BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial
results for the fourth quarter and fiscal year of 2011 that ended
on Tuesday, January 3, 2012. The results for both
the fourth quarter and fiscal year ended January 3,
2012 included one additional operating
week as compared to the same periods of fiscal
2010.
Highlights for the fourth quarter of fiscal 2011, compared to
the same quarter last year, were as follows:
- Total revenues increased 29% to $171.8 million (14 weeks vs. 13
weeks)
- Comparable restaurant sales increased 5.1% (13 weeks vs. 13
weeks)
- Net income increased 42% to $9.9 million (14 weeks vs. 13
weeks)
- Diluted net income per share increased 42% to $0.34 (14 weeks
vs. 13 weeks)
- Total restaurant operating weeks increased approximately 21%
(14 weeks vs. 13 weeks)
Results for the fourth quarter of fiscal 2010 included an
after-tax benefit of approximately $0.7 million, or $0.02 per
diluted share, primarily due to a favorable tax rate adjustment
associated with disqualifying dispositions related to incentive
stock options ("ISO"). Excluding this item from fiscal 2010's
fourth quarter results, net income and diluted net income per share
for the fourth quarter of fiscal 2011 would have increased by 58%
and 55%, respectively, compared to non-GAAP adjusted results for
the same quarter last year. A reconciliation between GAAP and
non-GAAP adjusted financial measures is included in the
accompanying financial data.
Highlights for the fiscal year 2011, compared to fiscal year
2010, were as follows:
- Total revenues increased 21% to $620.9 million (53 weeks vs. 52
weeks)
- Comparable restaurant sales increased 6.6% (52 weeks vs. 52
weeks)
- Net income increased 36% to $31.6 million (53 weeks vs. 52
weeks)
- Diluted net income per share increased 32% to $1.08 (53 weeks
vs. 52 weeks)
- Total restaurant operating weeks increased approximately 13%
(53 weeks vs. 52 weeks)
Results for fiscal year 2011 include a pre-tax charge of
approximately $2.0 million, or $0.05 per diluted share, related to
the estimated costs to settle certain California employment
practices lawsuits, partially offset by a pre-tax gain of
approximately $0.6 million, or $0.01 per diluted share, pursuant to
the settlement agreement with the Company's former broker-dealer
related to the liquidation of its auction rate securities portfolio
in December 2009. Under the terms of that settlement agreement, the
Company is entitled to potential future recoveries of its loss on
that portfolio based on the performance of the securities through
December 2012. During fiscal year 2011, certain of those securities
were redeemed at par resulting in additional cash recoveries for
the Company. Excluding all of the aforementioned items for fiscal
2011, on a non-GAAP adjusted basis, net income and net income per
diluted share for fiscal year 2011 were $32.6 million and $1.12,
respectively.
"We were very pleased with BJ's strong financial results
for both the fourth quarter and full year of fiscal
2011," commented Jerry Deitchle, Chairman and CEO. "Our 5.1%
increase in comparable restaurant sales for the fourth quarter of
2011 was our eighth consecutive quarter of comparable sales
increases. For the full fiscal year of 2011, BJ's achieved a 6.6%
increase in comparable restaurant sales,
successfully hurdling a strong 5.6% increase in
comparable restaurant sales for fiscal 2010. Our restaurant
operators continue to do an excellent job of simultaneously
building sales, improving the overall quality of the BJ's dining
experience for our guests and preserving our high
quality four-wall restaurant operating margins."
