Increases Quarterly Cash Dividend by 9.1%
to $0.12 Per Share
BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for its fiscal 2018 third quarter ended
Tuesday, October 2, 2018.
Third Quarter 2018 Highlights Compared
to Third Quarter 2017
- Total revenues grew 9.4% to $270.3 million
- Total restaurant operating weeks increased approximately
3.1%
- Comparable restaurant sales increased 6.9%
- Net income increased 256.5% to $8.5 million from $2.4
million. Third quarter 2018 net income includes a $1.7 million
excess tax benefit from equity awards. Third quarter 2017 net
income includes the net impact of $1.3 million in pre-tax expenses
related to hurricanes Harvey and Irma and a reorganization at the
Company’s restaurant support center.
- Diluted net income per share increased 254.2% to $0.39 from
$0.11. Third quarter 2018 diluted net income per share
includes a $0.08 excess tax benefit from equity awards. Third
quarter 2017 diluted net income per share includes a $0.04 charge
related to hurricanes Harvey and Irma and a reorganization at the
Company’s restaurant support center.
“The continued momentum from our sales building
initiatives, coupled with our higher quality, differentiated market
positioning, drove another quarter of strong top- and bottom-line
growth,” commented Greg Trojan, Chief Executive Officer. “Third
quarter comparable restaurant sales growth of 6.9%, including a
2.6% rise in guest traffic, marks the Company’s highest level of
comparable restaurant sales growth in 29 quarters. Our strong
comparable restaurant sales, success from our new restaurants and
our focus on efficiency and productivity enabled us to increase
restaurant level margins by 120 basis points and consolidated
operating margins by 170 basis points on a year-over-year basis,
excluding the impact from the hurricanes and restaurant support
center reorganization in the third quarter of 2017. In addition to
our strong overall financial results, our operators continued to
enhance hospitality and service levels in our restaurants,
resulting in significant improvements in our guest satisfaction
scores during the quarter. Our strong guest satisfaction scores,
combined with our sales building initiatives and marketing
effectiveness, continue to drive solid positive comparable
restaurant sales in the fourth quarter.”
During the third quarter, the Company opened its
201st restaurant in Livonia, Michigan and remains on schedule to
open its last 2018 restaurant next month in Cincinnati, Ohio,
thereby fulfilling its goal of opening five restaurants this year.
“With the broad attraction to our unique concept and just 201
restaurants open, we remain well positioned for near- and long-term
growth given our estimated national capacity for at least 425 BJ’s
restaurants,” Trojan continued. “As we look toward our 2019
development pipeline, we remain very optimistic about bringing our
brand to more new markets. We currently plan to open seven to nine
new restaurants next year. While our development pipeline is in
excellent shape, and we continue driving solid topline momentum,
our mindset has always been and will always be that new restaurant
quality takes precedence over new restaurant quantity.”
The Company’s Board of Directors increased the
Company’s cash dividend by 9.1% to $0.12 per share of common stock,
payable November 26, 2018, to shareholders of record at the close
of business on November 12, 2018. While the Company intends to pay
quarterly cash dividends for the foreseeable future, dividends will
be reviewed quarterly and declared by the Board of Directors at its
discretion. During the third quarter of 2018, BJ’s repaid $15
million of borrowings under its credit facility. At the end of the
fiscal 2018 third quarter, BJ’s had funded debt of $95.0 million
compared to $163.5 million at the end of its 2017 fiscal year.
Mr. Trojan concluded, “The increase in BJ’s cash
dividend highlights the Board’s ongoing commitment to creating
value for shareholders and our success over the past year building
sales and earnings, enhancing our brand and expanding our operating
base. Our return of capital and leverage reduction initiatives
through the end of the third fiscal quarter totaled $82.1 million
for debt reduction, dividend payments and share repurchases.”
Investor Conference Call and
Webcast
BJ’s Restaurants, Inc. will conduct a conference
call on its third quarter 2018 earnings release today, October 30,
2018, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Senior
management will discuss the financial results and host a question
and answer session. In addition, a live audio webcast of the call
will be accessible to the public on the “Investors” page of the
Company’s website located at http://www.bjsrestaurants.com, and a
recording of the webcast will be archived on the site for 30 days
following the live event. Please allow 15 minutes to register and
download and install any necessary software.
