Chicago Pizza & Brewery, Inc. Reports a $968,000 Profit for the Third Quarter of 2003, and a 40.5% Increase in Revenues.Business Editors 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.--(BUSINESS WIRE)--Nov. 4, 2003 Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. 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 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 : CHGO) released results for the third quarter ended September September: see month. 28, 2003. Highlights for the third quarter of 2003 relative to the same quarter last year were as follows: -- Revenues increased approximately 40.5% to $26.7 million versus $19.0 million -- Comparable sales for BJ's Restaurants increased approximately 3.4% -- Net income increased 133.8% to $968,000 versus $414,000 -- 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 increased to $0.05 compared to $0.02 Revenues increased 40.5% to $26.7 million in the third quarter of 2003, from $19.0 million in the third quarter of 2002. The $7.7 million increase is primarily the result of new restaurant openings in Westlake, CA (August 2002), Oxnard, CA (September 2002), Lewisville, TX (November 2002), Cupertino, CA (December 2002), Clear Lake, TX (January 2003), Addison Addison, village (1990 pop. 32,058), Du Page co., NE Ill.; inc. 1884. An industrial suburb of Chicago, it manufactures machinery and plastic items. , TX (May 2003) and Cerritos, CA (July 2003). Also contributing to revenue growth was an increase in BJ's 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 3.4% for stores opened greater than eighteen months. These increases were partially offset by lower revenues due to the closure of the Pietro's Portland, 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. restaurant (Lombard Street Lombard Street, in London, England. It is a street of banks and financial houses that takes its name from the Lombard merchants and moneylenders who settled there in the 13th cent. ) on December 31, 2002, and the BJ's Portland, Oregon restaurant (Stark Street) on June 15, 2003. Net income increased 133.8% to $968,000, or $0.05 per share (basic) and $0.05 per share (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. ), in the third quarter of 2003, compared to $414,000, or $0.02 per share (basic & diluted), in the third quarter of 2002. Revenues increased 38.9% to $76.0 million for the nine periods ended September 28, 2003, from $54.7 million for the nine periods ended September 29, 2002. The $21.3 million increase is primarily the result of new restaurant openings in Westlake, CA (August 2002), Oxnard, CA (September 2002), Lewisville, TX (November 2002), Cupertino, CA (December 2002), Clear Lake, TX (January 2003) Addison, TX (May 2003), and Cerritos, CA (July 2003). Also contributing to revenue growth was an increase in same store sales of 2.7% for BJ's Restaurants opened greater than eighteen months. These increases were partially offset by lower revenues due to the closure of the Pietro's Eugene, Oregon The city of Eugene is the county seat of Lane County, Oregon, United States. It is located at the south end of the Willamette Valley, at the confluence of the McKenzie and Willamette rivers, about 60 miles (100 km) east of the Oregon Coast. restaurant in February 2002, the Pietro's Portland, Oregon restaurant (Lombard Street) on December 31, 2002, and our BJ's Portland, Oregon restaurant (Stark Street) on June 15, 2003. Net income increased 38.1% to $2.9 million, or $0.15 per share (basic) and $0.14 per share (diluted), for the nine periods ended September 28, 2003, compared to $2.1 million, or $0.12 per share (basic) and $0.11 (diluted), for the nine periods ended September 29, 2002. Chicago Pizza & Brewery, Inc. operates 32 casual dining restaurants, some of which incorporate brewpubs. Twenty-one of the 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). , with additional locations in Boulder, Colorado The City of Boulder (, Mountain Time Zone) is a home rule municipality located in Boulder County, Colorado, United States. Boulder is the 11th most populous city in the State of Colorado, as well as the most populous city and the county , Chandler, Arizona Chandler is a city in Maricopa County, Arizona, USA. Chandler is one of the major suburbs of Phoenix. As of the 2000 census, the city population was 176,582. According to 2005 Census Bureau estimates, the population of the city is 234,939. , Lewisville, Texas Lewisville is a city in Denton County and Dallas County, Texas (USA). As of the 2000 census the city had a total population of 77,737. With strong population growth continuing into the new millennium, the U.S. Census Bureau gives a 2006 population estimate of 94,589. (Dallas), Clear Lake, Texas (Houston) and 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. (Dallas). In addition, the Company operates six restaurants in Oregon, three of which are Pietro's, and has a licensing interest in a BJ's restaurant in Lahaina, Maui. BJ's restaurants feature BJ's award-winning, signature deep-dish pizza, BJ's own hand-crafted beers as well as a wide selection of appetizers, entrees, pastas, sandwiches, specialty salads and deserts. Visit Chicago Pizza & Brewery, Inc. 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 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. , 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 actual results could differ materially from those discussed here. Factors that could cause or contribute to such differences include, without limitation, those factors discussed herein and in the Company's annual report as reported on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as of December 29, 2002 and for the year then ended including, without limitation: (i) the Company's ability to manage growth and conversions, (ii) construction delays, (iii) marketing and other limitations as a result of 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, , (iv) restaurant and brewery industry competition, (v) impact of certain brewery business considerations, including without limitation, dependence upon suppliers and related hazards, (vi) increase in food costs and wages, including without limitation the increase in minimum wage in California, (vii) consumer trends, (viii) potential uninsured losses and liabilities, (ix) increasing insurance costs, (x) trademark and servicemark risks, (xi) government regulations, (xii) licensing costs, and (xiii) other general economic and regulatory conditions and requirements. Further information concerning the Company's results of operations for the third quarter of 2003 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 November 12, 2003. In addition, the supplemental information is provided to investors to help gauge the Company's performance and is not indicative of future results. For further information, please contact Robert Curran Robert Franklin Curran (February 10, 1883—1958) was a politician in Manitoba, Canada. He served in the Legislative Assembly of Manitoba from 1927 to 1936. Curran was born in Emerson, Manitoba, and was educated at public schools in the region. of Chicago Pizza & Brewery, Inc. (714) 848-3747, ext. 260.
