BJ'S Restaurants Inc. Reports Record Financial Results for the Third Quarter of Fiscal 2005.HUNTINGTON BEACH Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif. -- BJ's Restaurants Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BJRI) today reported record revenues and net income for the third fiscal quarter of 2005 ended Oct. 4, 2005. Highlights for the third quarter, compared to the same quarter last year, were as follows: --Revenues increased 45% to $47.6 million --Comparable restaurant sales increased 5.5% --Net income increased 92% to $2.3 million --Diluted net income per share increased approximately 64% to $0.10 "We were very pleased with our third quarter 2005 financial results," said Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Deitchle, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our 5.5% comparable sales increase for the quarter represented our 36th consecutive quarter of growth in comparable restaurant sales since the company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in 1996. Additionally, we continue to be pleased with our positive sales momentum outside of our home state of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . The nine restaurants in our comparable base that are located outside of California achieved a 7.1% increase in comparable restaurant sales for the quarter. These solid sales increases provide a strong testimonial to BJ's ability to build its favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. reputation and gain market share in new markets over time." The company opened three new restaurants during the month of October October: see month. 2005 (San Bruno San Bruno (săn br  `nō), city (1990 pop. 38,961), San Mateo co., W Calif., a suburb on San Francisco Bay; inc. 1914. There is light manufacturing and petroleum refining. , CA; Sugar Land, TX, and San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , CA),
bringing its total restaurant openings to nine for 2005 and thereby
successfully achieving its stated goal to open eight or more restaurants
during the year. The company currently expects to open as many as 11 new
restaurants during 2006. Signed leases or letters of intent are in hand
for all of the potential 2006 openings, and several signed letters of
intent are already in hand for potential 2007 openings. "We will
continue to execute our restaurant growth plan in a careful, controlled
manner with the goal of achieving a high-quality 20% to 25% annual
capacity increase for the next several years," commented Deitchle.
As previously announced, the results for both the fiscal third quarter and nine periods ended Oct. 4, 2005, included two additional days of operations when compared to the same periods of the prior year. Effective in the third quarter, we changed our fiscal week-end from Sunday Sunday: see Sabbath; week. to Tuesday. This change was completed to facilitate operational efficiencies by transferring certain administrative tasks away from the weekends when our restaurants are busiest. Fiscal 2005 will end on Tuesday, Jan. 3, 2006. Investor Conference Call and Webcast BJ's Restaurants Inc. will conduct a conference call on its third quarter earnings release today, Oct. 27, 2005, at 2 p.m. (Pacific). The company will provide an online Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the simulcast, as well as a replay, of the conference call. The link to the simulcast and rebroadcast can be found on the company's Web site at www.bjsrestaurants.com. The rebroadcast will be available following the live broadcast and continue for 30 days. BJ's Restaurants Inc. currently owns and operates 44 casual dining restaurants under the BJ's Restaurant and Brewery A brewery can be a building or place that produces beer, or a business (brewing company) whose trade is the production and sale of beer. Breweries can take up multiple city blocks, or be a collection of equipment in a homebrewer's kitchen. , BJ's Restaurant and Brewhouse Brew´house` n. 1. A house or building appropriated to brewing; a brewery. or BJ's Pizza & Grill Grill may refer to: In food:
v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. handcrafted hand·craft n. Variant of handicraft. tr.v. hand·craft·ed, hand·craft·ing, hand·crafts To fashion or make by hand. hand·craft beers throughout the chain. The company's restaurants are located in California (30), Texas (6), Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). (3), Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. (3), Colorado (1) and Nevada (1). 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " for purposes of the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and are intended to be covered by the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. 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 an increasing number of new restaurant openings, (ii) construction delays, (iii) labor shortages A Labor shortage is an economic condition in which there are insufficient qualified candidates (employees) to fill the market-place demands for employment at any price. This condition is sometimes referred to by Economists as "an insufficiency in the labor force. , (iv) minimum wage increases (v) food quality and health concerns, (vi) factors that impact California, where 30 of our current 44 restaurants are located, (vii) restaurant and brewery industry competition, (viii) impact of certain brewery business considerations, including without limitation, dependence upon suppliers and related hazards, (ix) consumer trends, (x) potential uninsured losses and liabilities, (xi) fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. commodity costs including food and energy, (xii) trademark and servicemark risks, (xiii) government regulations, (xiv) licensing costs (xv) beer and liquor liquor /li·quor/ (lik´er) (li´kwor) pl. liquors, liquo´res [L.] 1. a liquid, especially an aqueous solution containing a medicinal substance. 2. regulations, (xvi) loss of key personnel, (xvii) inability to secure acceptable sites, (xviii) limitations on insurance coverage, (xix) legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , (xx) other general economic and regulatory conditions and requirements, (xxi) and 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 third quarter 2005 will be provided in the company's Form 10-Q Form 10-Q See 10-Q. filing, to be filed with the Securities and Exchange Commission by Nov. 14, 2005.
Selected Unaudited Consolidated Financial Data
(Dollars in thousands except for per share data)
For the Thirteen Weeks Ended
-------------------------------
Statement of Income Data: Oct. 4, 2005 Sept. 26, 2004
--------------- ---------------
Revenues $47,578 100.0% $32,867 100.0%
Costs and expenses:
Cost of sales 12,695 26.7 8,668 26.4
Labor and benefits 17,496 36.8 11,813 35.9
Occupancy 3,039 6.4 2,463 7.5
Operating expenses 5,426 11.4 3,715 11.3
General and administrative 3,135 6.6 2,474 7.5
Depreciation and amortization 1,835 3.9 1,330 4.0
Restaurant opening expense 899 1.9 804 2.4
Gain from sale of Pietro's restaurants - - - -
-------- ------ -------- ------
Total cost and expenses 44,525 93.7 31,267 95.0
-------- ------ -------- ------
Income from operations 3,053 6.3 1,600 5.0
Other income:
Interest income, net 369 0.8 110 0.3
Other income, net 4 - 42 0.1
-------- ------ -------- ------
Total other income 373 0.8 152 0.4
-------- ------ -------- ------
Income before income tax expense 3,426 7.1 1,752 5.4
Income tax expense 1,117 2.3 549 1.7
-------- ------ -------- ------
Net income $ 2,309 4.8% $ 1,203 3.7%
======== ====== ======== ======
Net income per share:
Basic $ 0.10 $ 0.06
Diluted $ 0.10 $ 0.06
Weighted average number of shares
outstanding:
Basic 22,682 19,455
Diluted 24,001 20,538
Selected Unaudited Consolidated Financial Data
(Dollars in thousands except for per share data)
For the Thirty-Nine Weeks Ended
--------------------------------
Statement of Income Data: Oct. 4, 2005 Sept. 26, 2004
---------------- ---------------
Revenues $128,956 100.0% $91,159 100.0%
Costs and expenses:
Cost of sales 34,364 26.6 23,701 26.0
Labor and benefits 46,888 36.4 32,574 35.7
Occupancy 8,501 6.6 6,919 7.6
Operating expenses 14,318 11.1 9,987 11.0
General and administrative 8,942 6.9 7,207 7.9
Depreciation and amortization 4,902 3.8 3,671 4.0
Restaurant opening expense 3,003 2.3 1,813 2.0
Gain from sale of Pietro's
restaurants - - (1,658) (1.8)
--------- ------ -------- ------
Total cost and expenses 120,918 93.7 84,214 92.4
--------- ------ -------- ------
Income from operations 8,038 6.3 6,945 7.6
Other income:
Interest income, net 762 0.6 334 0.4
Other income, net 121 0.1 156 0.2
--------- ------ -------- ------
Total other income 883 0.7 490 0.6
--------- ------ -------- ------
Income before income tax expense 8,921 7.0 7,435 8.2
Income tax expense 2,885 2.2 2,453 2.7
--------- ------ -------- ------
Net income $ 6,036 4.8% $ 4,982 5.5%
========= ====== ======== ======
Net income per share:
Basic $ 0.28 $ 0.26
Diluted $ 0.26 $ 0.24
Weighted average number of shares
outstanding:
Basic 21,934 19,473
Diluted 23,163 20,546
Selected Balance Sheet Information
(Dollars in thousands)
Balance Sheet Data (end of period): Oct. 4, Jan. 2,
2005 2005
(Unaudited)
----------- ---------
Cash, cash equivalents and short-term investments $52,217 $19,541
Total assets $152,283 $100,866
Total long-term debt, including current portion $0 $0
Shareholders' equity $127,398 $78,780
Supplemental Information (1)
For the Thirteen For the Thirty-
Weeks Ended Nine Weeks
Ended
-----------------------------------
Oct. 4, Sept. 26, Oct. 4, Sept. 26,
2005 2004 2005 2004
-----------------------------------
Comparable restaurant sales % change 5.5% 2.9% 4.4% 4.6%
Restaurants opened during period 1 2 6 4
Restaurants open at period-end 41 33 41 33
Restaurant operating weeks 542 423 1,494 1,233
(1) excludes the one licensed restaurant
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