Chicago Pizza & Brewery, Inc. Reports a $390,000 Profit for 1999, a 24.4% Increase in Revenues and a 123.3% Increase in Income From Operations.Business Editors MISSION VIEJO Mission Vi·e·jo A community of southern California southeast of Irvine. It is mainly residential. Population: 96,300. , Calif.--(BUSINESS WIRE)--March 30, 2000 Chicago Pizza & 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. , Inc. (Nasdaq: CHGO)(Nasdaq: CHGOW) Thursday released results for the fourth quarter and year ended Dec. 31, 1999. Total revenues increased 29.7% for the fourth quarter and 24.4% for the year compared with the same periods in 1998. Revenues totaled $9,314,000 for the fourth quarter and $37,393,000 for the year of 1999. Contributing to the increase in revenues was an increase in same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of of 7.8% at the restaurants operated as BJ's for all of 1998 and 1999. Also contributing to the increase in revenues was the opening of restaurants in Arcadia, Calif. in January 1999, Woodland Hills, Calif. in April 1999 and La Mesa La Mesa (lə mā`sə), city (1990 pop. 52,931), San Diego co., S Calif., a suburb of San Diego; inc. 1912. It is a retail center and a popular residence for upper- and middle-income professionals in the San Diego area. , Calif. in November 1999. Revenues at the restaurants operated as Pietro's for all of 1998 and 1999 increased 1.0%. The company reported net income of $390,000 for 1999 as compared with net income of $85,000 for 1998. Income from operations for 1999 was $801,000, a $442,000 increase from the $359,000 income from operations in 1998. The 1999 financial results included $623,000 in preopening costs, $517,000 of which related to the opening of three BJ's restaurants in 1999 and $106,000 of which represented unamortized preopening costs from 1998. In addition, charges of $148,000 were incurred relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the costs of closing a BJ's restaurant in The Dalles dalles pl.n. The rapids of a river that runs between the steep precipices of a gorge or narrow valley. [French, pl. of dalle, gutter, from Old French, from Old Norse dæla.] , Ore. and a Pietro's restaurant in Eugene, Ore. Per Paul Motenko, Co-CEO, "1999 was a great year for the company in terms of restaurant openings. All three of the restaurants we opened have experienced very strong sales volumes, and continue to achieve improved financial results each month as the units mature." The Arcadia, Woodland Hills and La Mesa restaurants achieved average weekly sales of $63,000, $89,000 and $52,000, respectively during 1999. The company has plans to open four additional restaurants within the next six months. These restaurants, all 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, , are located in Valencia, West Covina West Covina, city (1990 pop. 96,086), Los Angeles co., S Calif., in the San Gabriel valley; settled 1905, inc. 1923. Before World War II, West Covina was a small rural community where walnuts, wheat, and livestock were raised. , Burbank and 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. . Jerry Hennessy Jeremiah Joseph Hennessy (February 22, 1926 - November 3, 2000) was an American football end in the National Football League for the Chicago Cardinals and the Washington Redskins. He played college football for Santa Clara University. , Co-CEO stated: "We are very excited about the new locations, three of which are visible from some of the most highly-traveled freeways in Southern California. "We are particularly excited about our West Covina location, which, at 12,000 square feet, will house the company's largest microbrewery mi·cro·brew·er·y n. pl. mi·cro·brew·er·ies A small brewery, generally producing fewer than 10,000 barrels of beer and ale a year and frequently selling its products on the premises. Also called boutique brewery, brewpub. . The new microbrewery will not be coming a moment too soon, as we are stretching to keep up with the demand for BJ's beers at our restaurants." In order to fund the company's current growth plans, a $4 million line of credit has been arranged with WM Business Bank, a division of Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. . The company's warrant repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program has resulted in the repurchase of 920,000 warrants, all of which were acquired prior to Dec. 31, 1999. Per Ernie Klinger, president, "The trading price Trading price The price at which a security is currently selling. of the warrants thus far in the year 2000 has been such that additional purchases of company warrants have not been pursued." Chicago Pizza & Brewery operates 27 casual dining restaurants, some of which incorporate brewpubs. Eleven of the restaurants are located in Southern California, one is located in Lahaina, Maui and one is located in Boulder, Colo. In addition, the company operates six BJ's restaurants in Oregon and eight Pietro's restaurants in Oregon and Washington. BJ's restaurants offer customers moderate prices and tremendous value on an incredible menu that includes deep-dish Chicago-style pizza Chicago-style pizza is a specific variety of pizza. Pizza is traditionally considered to be a type of hearth cake such as focaccia. The Chicago-style pizza shares more in common with a casserole, such as lasagna. as well as sandwiches, salads, fabulous desserts, critically acclaimed ac·claim v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. hand-crafted beers and more. Visit Chicago Pizza & Brewery on the Web at http://www.bjsbrewhouse.com. The information presented herein contains certain 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. within the meaning of Section 27A of the Securities Act of 1933, as amended, which 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. The company's results may differ significantly from the results indicated by such forward-looking statements. 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 and current concentration in the Northwest, (v) consumer trends, (vi) increased food costs and wages, including, without limitation, the recent increase in the minimum wage, and (vii) other general economic and regulatory conditions.
Chicago Pizza & Brewery, Inc.
Consolidated Financial Data -- Unaudited
(In thousands, except per share data)
Year Ended Three Months Ended
December 31, December 31,
1999 1998 1999 1998
Statement of
Operations Data:
Revenues $37,393 $30,051 $9,314 $7,180
Cost of sales 10,491 8,458 2,614 2,056
Gross profit 26,902 21,593 6,700 5,124
Costs and expenses:
Labor and benefits 13,542 10,831 3,491 2,654
Occupancy 2,998 2,563 762 665
Operating expenses 4,161 3,520 1,128 844
General and
administrative 3,218 2,583 930 715
Depreciation and
amortization 1,517 1,737 382 391
Restaurant
preopening/closing
expense 665 131
Total cost and
expenses 26,101 21,234 6,824 5,269
Income (loss) from
operations 801 359 (124) (145)
Other income
(expense):
Interest expense,
net (251) (212) (62) (53)
Other income
(expense), net 16 (5) 6 (1)
Total other expense (235) (217) (56) (54)
Income before
minority interest,
income taxes and
change in accounting 566 142 (180) (199)
Minority interest in
partnership (44) (56) 9
Income before income
taxes and change in
accounting 522 86 (171) (199)
Income tax expense (26) (1)
Income before change
in accounting 496 85 (171) (199)
Cumulative effect of
change in accounting (106)
Net income $390 $85 ($171) ($199)
Basic and dilutive net
income (loss) per
share:
Income before change
in accounting $0.07 $0.01 ($0.01) ($0.03)
Cumulative effect of
change in
accounting ($0.02)
Net income per share $0.05 $0.01 ($0.01) ($0.03)
December 31,
Balance Sheet Data (end of period): 1999 1998
Cash $189 $1,491
Total assets $19,144 $17,595
Total long-term debt (including current
portion) $2,861 $2,927
Shareholders' equity $13,099 $11,893
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