Selected Unaudited Consolidated Financial Data
(In thousands except for per share data)
For the Thirteen Weeks Ended
-----------------------------------
September 28, September 29,
Statement of Income Data: 2003 2002
-----------------------------------
Revenues $26,744 100.0% $19,046 100.0%
Costs and expenses:
Cost of sales 7,127 26.6 4,727 24.8
Labor and benefits 9,383 35.1 6,901 36.2
Occupancy 2,045 7.6 1,422 7.5
Operating expenses 3,161 11.8 2,299 12.1
General and administrative 2,203 8.2 1,993 10.5
Depreciation and amortization 993 3.7 657 3.4
Restaurant opening expense 526 2.0 700 3.7
-----------------------------------
Total cost and expenses 25,438 95.0 18,699 98.2
-----------------------------------
Income from operations 1,306 5.0 347 1.8
Other income:
Interest income, net 84 0.3 154 0.8
Other income, net 95 0.4 122 0.6
-----------------------------------
Total other income 179 0.7 276 1.4
-----------------------------------
Income before income tax expense 1,485 5.7 623 3.2
Income tax expense 517 1.9 209 1.1
-----------------------------------
Net income $968 3.8% $414 2.1%
===================================
Net income per share:
Basic $0.05 $0.02
Diluted $0.05 $0.02
Weighted average number of shares
outstanding:
Basic 19,400 18,745
Diluted 20,566 19,788
Selected Unaudited Consolidated Financial Data
(In thousands except for per share data)
For the Nine Months Ended
-----------------------------------
September 28, September 29,
Statement of Income Data: 2003 2002
-----------------------------------
Revenues $75,951 100.0% $54,713 100.0%
Costs and expenses:
Cost of sales 20,149 26.5 13,824 25.3
Labor and benefits 27,009 35.6 19,857 36.3
Occupancy 5,660 7.5 4,241 7.8
Operating expenses 8,716 11.5 6,076 11.1
General and administrative 6,555 8.6 5,336 9.8
Depreciation and amortization 2,870 3.8 1,831 3.3
Restaurant opening expense 1,229 1.6 821 1.5
-----------------------------------
Total cost and expenses 72,188 95.1 51,986 95.1
-----------------------------------
Income from operations 3,763 4.9 2,727 4.9
Other income:
Interest income, net 277 0.4 159 0.3
Other income, net 377 0.5 268 0.5
-----------------------------------
Total other income 654 0.9 427 0.8
-----------------------------------
Income before income tax expense 4,417 5.8 3,154 5.7
Income tax expense 1,543 2.0 1,094 2.0
-----------------------------------
Net income $2,874 3.8% $2,060 3.7%
===================================
Net income per share:
Basic $0.15 $0.12
Diluted $0.14 $0.11
Weighted average number of shares
outstanding:
Basic 19,400 16,593
Diluted 20,389 18,360
Selected Balance Sheet Information
(Dollars in thousands)
Sept. 28, 2003 Dec. 29, 2002
Balance Sheet Data (end of period): (Unaudited)
---------------- ---------------
Cash, cash equivalents and short-term
investments $ 27,314 $ 32,734
Total assets $ 79,275 $ 77,849
Total long-term debt, including
current portion $ 267 $ 561
Shareholders' equity $ 69,994 $ 66,616
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion