BJ's Restaurants Inc. Reports a $1,203,000 Profit and $0.06 Per Share for the Third Quarter of 2004.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) released results for the third quarter ended Sept. 26, 2004. Highlights for the third quarter of 2004, relative to the same quarter last year, were as follows: --Revenues increased 22.9% to $32.9 million --Comparable restaurant sales increased 2.9% --Net income increased 24.3% to $1.2 million --Diluted earnings per share of $0.06 versus $0.05 --New restaurants opened in Summerlin, Nev., and Fresno, Calif. Revenues totaled $32,867,000 for the third quarter of 2004, an increase of 22.9% compared with the same quarter of 2003. Revenues increased primarily due to the 2003 restaurant openings in Cerritos, Calif., and San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif., and the January 2004 opening of Willowbrook, Texas, the June 2004 opening of Laguna Hills La·gu·na Hills A city of southern California southeast of Santa Ana. Population: 33,600. , Calif., and Summerlin, Nev., as well as the August 2004 opening of Fresno, Calif., Also contributing to revenue growth was an increase in comparable restaurant sales of 2.9% for restaurants opened greater than 18 months. These increases were partially offset by the sale of the three Pietro's restaurants, completed on March 15, 2004. For the third quarter of 2004, the company reported that net income increased 24.3% to $1,203,000, or $0.06 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , as compared to net income of $968,000, or $0.05 diluted earnings per share for the same period of 2003. The increase in net income quarter-over-quarter is primarily due to the increase in restaurant sales combined with a reduction in cost of sales, occupancy, operating, and general and administrative expenses as a percentage of sales; partially offset by increases to labor and benefits, depreciation and amortization, and restaurant opening expenses as a percentage of sales. Revenues totaled $91,159,000 for the 39 weeks ended Sept. 26, 2004, an increase of 20.0% compared to the 39 weeks ended Sept. 28, 2003. Revenues increased primarily due to the 2003 openings of restaurants in Clear Lake, Texas, Addison, Texas Addison is a city in Dallas County, Texas (USA). The population was 14,166 at the 2000 census. Addison is a northern suburb of Dallas. The city calls itself the Town of Addison but it is incorporated as a city. , Cerritos, Calif., and San Jose, Calif., as well as the 2004 openings of Willowbrook, Texas, Laguna Hills, Calif., Summerlin, Nev., and Fresno, Calif. Also contributing to revenue growth for the 39 weeks ended Sept. 26, 2004, was an increase in BJ's same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. of 4.6% for restaurants opened greater than 18 months. These increases were partially offset by the closure of our Portland, Ore., restaurant during June 2003, and the sale of the three Pietro's restaurants on March 15, 2004. The company reported net income of $4,982,000, or $0.24 diluted earnings per share, for the 39 weeks ended Sept. 26, 2004, compared to net income of $2,874,000, or $0.14 diluted earnings per share, for the 39 weeks ended Sept. 28, 2003. Included in the 39 weeks ended Sept. 26, 2004, earnings and earnings per share results is a pre-tax gain of $1,658,000 from the sale of the three Pietro's restaurants and related trademarks for the Pietro's brand, or a $0.05 after-tax gain per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Paul Motenko, chairman and co-CEO, commented: "We were pleased with third quarter results, particularly our successful restaurant openings in Summerlin, Nevada and Fresno, California “Fresno” redirects here. For other uses, see Fresno (disambiguation). Fresno is the sixth-largest city in California and the county seat of Fresno County, with an official Census Bureau estimated population of 481,035 as of July 1, 2006. , both of which exceeded our initial revenue expectations. In addition, we have been extremely pleased with initial guest response at our San Bernardino, California San Bernardino is the county seat of San Bernardino County, California, United States. San Bernardino's estimated population, as of 2006, is 205,010.[1] As of 2006, it was the 18th largest city in California, and the 100ed largest city in the United States. restaurant, which opened early in the fourth quarter. With yesterday's opening of our Folsom, California Folsom is a city in California, United States. Folsom is most commonly known by its famous Folsom Prison, and is a thriving suburb of Sacramento. As of 2007, the State of California's estimate of Folsom's population is 70,835. restaurant, we have successfully met our plan to open at least six units in 2004. For 2005, our current expectation is to open eight or more units, in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with our objective of at least 20% annual unit growth." 