About BJ’s Restaurants,
Inc.
BJ’s Restaurants, Inc. (“BJ’s”) is a national
brand with brewhouse roots and a menu with over 120 offerings where
craft matters. BJ’s broad menu has something for everyone:
slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees®
including Cherry Chipotle Glazed Salmon, signature deep dish pizza
and the often imitated, but never replicated world-famous Pizookie®
dessert. BJ’s has been a pioneer in the craft brewing world since
1996, and takes pride in serving BJ’s award-winning proprietary
handcrafted beers, brewed at its brewing operations in five states
and by independent third-party craft brewers. The BJ’s experience
offers high-quality ingredients, bold flavors, moderate prices,
sincere service and a cool, contemporary atmosphere. Founded in
1978, BJ’s owns and operates 201 casual dining restaurants under
the BJ’s Restaurant & Brewhouse®, BJ’s Restaurant &
Brewery®, BJ’s Pizza & Grill® and BJ’s Grill® brand names. All
restaurants offer dine-in, take-out, delivery and large party
catering. BJ’s restaurants are located in 27 states: Alabama,
Arizona, Arkansas, California, Colorado, Florida, Indiana, Kansas,
Kentucky, Louisiana, Maryland, Michigan, Nevada, New Jersey, New
Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon,
Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas,
Virginia and Washington. For more BJ’s information, visit
http://www.bjsrestaurants.com.
Forward-Looking Statements
Disclaimer
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 and margin growth in future
periods, total potential domestic capacity, the success of various
sales-building and productivity initiatives, future guest traffic
trends, construction cost savings initiatives 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) our ability to manage new restaurant openings,
(ii) construction delays, (iii) labor shortages, (iv)
increases in minimum wage and other employment related costs,
including compliance with the Patient Protection and Affordable
Care Act and minimum salary requirements for exempt team members,
(v) the effect of credit and equity market disruptions on our
ability to finance our continued expansion on acceptable terms,
(vi) food quality and health concerns and the effect of negative
publicity about us, our restaurants, other restaurants, or others
across the food supply chain, due to food borne illness or other
reasons, whether or not accurate, (vii) factors that impact
California, Texas and Florida, where a substantial number of
our current 201 restaurants are located, (viii) restaurant
and brewery industry competition, (ix) impact of certain
brewing business considerations, including without limitation,
dependence upon suppliers, third party contractors and
distributors, and related hazards, (x) consumer spending trends in
general for casual dining occasions, (xi) potential uninsured
losses and liabilities due to limitations on insurance coverage,
(xii) fluctuating commodity costs and availability of food in
general and certain raw materials related to the brewing of our
craft beers and energy requirements, (xiii) trademark and
service-mark risks, (xiv) government regulations and licensing
costs, (xv) beer and liquor regulations, (xvi) loss of key
personnel, (xvii) inability to secure acceptable sites, (xviii)
legal proceedings, (xix) other general economic and regulatory
conditions and requirements, (xx) the success of our key
sales-building and related operational initiatives, (xxi) any
failure of our information technology or security breaches with
respect to our electronic systems and data, and (xxii) 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.
For further information, please contact Greg
Levin of BJ’s Restaurants, Inc. at (714) 500-2400 or JCIR at (212)
835-8500 or at bjri@jcir.com.
|
BJ’s Restaurants, Inc. |
Unaudited Consolidated Statements of
Income |
(Dollars in thousands except for per share
data) |
|
|
|
|
|
Third Quarter Ended |
|
Nine Months Ended |
|
October 2, 2018 |
October 3, 2017 |
|
October 2, 2018 |
October 3, 2017 |
Revenues |
$ |
270,268 |
|
100.0 |
% |
$ |
247,009 |
|
100.0 |
% |
|
$ |
836,425 |
|
100.0 |
% |
$ |
770,642 |
|
100.0 |
% |
Restaurant operating
costs (excluding depreciation and amortization): |
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
68,600 |
|
25.4 |
|
|
65,553 |
|
26.5 |
|
|
|
210,597 |
|
25.2 |
|
|
200,465 |
|
26.0 |
|
Labor and
benefits |
|
99,061 |
|
36.7 |
|
|
91,228 |
|
36.9 |
|
|
|
301,480 |
|
36.0 |
|
|
277,724 |
|
36.0 |
|
Occupancy
and operating |
|
61,102 |
|
22.6 |
|
|
55,238 |
|
22.4 |
|
|
|
177,678 |
|
21.2 |
|
|
164,054 |
|
21.3 |
|
General
and administrative |
|
14,661 |
|
5.4 |
|
|
13,035 |
|
5.3 |
|
|
|
45,643 |
|
5.5 |
|
|
41,536 |
|
5.4 |
|
Depreciation and amortization |
|
17,686 |
|
6.5 |
|
|
17,430 |
|
7.1 |
|
|
|
52,760 |
|
6.3 |
|
|
51,231 |
|
6.6 |
|
Restaurant opening |
|
403 |
|
0.1 |
|
|
534 |
|
0.2 |
|
|
|
1,835 |
|
0.2 |
|
|
3,205 |
|
0.4 |
|
Loss on
disposal and impairment of assets |
|
865 |
|
0.3 |
|
|
1,070 |
|
0.4 |
|
|
|
3,049 |
|
0.4 |
|
|
4,168 |
|
0.5 |
|
Natural
disaster and related |
|
- |
|
- |
|
|
905 |
|
0.4 |
|
|
|
- |
|
- |
|
|
905 |
|
0.1 |
|
Severance
and legal settlements |
|
- |
|
- |
|
|
423 |
|
0.2 |
|
|
|
- |
|
- |
|
|
423 |
|
0.1 |
|
Total costs and
expenses |
|
262,378 |
|
97.1 |
|
|
245,416 |
|
99.4 |
|
|
|
793,042 |
|
94.8 |
|
|
743,711 |
|
96.5 |
|
Income
from operations |
|
7,890 |
|
2.9 |
|
|
1,593 |
|
0.6 |
|
|
|
43,383 |
|
5.2 |
|
|
26,931 |
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income: |
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
(1,058 |
) |
(0.4 |
) |
|
(1,177 |
) |
(0.5 |
) |
|
|
(3,826 |
) |
(0.5 |
) |
|
(3,178 |
) |
(0.4 |
) |
Other
income, net |
|
239 |
|
0.1 |
|
|
423 |
|
0.2 |
|
|
|
220 |
|
- |
|
|
1,474 |
|
0.2 |
|
Total other
expense |
|
(819 |
) |
(0.3 |
) |
|
(754 |
) |
(0.3 |
) |
|
|
(3,606 |
) |
(0.4 |
) |
|
(1,704 |
) |
(0.2 |
) |
Income
before income taxes |
|
7,071 |
|
2.6 |
|
|
839 |
|
0.3 |
|
|
|
39,777 |
|
4.8 |
|
|
25,227 |
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
(1,445 |
) |
(0.5 |
) |
|
(1,550 |
) |
(0.6 |
) |
|
|
(348 |
) |
- |
|
|
3,933 |
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
8,516 |
|
3.2 |
% |
$ |
2,389 |
|
1.0 |
% |
|
$ |
40,125 |
|
4.8 |
% |
$ |
21,294 |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.40 |
|
|
$ |
0.11 |
|
|
|
$ |
1.92 |
|
|
$ |
0.98 |
|
|
Diluted |
$ |
0.39 |
|
|
$ |
0.11 |
|
|
|
$ |
1.87 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
21,118 |
|
|
|
21,354 |
|
|
|
|
20,861 |
|
|
|
21,620 |
|
|
Diluted |
|
21,807 |
|
|
|
21,670 |
|
|
|
|
21,500 |
|
|
|
22,032 |
|
|
Percentages reflected above may not reconcile due
to rounding.
