in thousands
except for per share data) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
|
March 29,
2011 |
March 30,
2010 |
Revenues |
$144,862 |
100.0% |
$121,686 |
100.0% |
Costs and expenses: |
|
|
|
|
Cost of sales |
35,720 |
24.7 |
30,064 |
24.7 |
Labor and benefits |
50,465 |
34.8 |
43,420 |
35.7 |
Occupancy and operating |
29,316 |
20.2 |
26,012 |
21.4 |
General and administrative |
9,918 |
6.8 |
8,474 |
7.0 |
Depreciation and amortization |
7,947 |
5.5 |
6,731 |
5.5 |
Restaurant opening |
1,001 |
0.7 |
1,129 |
0.9 |
Loss on disposal of assets |
385 |
0.3 |
140 |
0.1 |
Total costs and expenses |
134,752 |
93.0 |
115,970 |
95.3 |
Income from operations |
10,110 |
7.0 |
5,716 |
4.7 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest income |
32 |
– |
29 |
– |
Interest expense |
(28) |
– |
(21) |
– |
Other income, net |
238 |
0.2 |
236 |
0.2 |
Total other income (expense) |
242 |
0.2 |
244 |
0.2 |
Income before income taxes |
10,352 |
7.2 |
5,960 |
4.9 |
|
|
|
|
|
Income tax expense |
3,157 |
2.2 |
1,610 |
1.3 |
|
|
|
|
|
Net income |
$ 7,195 |
5.0% |
$ 4,350 |
3.6% |
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ 0.26 |
|
$ 0.16 |
|
|
|
|
|
|
Diluted |
$ 0.25 |
|
$ 0.16 |
|
|
|
|
|
|
Weighted average number of shares
outstanding: |
|
|
|
|
Basic |
27,426 |
|
26,872 |
|
|
|
|
|
|
Diluted |
28,837 |
|
27,723 |
|
|
|
|
|
|
|
Selected Consolidated
Balance Sheet Information |
(Dollars in
thousands) |
|
|
|
Balance Sheet Data (end of
period): |
March 29, 2011
(unaudited) |
December 28, 2010
(audited) |
|
|
|
Cash, cash equivalents and short-term
investments |
$ 48,058 |
$ 53,192 |
|
|
|
Non-current investments |
$ 1,991 |
$ 1,005 |
|
|
|
Total assets |
$ 430,954 |
$ 430,085 |
|
|
|
Total long-term debt, including current
portion |
$ -- |
$ -- |
|
|
|
Shareholders' equity |
$ 299,765 |
$ 287,826 |
|
Supplemental
Information |
(Dollars in
thousands) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
|
March 29,
2011 |
March 30,
2010 |
Stock-based compensation
(1) |
|
|
|
|
Labor and benefits |
$ 364 |
0.3% |
$ 226 |
0.2% |
General and administrative |
680 |
0.5 |
778 |
0.6 |
Total stock based compensation |
$1,044 |
0.8% |
$1,004 |
0.8% |
|
|
|
|
|
Unaudited Operating
Data |
|
|
|
|
Comparable restaurant sales % change |
7.8% |
|
4.4% |
|
Restaurants opened during period |
2 |
|
2 |
|
Restaurants open at period-end |
104 |
|
94 |
|
Restaurant operating weeks |
1,331 |
|
1,199 |
|
CONTACT: BJ's Restaurants, Inc.
Greg Levin
(714) 500-2400
BJs Restaurants (NASDAQ:BJRI)
Historical Stock Chart
From May 2024 to Jun 2024
BJs Restaurants (NASDAQ:BJRI)
Historical Stock Chart
From Jun 2023 to Jun 2024