Four new restaurants were opened during the fourth quarter of
2011 (Dublin, OH; Rancho Santa Margarita, CA; Fort Worth, TX;
and Anaheim Hills, CA). As a result, the Company fully attained its
stated expansion goal for fiscal 2011 by opening a total of 13 new
restaurants and achieving a double-digit increase in total
restaurant operating weeks during the year. "We were especially
pleased that our new restaurant openings created almost 2,000 new
jobs for America last year, and we expect to create at least that
many during 2012," said Deitchle. As previously announced, the
Company currently expects to open as many as 16 new restaurants
during 2012, of which one will be a relocation of an existing,
small-format "BJ's Pizza & Grill" restaurant to a new,
large-format "BJ's Restaurant and Brewhouse" location. One new
restaurant opening is currently planned for the first quarter of
2012 (Clearwater, FL). As of this date, the Company expects to
open as many as five new restaurants in the second quarter,
five new restaurants (including the one planned
relocation) in the third quarter and five new restaurants during
the fourth quarter. "With only 115 restaurants open at the end
of fiscal 2011, we believe that we have a significant opportunity
to continue our national expansion in a careful, controlled manner
and continue gaining market share in the estimated $100+ billion
casual dining segment," commented Deitchle. 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, but not limited to, 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
fourth quarter and fiscal year 2011 earnings release today,
February 16, 2012, 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 115 casual
dining restaurants under the BJ's Restaurant & Brewery®, BJ's
Restaurant & Brewhouse®, BJ's Pizza & Grill® and BJ's
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, entrees and desserts. Quality, flavor,
value, moderate prices and sincere service remain distinct
attributes of the BJ's experience. The Company operates several
microbreweries in addition to using qualified contract brewers to
produce and distribute BJ's critically acclaimed proprietary
handcrafted beers throughout the chain. The Company's restaurants
are located in California (56), Texas (24), Arizona (6), Colorado
(4), Oregon (2), Nevada (5), Florida (8), Ohio (3), 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, the
success of various sales-building and productivity initiatives,
future guest traffic trends and the number and timing of new
restaurants expected to be opened in 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) 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) increase in minimum wage and other employment
related costs, (vi) food quality and health concerns, (vii) factors
that impact California, where 56 of our current 115 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, 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.
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BJ's Restaurants,
Inc. |
Unaudited Consolidated
Statements of Income |
(Dollars in thousands
except for per share data) |
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Fourteen Weeks
Ended |
Thirteen Weeks
Ended |
Fifty-Three Weeks
Ended |
Fifty-Two Weeks
Ended |
|
January 3,
2012 |
December 28,
2010 |
January 3,
2012 |
December 28,
2010 |
Revenues |
$171,769 |
100.0% |
$ 132,896 |
100.0% |
$620,943 |
100.0% |
$ 513,860 |
100.0% |
Costs and expenses: |
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|
Cost of sales |
41,706 |
24.3 |
32,949 |
24.8 |
152,695 |
24.6 |
126,078 |
24.5 |
Labor and benefits |
59,916 |
34.9 |
45,424 |
34.2 |
214,470 |
34.5 |
178,199 |
34.7 |
Occupancy and
operating |
34,943 |
20.3 |
28,273 |
21.3 |
127,291 |
20.5 |
109,566 |
21.3 |
General and
administrative |
10,862 |
6.3 |
8,941 |
6.7 |
39,952 |
6.4 |
34,632 |
6.7 |
Depreciation and
amortization |
9,228 |
5.4 |
7,751 |
5.8 |
34,075 |
5.5 |
28,878 |
5.6 |
Restaurant
opening |
1,908 |
1.1 |
971 |
0.7 |
6,997 |
1.1 |
5,189 |
1.0 |
Loss on disposal of
assets |
114 |
0.1 |
140 |
0.1 |
1,039 |
0.2 |
1,164 |
0.2 |
Legal settlements |
– |
– |
– |
– |
2,037 |
0.3 |
– |
– |
Total costs and expenses |
158,677 |
92.4 |
124,449 |
93.6 |
578,556 |
93.1 |
483,706 |
94.0 |
Income from operations |
13,092 |
7.6 |
8,447 |
6.4 |
42,387 |
6.9 |
30,154 |
6.0 |
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Other income (expense): |
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Interest income |
77 |
– |
32 |
– |
233 |
– |
124 |
– |
Interest expense |
(61) |
– |
(24) |
– |
(144) |
– |
(90) |
– |
Gain on investment
settlement |
– |
– |
– |
– |
614 |
0.1 |
– |
– |
Other income, net |
171 |
0.1 |
121 |
0.1 |
562 |
0.1 |
612 |
0.1 |
Total other income (expense) |
187 |
0.1 |
129 |
0.1 |
1,265 |
0.2 |
646 |
0.1 |
Income before income taxes |
13,279 |
7.7 |
8,576 |
6.5 |
43,652 |
7.1 |
30,800 |
6.1 |
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Income tax expense |
3,408 |
2.0 |
1,639 |
1.2 |
12,082 |
1.9 |
7,638 |
1.5 |
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Net income |
$ 9,871 |
5.7% |
$ 6,937 |
5.3% |
$ 31,570 |
5.2% |
$ 23,162 |
4.6% |
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Net income per share: |