|
BJ’s Restaurants,
Inc. |
Selected Consolidated Balance Sheet
Information |
(Dollars in thousands) |
|
|
October
2, 2018(unaudited) |
|
January 2,
2018(audited) |
Cash and cash
equivalents |
$ |
25,632 |
|
$ |
24,335 |
Total assets |
$ |
673,023 |
|
$ |
684,958 |
Total debt |
$ |
95,000 |
|
$ |
163,500 |
Shareholders’
equity |
$ |
312,272 |
|
$ |
258,729 |
|
|
|
|
|
|
|
BJ’s Restaurants, Inc. |
Unaudited Supplemental
Information |
(Dollars in thousands) |
|
|
Third Quarter Ended |
|
Nine Months Ended |
|
October 2, 2018 |
October 3, 2017 |
|
October 2, 2018 |
October 3, 2017 |
Stock-based
compensation (1) |
|
|
|
|
|
|
|
|
|
Labor and benefits |
$ |
577 |
|
0.2 |
% |
$ |
406 |
|
0.2 |
% |
|
$ |
1,699 |
|
0.2 |
% |
$ |
1,404 |
|
0.2 |
% |
General and
administrative |
|
1,600 |
|
0.6 |
|
|
1,335 |
|
0.5 |
|
|
|
4,559 |
|
0.5 |
|
|
3,867 |
|
0.5 |
|
Total stock-based
compensation |
$ |
2,177 |
|
0.8 |
% |
$ |
1,741 |
|
0.7 |
% |
|
$ |
6,258 |
|
0.7 |
% |
$ |
5,271 |
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Data |
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales % change |
|
6.9 |
% |
|
|
(1.7 |
%) |
|
|
|
5.5 |
% |
|
|
(1.5 |
%) |
|
Restaurants opened
during period |
|
1 |
|
|
|
1 |
|
|
|
|
4 |
|
|
|
8 |
|
|
Restaurants open at
period-end |
|
201 |
|
|
|
195 |
|
|
|
|
201 |
|
|
|
195 |
|
|
Restaurant operating
weeks |
|
2,604 |
|
|
|
2,526 |
|
|
|
|
7,751 |
|
|
|
7,468 |
|
|
- Percentages represent percent of total revenues.
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. Each of these
non-GAAP adjusted financial measures is adjusted from results based
on GAAP to exclude certain expenses. 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 to help analyze the performance of its core business. The
Company believes that such non-GAAP adjusted financial 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 may 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 reconciliation to the
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 the third quarter ended October 3, 2017,
non-GAAP adjusted net income and non-GAAP adjusted diluted net
income per share excludes natural disaster and related expense
resulting from hurricanes Harvey and Irma and severance related
expenses incurred to reorganize the Company’s restaurant support
center. For the nine months ended October 3, 2017, non-GAAP
adjusted net income and non-GAAP adjusted diluted net income per
share excludes the write-off of the remaining net book value of
certain convection ovens and point of sale terminals as a result of
our new slow roasting oven and server handheld tablet rollouts,
natural disaster and related expense resulting from hurricanes
Harvey and Irma and severance related expenses incurred to
reorganize the Company’s restaurant support center.
|
|
|
Reconciliation of Non-GAAP Adjusted Financial
Measures |
(Unaudited, dollars in thousands except for
per share data) |
|
|
Third Quarter Ended |
|
|
October 2, 2018 |
October 3, 2017 |
|
$ |
% |
|
Per Share |
$ |
|
% |
|
Per Share |
Net income & diluted
net income per share, as reported |
$ |
8,516 |
3.2 |
% |
$ |
0.39 |
|
$ |
2,389 |
|
1.0 |
% |
$ |
0.11 |
|
Natural
disaster related expenses |
|
- |
- |
|
|
- |
|
|
905 |
|
0.4 |
|
|
0.04 |
|
Severance
related expenses |
|
- |
- |
|
|
- |
|
|
423 |
|
0.2 |
|
|
0.02 |
|
Income
tax effect of reconciling items (1) |
|
- |
- |
|
|
- |
|
|
(502 |
) |
(0.2 |
) |
|
(0.02 |
) |
Non-GAAP adjusted net
income & diluted net income per share |
$ |
8,516 |
3.2 |
% |
$ |
0.39 |
|
$ |
3,215 |
|
1.3 |
% |
$ |
0.15 |
|
|
|
|
|
Nine Months Ended |
|
|
October 2, 2018 |
October 3, 2017 |
|
$ |
% |
|
Per Share |
$ |
|
% |
|
Per Share |
Net income &
diluted net income per share, as reported |
$ |
40,125 |
4.8 |
% |
$ |
1.87 |
|
$ |
21,294 |
|
2.8 |
% |
$ |
0.97 |
|
Loss on
disposal and impairment of assets |
|
- |
- |
|
|
- |
|
|
1,426 |
|
0.2 |
|
|
0.06 |
|
Natural
disaster related expenses |
|
- |
- |
|
|
- |
|
|
905 |
|
0.1 |
|
|
0.04 |
|
Severance
related expenses |
|
- |
- |
|
|
- |
|
|
423 |
|
0.1 |
|
|
0.02 |
|
Income
tax effect of reconciling items (1) |
|
- |
- |
|
|
- |
|
|
(1,361 |
) |
(0.2 |
) |
|
(0.06 |
) |
Non-GAAP adjusted net
income & diluted net income per share |
$ |
40,125 |
4.8 |
% |
$ |
1.87 |
|
$ |
22,687 |
|
2.9 |
% |
$ |
1.03 |
|
Per share amounts and percentages reflected above
may not reconcile due to rounding. Percentages represent percent of
total revenues.