2004 Outlook The company maintains its projection for 2004 revenues to be between $124 million and $128 million and 2004 diluted earnings per share of $0.30 to $0.33, including the approximate $0.05 per share after-tax gain from the sale of all three Pietro's restaurants and related assets during the first quarter. Expectations for 2004 are based on six to seven new BJ's Restaurant openings and full-year comparable restaurant revenue growth of 3.0% to 4.0%. BJ's Restaurants will have one additional week in fiscal 2004, a 53-week year versus the standard 52-week year, which is reflected in the guidance issued above. Investor Conference Call and Webcast BJ's Restaurants Inc. will conduct a conference call on its third quarter earnings release today, Oct. 27, 2004, at 2 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . The number to dial for this teleconference is 888-424-5801. A replay of the conference call will be available through Oct. 30, 2004, by dialing 877-519-4471 and entering passcode 5316606. The company will also 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 35 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 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). (25), Texas (4), 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), Arizona (1), Colorado (1) and Nevada (1). The company also has a licensing interest in a BJ's restaurant in Lahaina, Maui, Hawaii. 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) the company's ability to manage growth and conversions, (ii) construction delays, (iii) restaurant and brewery industry competition and other such industry considerations, (iv) marketing and other limitations based on the company's historic concentration in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , (v) consumer trends, (vi) increased food costs and wages, including, without limitation, increases in the minimum wage, (vii) increased energy costs, and (viii) other general economic and regulatory conditions. Further information concerning the company's results of operations for the third quarter 2004 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. 5, 2004.
Selected Unaudited Consolidated Financial Data
(Dollars in thousands except for per share data)
For the 13 Weeks Ended
Sept. 26, Sept. 28,
Statement of Income Data: 2004 2003
Revenues $32,867 100.0% $26,744 100.0%
Costs and expenses:
Cost of sales 8,668 26.4 7,127 26.6
Labor and benefits 11,813 35.9 9,383 35.1
Occupancy 2,463 7.5 2,045 7.6
Operating expenses 3,715 11.3 3,161 11.8
General and administrative 2,474 7.5 2,203 8.2
Depreciation and amortization 1,330 4.0 993 3.7
Restaurant opening expense 804 2.4 526 2.0
Gain from sale of Pietro's restaurants - - - -
Total cost and expenses 31,267 95.0 25,438 95.0
Income from operations 1,600 5.0 1,306 5.0
Other income:
Interest income, net 110 0.3 84 0.3
Other income, net 42 0.1 95 0.4
Total other income 152 0.4 179 0.7
Income before income tax expense 1,752 5.4 1,485 5.7
Income tax expense 549 1.7 517 1.9
Net income $1,203 3.7% $968 3.8%
Net income per share:
Basic $0.06 $0.05
Diluted $0.06 $0.05
Weighted average number of shares
outstanding:
Basic 19,455 19,400
Diluted 20,538 20,566
Selected Unaudited Consolidated Financial Data
(Dollars in thousands except for per share data)
For the 39 Weeks Ended
Sept. 26, Sept. 28,
Statement of Income Data: 2004 2003
Revenues $91,159 100.0% $75,951 100.0%
Costs and expenses:
Cost of sales 23,701 26.0 20,149 26.5
Labor and benefits 32,574 35.7 27,009 35.6
Occupancy 6,919 7.6 5,660 7.5
Operating expenses 9,987 11.0 8,716 11.5
General and administrative 7,207 7.9 6,555 8.6
Depreciation and amortization 3,671 4.0 2,870 3.8
Restaurant opening expense 1,813 2.0 1,229 1.6
Gain from sale of Pietro's restaurants (1,658) (1.8) - -
Total cost and expenses 84,214 92.4 72,188 95.1
Income from operations 6,945 7.6 3,763 4.9
Other income:
Interest income, net 334 0.4 277 0.4
Other income, net 156 0.2 377 0.5
Total other income 490 0.6 654 0.9
Income before income tax expense 7,435 8.2 4,417 5.8
Income tax expense 2,453 2.7 1,543 2.0
Net income $4,982 5.5% $2,874 3.8%
Net income per share:
Basic $0.26 $0.15
Diluted $0.24 $0.14
Weighted average number of shares
outstanding:
Basic 19,473 19,400
Diluted 20,546 20,389
Selected Balance Sheet Information
(Dollars in thousands)
Balance Sheet Data (end of period): Sept. 26, Dec. 28,
2004 2003
(Unaudited)
Cash, cash equivalents and short-term investments $22,964 $26,940
Total assets $92,848 $83,705
Total long-term debt, including current portion $0 $151
Shareholders' equity $76,908 $71,051
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