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Basic |
$ 0.36 |
|
$ 0.25 |
|
$ 1.14 |
|
$ 0.86 |
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Diluted |
$ 0.34 |
|
$ 0.24 |
|
$ 1.08 |
|
$ 0.82 |
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Weighted average number of shares
outstanding: |
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Basic |
27,737 |
|
27,252 |
|
27,631 |
|
27,073 |
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Diluted |
29,274 |
|
28,688 |
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29,143 |
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28,167 |
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Percentages reflected above may
not reconcile due to rounding. |
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BJ's Restaurants,
Inc. |
Selected Consolidated
Balance Sheet Information |
(Dollars in
thousands) |
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January 3, 2012 |
December 28,
2010 |
Balance Sheet Data (end of
period): |
(unaudited) |
(audited) |
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Cash, cash equivalents and short-term
investments |
$ 45,396 |
$ 53,192 |
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Non-current investments |
$ 7,739 |
$ 1,005 |
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Total assets |
$ 502,079 |
$ 430,085 |
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Total long-term debt, including current
portion |
$ -- |
$ -- |
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Shareholders' equity |
$ 332,449 |
$ 287,826 |
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BJ's Restaurants,
Inc. |
Supplemental
Information |
(Dollars in
thousands) |
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Fourteen Weeks
Ended |
Thirteen Weeks
Ended |
Fifty-Three Weeks
Ended |
Fifty-Two Weeks
Ended |
|
January 3,
2012 |
December 28,
2010 |
January 3,
2012 |
December 28,
2010 |
Stock-based compensation
(1) |
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Labor and benefits |
$ 469 |
0.3% |
$ 352 |
0.3% |
$1,641 |
0.3% |
$1,123 |
0.2% |
General and administrative |
833 |
0.5 |
704 |
0.5 |
3,037 |
0.5 |
2,882 |
0.6 |
Total stock-based compensation |
$1,302 |
0.8% |
$1,056 |
0.8% |
$4,678 |
0.8% |
$4,005 |
0.8% |
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Unaudited Operating
Data |
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Comparable restaurant sales % change (2) |
5.1% |
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5.9% |
|
6.6% |
|
5.6% |
|
Restaurants opened during period |
4 |
|
2 |
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13 |
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10 |
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Restaurants open at period-end |
115 |
|
102 |
|
115 |
|
102 |
|
Restaurant operating weeks |
1,597 |
|
1,319 |
|
5,697 |
|
5,026 |
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(1) Percentages represent percent
of total revenues. |
(2) Additional operating week
excluded from the fourth quarter and year ended January 3, 2012,
for comparable restaurant sales reporting. |
Reconciliation of Selected GAAP Financial Measures to
Non-GAAP Adjusted Financial Measures
To supplement the consolidated financial statements presented in
accordance with U.S. generally accepted accounting principles
("GAAP"), the Company has included the following non-GAAP adjusted
financial measures in this press release or in the webcast to
discuss the Company's financial results for the fourth quarter of
fiscal year 2011 which may be accessed via the Company's website at
http://www.bjsrestaurants.com: (i) non-GAAP adjusted net income and
(ii) non-GAAP adjusted basic and diluted net income per share. Each
of these non-GAAP adjusted financial measures is adjusted from
results based on GAAP to exclude certain expenses and gains. As a
general matter, the Company uses these non-GAAP adjusted financial
measures in addition to and in conjunction with results presented
in accordance with GAAP. Among other things, the Company uses such
non-GAAP adjusted financial measures in addition to and in
conjunction with corresponding GAAP measures to help analyze the
performance of its core business. In addition, the Company believes
that such non-GAAP adjusted financial information is provided by
its competitors and such information is used by analysts and others
in the investment community to analyze the Company's results and in
formulating estimates of future performance and that failure to
report these non-GAAP adjusted measures could result in confusion
among analysts and others and a misplaced perception that the
Company's results have underperformed or exceeded expectations.
These non-GAAP adjusted financial measures reflect an additional
way of viewing aspects of the Company's operations that, when
viewed with the GAAP results and the reconciliations to
corresponding GAAP financial measures, provide a more complete
understanding of the Company's results of operations and the
factors and trends affecting the Company's business. However, these
non-GAAP adjusted financial measures should be considered as a
supplement to, and not as a substitute for, or superior to, the
corresponding measures calculated in accordance with GAAP.
For fiscal 2011, non-GAAP adjusted net income and non-GAAP
adjusted basic and diluted net income per share excludes the effect
from the settlement of certain California employment practices
lawsuits and the gain pursuant to the settlement agreement with the
Company's broker-dealer for its former auction rate securities
portfolio that was fully liquidated in December 2009. For fiscal
2010, non-GAAP adjusted net income and non-GAAP adjusted basic and
diluted net income per share excludes the effect of ISO
disqualified dispositions and other tax related adjustments. The
Company believes that presentation of measures of net income and
diluted net income per share that exclude these items assists
management and investors in evaluating the period-over-period
performance of the Company's ongoing core business operations
because these items are generally considered non-routine in nature.
Furthermore, the Company believes that presentation of a measure of
non-GAAP adjusted net income and non-GAAP adjusted basic and
diluted net income per share that excludes such items is useful to
management and investors in evaluating the performance of the
Company's ongoing operations on a period-to-period basis and
relative to the Company's competitors.
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BJ's Restaurants,
Inc. |
Reconciliation of
Non-GAAP Adjusted Financial Measures |
(Unaudited, dollars in
thousands except for per share data) |
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Fourteen Weeks
Ended |
Thirteen Weeks
Ended |
Fifty-Three Weeks
Ended |
Fifty-Two Weeks
Ended |
|
January 3,
2012 |
December 28,
2010 |
January 3,
2012 |
December 28,
2010 |
Net income, as reported |
$ 9,871 |
5.7% |
$6,937 |
5.3% |
$31,570 |
5.2% |
$23,162 |
4.6% |
Legal settlements |
-- |
-- |
-- |
-- |
2,037 |
0.3 |
-- |
-- |
Gain on investment
settlement |
-- |
-- |
-- |
-- |
(614) |
(0.1) |
-- |
-- |
Tax effect - legal settlements
(1) |
-- |
-- |
-- |
-- |
(564) |
(0.1) |
-- |
-- |
Tax effect - gain on investment
settlement (1) |
-- |
-- |
-- |
-- |
170 |
-- |
-- |
-- |
Tax benefit from ISO
disqualifying dispositions and other tax related adjustments |
-- |
-- |
(677) |
(0.5) |
-- |
-- |
(677) |
(0.1) |
Non-GAAP adjusted net income |
$ 9,871 |
5.7% |
$6,260 |
4.8% |
$32,599 |
5.3% |
$22,485 |
4.5% |
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Basic net income per share, as reported |
$ 0.36 |
|
$ 0.25 |
|
$ 1.14 |
|
$ 0.86 |
|
Legal settlements |
-- |
|
-- |
|
0.07 |
|
-- |
|
Gain on investment
settlement |
-- |
|
-- |
|
(0.02) |
|
-- |
|
Tax effect - legal settlements
(1) |
-- |
|
-- |
|
(0.02) |
|
-- |
|
Tax effect - gain on investment
settlement (1) |
-- |
|
-- |
|
0.01 |
|
-- |
|
Tax benefit from ISO
disqualifying dispositions and other tax related adjustments |
-- |
|
(0.02) |
|
-- |
|
(0.03) |
|
Non-GAAP adjusted basic net income per
share |
$ 0.36 |
|
$ 0.23 |
|
$ 1.18 |
|
$ 0.83 |
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|
Diluted net income per share, as
reported |
$ 0.34 |
|
$ 0.24 |
|
$ 1.08 |
|
$ 0.82 |
|
Legal settlements |
-- |
|
-- |
|
0.07 |
|
-- |
|
Gain on investment
settlement |
-- |
|
-- |
|
(0.02) |
|
-- |
|
Tax effect - legal settlements
(1) |
-- |
|
-- |
|
(0.02) |
|
-- |
|
Tax effect - gain on investment
settlement (1) |
-- |
|
-- |
|
0.01 |
|
-- |
|
Tax benefit from ISO
disqualifying dispositions and other tax related adjustments |
-- |
|
(0.02) |
|
-- |
|
(0.02) |
|
Non-GAAP adjusted diluted net income per
share |
$ 0.34 |
|
$ 0.22 |
|
$ 1.12 |
|
$ 0.80 |
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(1) The tax effect is based
on the Company's annual estimated tax rate of 27.7%. |
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Per share amounts and
percentages reflected above may not reconcile due to rounding. |
CONTACT: Greg Levin
BJ's Restaurants, Inc.
(714) 500-2400
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