- The income tax effect of the reconciling items was calculated
based on the change in the tax provision calculation after
adjusting for the reconciling items.
Restaurant Level Operating Margin
Restaurant level operating margin, a non-GAAP
financial measure, is equal to the revenues generated by our
restaurants less their direct operating costs which consist of cost
of sales, labor and benefits, and occupancy and operating costs.
This performance measure includes only the costs that restaurant
level managers can directly control and excludes other operating
costs that are essential to conduct the Company’s business, as
detailed in the table below. Management uses restaurant level
operating margin as a supplemental measure of restaurant
performance. Management believes restaurant level operating margin
is useful to investors in that it highlights trends in our core
business that may not otherwise be apparent to investors when
relying solely on GAAP financial measures. Because other companies
may calculate restaurant level margin differently than we do,
restaurant level margin as presented herein may not be comparable
to similarly titled measures reported by other companies.
A reconciliation of income from operations to
restaurant level operating margin for the third quarter and nine
months ended October 2, 2018 and October 3, 2017 is set forth
below:
Supplemental Financial Information –
Restaurant Level Operating Margin |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
Third Quarter Ended |
|
Nine Months Ended |
|
October 2, 2018 |
October 3, 2017 |
|
October 2, 2018 |
October 3, 2017 |
Income from
operations |
$ |
7,890 |
2.9 |
% |
$ |
1,593 |
0.6 |
% |
|
$ |
43,383 |
5.2 |
% |
$ |
26,931 |
3.5 |
% |
General
and administrative |
|
14,661 |
5.4 |
|
|
13,035 |
5.3 |
|
|
|
45,643 |
5.5 |
|
|
41,536 |
5.4 |
|
Depreciation and amortization |
|
17,686 |
6.5 |
|
|
17,430 |
7.1 |
|
|
|
52,760 |
6.3 |
|
|
51,231 |
6.6 |
|
Restaurant opening |
|
403 |
0.1 |
|
|
534 |
0.2 |
|
|
|
1,835 |
0.2 |
|
|
3,205 |
0.4 |
|
Loss on
disposal and impairment of assets |
|
865 |
0.3 |
|
|
1,070 |
0.4 |
|
|
|
3,049 |
0.4 |
|
|
4,168 |
0.5 |
|
Natural
disaster and related |
|
- |
- |
|
|
905 |
0.4 |
|
|
|
- |
- |
|
|
905 |
0.1 |
|
Severance
related expenses |
|
- |
- |
|
|
423 |
0.2 |
|
|
|
- |
- |
|
|
423 |
0.1 |
|
Restaurant level
operating margin |
$ |
41,505 |
15.4 |
% |
$ |
34,990 |
14.2 |
% |
|
$ |
146,670 |
17.5 |
% |
$ |
128,399 |
16.7 |
% |
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
ASU 2016-10 Reconciliation
The following tables illustrate the impact from
the adoption of ASU 2016-10 on our results for the third quarter
and nine months ended October 2, 2018. As a general matter, these
non-GAAP adjusted financial measures and the related reconciliation
should be used in conjunction with results presented in accordance
with GAAP. The Company believes this reconciliation provides
analysts and others in the investment community a way to analyze
and compare the Company’s results to prior period results in which
ASU 2016-10 was not applied.
