Chicago Pizza & Brewery Inc. Reports a $910,000 Profit for the Second Quarter of 2002 and a 14.5% Increase in Revenues.Business Editors & Restaurant/Food Writers 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)--Aug. 6, 2002 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:CHGO) released results for the second quarter ended June June: see month. 30, 2002. Revenues totaled $18,298,000 for the second quarter of 2002, an increase of 14.5% as compared with the second quarter of 2001. Revenues increased due to the opening of restaurants in Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif. in August 2001 and Chandler Chandler, city (1990 pop. 90,533), Maricopa co., S central Ariz., in the Salt River valley; inc. 1920. It is both a residential community and a center for research and technology. Tourism is also important, and the San Marcos Golf Resort is in Chandler. , Ariz. in October October: see month. 2001, which provided $2,380,000 in revenues during the second quarter of 2002. Also contributing to the 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 $430,000 or 3.0% for stores opened greater than 18 months. These increases were partially offset by the decrease in Pietro's same store sales of 2.8% and the sale or closure of three restaurants in 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. , the sale of the Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. joint venture in 2001 and the closure of the Pietro's restaurant in Eugene Eugene, city (1990 pop. 112,669), seat of Lane co., W Oregon, on the Willamette River; inc. 1862. A processing and shipping center in a farming area, the "Emerald City" has lumbering, food-processing, and microchip and other electronics industries. , Ore. in February February: see month. 2002. Revenues totaled $35,667,000 for the first half of 2002, an increase of 13.8% as compared with the first half of 2001. Revenues increased due to the opening of restaurants in Irvine in August 2001 and Chandler in October 2001, which provided $4,773,000 in revenues during the first half of 2002. Also contributing to the revenue growth was an increase in BJ's same store sales of $879,000 or 3.3%. These increases were partially offset by the decrease in Pietro's same store sales of 1.1% and the sale or closure of restaurants in Oregon and Hawaii. Store level profits (income from operations plus restaurant opening expenses plus general and administrative expenses) increased to $5,844,000 in 2002 as compared with $4,953,000 in 2001. The company reported net income of $910,000 (or $0.05 basic earnings per share) for the second quarter of 2002 as compared with net income of $985,000 (or $0.12 basic earnings per share) for the second quarter of 2001 and net income of $1,646,000 (or $0.10 basic earnings per share) for the first half of 2002 as compared with net income of $1,748,000 (or $0.22 basic earnings per share) for the first half of 2001. The decrease in net income is primarily due to increases in general & administrative expenses as the company continued to invest in infrastructure to support growth. During the first half of 2002, 7,349,000 redeemable Redeemable Eligible for redemption under the terms of an indenture. warrants were exercised providing $35,936,000 in cash proceeds to the company and increasing the weighted average number of shares outstanding to 16,430,000 from 7,932,000 for the six months ended June 30, 2001. This increase in the weighted average number of shares outstanding contributed to the decrease in basic earnings per share. Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Motenko, Co-CEO, commented: "We are very pleased with the continued progress at the store level in terms of both revenue growth and profitability. We believe our investment in infrastructure will enhance profitability in the future as we accelerate our growth strategy." 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 added, "We anticipate a very active period in company growth as we begin a string of six store openings over the next eight months." In connection with the company's news release, we have scheduled a conference call on Wednesday, Aug. 7, 2002 at 6 a.m. Pacific time and 9 a.m. Eastern time. The phone number for interested parties is 800/437-3848. Call in five minutes before the call is scheduled to begin and reference your call, "CHGO". Chicago Pizza & Brewery operates 26 casual dining restaurants, some of which incorporate brewpubs. Sixteen of the restaurants are located 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, , with additional locations in Boulder Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo., and Chandler. In addition, the company operates eight restaurants in Oregon, four of which are Pietro's pizzerias, and has a licensing interest in a BJ's restaurant in Lahaina, Maui. 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 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 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 Oregon, (v) consumer trends, (vi) increased food costs and wages, including, without limitation, the recent increase in the minimum wage, (vii) increased energy costs 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). and (viii) other general economic and regulatory conditions. Further information concerning the company's results of operations for the second quarter of 2002 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 Aug. 14, 2002. In addition, the supplemental sales information is provided to investors to help gauge the company's performance and is not indicative of future results.
Selected Unaudited Consolidated Financial Data
(Dollars in thousands)
For the Three Months Ended
June 30,
Statement of Income Data: 2002 2001
Revenues $18,298 100.0% $15,974 100.0%
Costs and expenses:
Cost of sales 4,629 25.3 4,389 27.5
Labor and benefits 6,615 36.2 5,674 35.5
Occupancy 1,436 7.8 1,193 7.5
Operating expenses 1,926 10.5 1,640 10.3
General and administrative 1,734 9.5 1,241 7.8
Depreciation and amortization 592 3.2 495 3.1
Restaurant opening expense 109 0.6 67 0.4
Total cost and expenses 17,041 93.1 14,699 92.1
Income from operations 1,257 6.9 1,275 7.9
Other income (expense):
Interest income 172 0.9 12 0.1
Interest expense (119) (0.7) (105) (0.7)
Other income, net 87 0.5 299 1.9
Total other income 140 0.7 206 1.3
Income before minority
interest and income tax
expense 1,397 7.6 1,481 9.2
Minority interest in partnership -- -- 16 0.1
Income before income tax expense 1,397 7.6 1,497 9.3
Income tax expense 487 2.7 512 3.2
Net income $ 910 4.9% $ 985 6.1%
Net income per share:
Basic $0.05 $0.12
Diluted $0.05 $0.11
Weighted average number of shares
outstanding:
Basic 18,676 8,203
Dilutive 19,895 9,144
Selected Unaudited Consolidated Financial Data
(Dollars in thousands, except for per share data)
For the Six Months Ended
June 30,
Statement of Income Data: 2002 2001
Revenues $35,667 100.0% $31,343 100.0%
Costs and expenses:
Cost of sales 9,097 25.5 8,466 27.0
Labor and benefits 12,956 36.3 11,231 35.8
Occupancy 2,819 7.9 2,389 7.6
Operating expenses 3,777 10.6 3,295 10.5
General and administrative 3,343 9.4 2,223 7.1
Depreciation and amortization 1,174 3.3 1,009 3.2
Restaurant opening expense 121 0.3 77 0.2
Total cost and expenses 33,287 93.3 28,690 91.4
Income from operations 2,380 6.7 2,653 8.6
Other income (expense):
Interest income 203 0.6 13 0.0
Interest expense (198) (0.6) (262) (0.8)
Other income, net 146 0.4 298 1.0
Total other income 151 0.4 49 0.2
Income before minority
interest and income tax
expense 2,531 7.1 2,702 8.8
Minority interest in partnership -- -- 8 --
Income before income tax expense 2,531 7.1 2,710 8.8
Income tax expense 885 2.5 962 3.1
Net income $ 1,646 4.6% $ 1,748 5.7%
Net income per share:
Basic $0.10 $0.22
Diluted $0.08 $0.20
Weighted average number of shares
outstanding:
Basic 16,430 7,932
Dilutive 19,573 8,674
Selected Unaudited Balance Sheet Information
(Dollars in thousands)
June 30, Dec. 31,
Balance Sheet Data (end of period): 2002 2001
Cash and cash equivalents $41,400 $8,903
Total Assets $74,952 $40,255
Total long-term debt, including current portion $809 $4,345
Shareholders' equity $65,596 $28,095
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