|
|
BJ’s Restaurants,
Inc. |
Supplemental Financial
Information – ASU 2016-10 Reconciliation |
(Dollars in thousands
except for per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
October 2,
2018 |
October 3, 2017 |
|
NewStandard |
TotalAdjustments |
|
|
PreviousStandard |
PreviousStandard |
Revenues |
$ |
270,268 |
|
$ |
(160 |
) |
(1 |
) |
$ |
270,108 |
|
$ |
247,009 |
|
Restaurant operating
costs (excluding depreciation and amortization): |
|
|
|
|
|
Cost of
sales |
|
68,600 |
|
|
- |
|
|
|
68,600 |
|
|
65,553 |
|
Labor and
benefits |
|
99,061 |
|
|
- |
|
|
|
99,061 |
|
|
91,228 |
|
Occupancy
and operating |
|
61,102 |
|
|
(55 |
) |
(2 |
) |
|
61,047 |
|
|
55,238 |
|
General
and administrative |
|
14,661 |
|
|
- |
|
|
|
14,661 |
|
|
13,035 |
|
Depreciation and amortization |
|
17,686 |
|
|
- |
|
|
|
17,686 |
|
|
17,430 |
|
Restaurant opening |
|
403 |
|
|
- |
|
|
|
403 |
|
|
534 |
|
Loss on
disposal and impairment of assets |
|
865 |
|
|
- |
|
|
|
865 |
|
|
1,070 |
|
Natural
disaster and related |
|
- |
|
|
- |
|
|
|
- |
|
|
905 |
|
Severance
related expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
423 |
|
Total costs and
expenses |
|
262,378 |
|
|
(55 |
) |
|
|
262,323 |
|
|
245,416 |
|
Income
from operations |
|
7,890 |
|
|
(105 |
) |
|
|
7,785 |
|
|
1,593 |
|
|
|
|
|
|
|
Other (expense)
income: |
|
|
|
|
|
Interest
expense, net |
|
(1,058 |
) |
|
- |
|
|
|
(1,058 |
) |
|
(1,177 |
) |
Other
income, net |
|
239 |
|
|
212 |
|
(3 |
) |
|
451 |
|
|
423 |
|
Total other (expense)
income |
|
(819 |
) |
|
212 |
|
|
|
(607 |
) |
|
(754 |
) |
Income
before income taxes |
|
7,071 |
|
|
107 |
|
|
|
7,178 |
|
|
839 |
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
(1,445 |
) |
|
26 |
|
(4 |
) |
|
(1,419 |
) |
|
(1,550 |
) |
|
|
|
|
|
|
Net
income |
$ |
8,516 |
|
$ |
81 |
|
|
$ |
8,597 |
|
$ |
2,389 |
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
Basic |
$ |
0.40 |
|
$ |
- |
|
|
$ |
0.41 |
|
$ |
0.11 |
|
Diluted |
$ |
0.39 |
|
$ |
- |
|
|
$ |
0.39 |
|
$ |
0.11 |
|
|
|
|
|
|
|
Weighted average number
of shares outstanding: |
|
|
|
|
|
Basic |
|
21,118 |
|
|
21,118 |
|
|
|
21,118 |
|
|
21,354 |
|
Diluted |
|
21,807 |
|
|
21,807 |
|
|
|
21,807 |
|
|
21,670 |
|
- Amount represents approximately $0.05 million of revenues which
have been deferred until the related loyalty points are redeemed,
offset by approximately $0.2 million of gift card breakage revenue
previously recorded in “Other (expense) income, net” prior to the
adoption of ASU 2016-10.
- Prior to the adoption of ASU 2016-10, the estimated food and
beverage cost of the loyalty rewards was charged to “Occupancy and
operating” expenses.
- Prior to the adoption of ASU 2016-10, gift card breakage
revenue was recorded as “Other (expense) income, net.”
- The income tax effect of the reconciling items was calculated
based on our statutory income tax rate for the nine months ended
October 2, 2018.
|
|
|
BJ’s Restaurants,
Inc. |
|
Supplemental Financial
Information – ASU 2016-10 Reconciliation |
|
(Dollars in thousands
except for per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
October 2,
2018 |
October 3, 2017 |
|
NewStandard |
TotalAdjustments |
|
|
PreviousStandard |
PreviousStandard |
Revenues |
$ |
836,425 |
|
$ |
265 |
|
(1 |
) |
$ |
836,690 |
|
$ |
770,642 |
|
Restaurant operating
costs (excluding depreciation and amortization): |
|
|
|
|
|
|
Cost of
sales |
|
210,597 |
|
|
- |
|
|
|
210,597 |
|
|
200,465 |
|
Labor and
benefits |
|
301,480 |
|
|
- |
|
|
|
301,480 |
|
|
277,724 |
|
Occupancy
and operating |
|
177,678 |
|
|
228 |
|
(2 |
) |
|
177,906 |
|
|
164,054 |
|
General
and administrative |
|
45,643 |
|
|
- |
|
|
|
45,643 |
|
|
41,536 |
|
Depreciation and amortization |
|
52,760 |
|
|
- |
|
|
|
52,760 |
|
|
51,231 |
|
Restaurant opening |
|
1,835 |
|
|
- |
|
|
|
1,835 |
|
|
3,205 |
|
Loss on
disposal and impairment of assets |
|
3,049 |
|
|
- |
|
|
|
3,049 |
|
|
4,168 |
|
Natural
disaster and related |
|
- |
|
|
- |
|
|
|
- |
|
|
905 |
|
Severance
related expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
423 |
|
Total costs and
expenses |
|
793,042 |
|
|
228 |
|
|
|
793,270 |
|
|
743,711 |
|
Income
from operations |
|
43,383 |
|
|
37 |
|
|
|
43,420 |
|
|
26,931 |
|
|
|
|
|
|
|
|
Other (expense)
income: |
|
|
|
|
|
|
Interest
expense, net |
|
(3,826 |
) |
|
- |
|
|
|
(3,826 |
) |
|
(3,178 |
) |
Other
income, net |
|
220 |
|
|
1,070 |
|
(3 |
) |
|
1,290 |
|
|
1,474 |
|
Total other (expense)
income |
|
(3,606 |
) |
|
1,070 |
|
|
|
(2,536 |
) |
|
(1,704 |
) |
Income
before income taxes |
|
39,777 |
|
|
1,107 |
|
|
|
40,884 |
|
|
25,227 |
|
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
(348 |
) |
|
272 |
|
(4 |
) |
|
(76 |
) |
|
3,933 |
|
|
|
|
|
|
|
|
Net
income |
$ |
40,125 |
|
$ |
835 |
|
|
$ |
40,960 |
|
$ |
21,294 |
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
Basic |
$ |
1.92 |
|
$ |
0.04 |
|
|
$ |
1.96 |
|
$ |
0.98 |
|
Diluted |
$ |
1.87 |
|
$ |
0.04 |
|
|
$ |
1.91 |
|
$ |
0.97 |
|
|
|
|
|
|
|
|
Weighted average number
of shares outstanding: |
|
|
|
|
|
|
Basic |
|
20,861 |
|
|
20,861 |
|
|
|
20,861 |
|
|
21,620 |
|
Diluted |
|
21,500 |
|
|
21,500 |
|
|
|
21,500 |
|
|
22,032 |
|
- Amount represents approximately $1.3 million of revenues which
have been deferred until the related loyalty points are redeemed,
offset by approximately $1.1 million of gift card breakage revenue
previously recorded in “Other (expense) income, net” prior to the
adoption of ASU 2016-10.
- Prior to the adoption of ASU 2016-10, the estimated food and
beverage cost of the loyalty rewards was charged to “Occupancy and
operating” expenses.
- Prior to the adoption of ASU 2016-10, gift card breakage
revenue was recorded as “Other (expense) income, net.”
- The income tax effect of the reconciling items was calculated
based on our statutory income tax rate for the nine months ended
October 2, 2018.
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