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BJ's Restaurants, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year of 2012



BJ's Restaurants, Inc. Reports Financial Results for the Fourth Quarter and
Fiscal Year of 2012

HUNTINGTON BEACH, Calif., Feb. 19, 2013 (GLOBE NEWSWIRE) -- BJ's Restaurants,
Inc. (Nasdaq:BJRI) today reported financial results for its fourth quarter and
fiscal year of 2012 that ended on Tuesday, January 1, 2013. The results for
both the fourth quarter and fiscal year ended January 1, 2013, included one
less operating week as compared to the same periods of fiscal 2011. 

Highlights for the fourth quarter of fiscal 2012 were as follows:

  o Total revenues increased approximately 8% to $184.8 million, as compared
    to $171.8 million for the same quarter last year. The extra operating week
    in fiscal 2011 contributed approximately $13.9 million in sales last
    year. Excluding the extra operating week, total revenues increased
    approximately 17% compared to the same quarter last year.
  o Total restaurant operating weeks increased 5% (13 weeks vs. 14 weeks) and
    13% (13 weeks vs. 13 weeks).
  o Five new restaurants opened during the quarter.
  o Comparable restaurant sales increased 3.0%, successfully hurdling a 5.1%
    increase for the same quarter last year (13 weeks vs. 13 weeks).
  o Net income and diluted net income per share were $7.0 million and $0.24,
    respectively, as compared to $9.9 million and $0.34 for the same quarter
    last year. The extra operating week in fiscal 2011 contributed
    approximately $0.06 of diluted net income per share last year.
  o On a non-GAAP adjusted basis, excluding certain charges and gains
    described below and in the reconciliation between GAAP and non-GAAP
    adjusted financial measures included in the accompanying financial data,
    net income and diluted net income per share were $7.6 million and $0.27,
    respectively.

Results for the fourth quarter of fiscal 2012 include pre-tax charges totaling
approximately $1.4 million, or approximately $0.04 per diluted net income per
share, related to the estimated cost to settle a California sales tax audit
and the one-time costs associated with our CEO transition. These costs were
partially offset by a pre-tax gain of approximately $0.5 million, or $0.01 per
diluted net income per share, pursuant to the settlement agreement with the
Company's former broker-dealer related to the liquidation of its auction rate
securities portfolio in December 2009. Under the terms of that settlement
agreement, the Company was entitled to potential future recoveries of its loss
on that portfolio based on the performance of the securities through December
2012. During the fourth quarter of fiscal 2012, certain of those securities
were redeemed at par resulting in additional gains to the Company. As a result
of this settlement agreement the Company has successfully recovered 100% of
the value of its auction rate securities portfolio.

Highlights for the full fiscal year 2012 were as follows:

  o Total revenues increased approximately 14% to $708.3 million as compared
    to $620.9 million for fiscal year 2011. The extra operating week in fiscal
    2011 contributed approximately $13.9 million in sales last year. Excluding
    the extra operating week, total revenues increased approximately 17%
    compared to the prior year.
  o Total restaurant operating weeks increased 11% (52 weeks vs. 53 weeks) and
    13% (52 weeks vs. 52 weeks).
  o 16 new restaurants opened during the fiscal year, including one
    relocation.
  o Comparable restaurant sales increased 3.2%, successfully hurdling a 6.6%
    increase for fiscal year 2011 (52 weeks vs. 52 weeks).
  o Net income and diluted net income per share were $31.4 million and $1.09,
    respectively, as compared to $31.6 million and $1.08 for fiscal year 2011.
    The extra operating week in fiscal 2011 contributed approximately $0.06 of
    diluted net income per share last year.
  o On a non-GAAP adjusted basis, excluding certain charges and gains
    described below and in the reconciliation between GAAP and non-GAAP
    adjusted financial measures included in the accompanying financial data,
    net income and diluted net income per share were $32.3 million and $1.12,
    respectively.

Results for fiscal year 2012 include pre-tax charges totaling approximately
$2.0 million, or $0.05 per diluted net income per share, related to the
estimated cost to settle a trademark infringement lawsuit and a California
sales tax audit, the write-off of the remaining net book value of assets
related to the closure and relocation of our small-format "Pizza & Grill"
restaurant in Boulder, Colorado, and one-time costs associated with our CEO
transition. These costs were partially offset by a pre-tax gain of
approximately $0.8 million, or $0.02 per diluted net income per share,
pursuant to the settlement agreement with the Company's former broker-dealer
related to the liquidation of its auction rate securities portfolio in
December 2009.

"We were pleased to maintain BJ's forward momentum during the fourth quarter
and fiscal year 2012," commented Jerry Deitchle, Chairman of the Board.
"Despite the challenging operating environment for restaurants in general, we
continued to drive top-line sales and gain market share in the estimated $100+
billion casual dining segment. Excluding the impact of non-recurring items in
the fourth quarter, our non-GAAP net income came in as we internally expected
at $0.27 per diluted net income per share, due in large part to the high
quality, professional execution of our restaurant operators. More importantly,
we continued to strengthen the foundation for the BJ's concept going forward.
With only 130 restaurants open today in 15 states and with estimated room for
at least 425 large-format 'Brewhouse' restaurants domestically, we believe
that the majority of BJ's growth remains well ahead of us."

"I want to thank Jerry Deitchle for his stewardship of the BJ's concept over
the last eight years," commented Greg Trojan, President and CEO. "I am very
impressed with the foundation and the level of execution of the BJ's concept
and its brand positioning in the casual dining industry. I am looking forward
to working with him as our Chairman going forward. Based on all indications,
we expect 2013 to be another challenging year in the casual dining industry.
Accordingly, we have several sales building initiatives planned for this year
and will continue to prudently manage the costs within our business. We intend
to continue playing to the strengths of the BJ's concept by providing a higher
quality, more differentiated casual dining experience for our guests, while
maintaining an average guest check that remains in the same relative range as
those of our mature, 'mass market' peers as we continue to successfully
execute our national expansion plan."

The Company successfully opened 16 new restaurants in 2012, including one
relocation of an existing restaurant. Five new restaurants (Lubbock, Texas;
Pasadena, California; Albuquerque, New Mexico; and two restaurants in Miami,
Florida) were opened during the fourth quarter of fiscal 2012. As previously
announced, the Company currently expects to open as many as 17 new restaurants
during 2013, of which one will be a relocation of an existing small-format
"Pizza & Grill" restaurant in Eugene, Oregon to a new site in Eugene that can
accommodate a larger-format "Brewhouse" restaurant. Investors are reminded
that the actual number and timing of new restaurant openings are subject to a
number of factors outside of the Company's control, including weather
conditions and factors under the control of landlords, contractors and
regulatory/licensing authorities.

Investor Conference Call and Webcast

BJ's Restaurants, Inc. will conduct a conference call on its fourth quarter
and fiscal year of 2012 earnings release today, February 19, 2013, at 2:00
p.m. (Pacific Time). The Company will provide an Internet simulcast, as well
as a replay of the conference call. To listen to the conference call, please
visit the "Investors" page of the Company's website located at
http://www.bjsrestaurants.com several minutes prior to the start of the call
to register and download any necessary audio software. An archive of the
presentation will be available for 30 days following the call.

BJ's Restaurants, Inc. currently owns and operates 130 casual dining
restaurants under the BJ's Restaurant & Brewery®, BJ's Restaurant &
Brewhouse®, BJ's Pizza & Grill® and BJ's Grill® brand names. BJ's Restaurants
offer an innovative and broad menu featuring award-winning, signature
deep-dish pizza complemented with generously portioned salads, appetizers,
sandwiches, soups, pastas, entrees and desserts, including the Pizookie®
dessert. Quality, flavor, value, moderate prices and sincere service remain
distinct attributes of the BJ's experience. The Company operates several
microbreweries in addition to using qualified contract brewers to produce and
distribute BJ's critically acclaimed proprietary craft beers throughout the
chain. The Company's restaurants are located in California (61), Texas (28),
Florida (11), Arizona (6), Nevada (5), Colorado (4), Ohio (3), Oregon (3),
Oklahoma (2), Washington (2), Indiana (1), Kansas (1), Kentucky (1), Louisiana
(1) and New Mexico (1). 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 for purposes
of the Securities Act of 1933 and the Securities and Exchange Act of 1934, as
amended, and are intended to be covered by the safe harbors created thereby.
Such statements include, but are not limited to, those regarding expected
comparable restaurant sales and margin growth in future periods, total
potential domestic capacity, the success of various sales-building and
productivity initiatives, future guest traffic trends and the number and
timing of new restaurants expected to be opened in future periods. 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, (iv) increase in minimum wage and other employment related costs,
including the potential impact of the Patient Protection and Affordable Care
Act on our operations, (v) the effect of credit and equity market disruptions
on our ability to finance our continued expansion on acceptable terms, (vi)
food quality and health concerns, (vii) factors that impact California, where
61 of our current 130 restaurants are located, (viii) restaurant and brewery
industry competition, (ix) impact of certain brewery business considerations,
including without limitation, dependence upon suppliers, third party
contractors and related hazards, (x) consumer spending trends in general for
casual dining occasions, (xi) potential uninsured losses and liabilities due
to limitations on insurance coverage, (xii) fluctuating commodity costs and
availability of food in general and certain raw materials related to the
brewing of our handcrafted beers and energy, (xiii) trademark and service-mark
risks, (xiv) government regulations and licensing costs, (xv) beer and liquor
regulations, (xvi) loss of key personnel, (xvii) inability to secure
acceptable sites, (xviii) legal proceedings, (xix) other general economic and
regulatory conditions and requirements, (xx) the success of our key
sales-building and related operational initiatives, and (xxi) numerous other
matters discussed in the Company's filings with the Securities and Exchange
Commission, including its recent reports on Forms 10-K, 10-Q and 8-K. The
"forward-looking" statements contained in this press release are based on
current assumptions and expectations and 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.

 
BJ's Restaurants, Inc.
Unaudited Consolidated Statements of Income
(Dollars in thousands except for per share data)
                                                
               Thirteen        Fourteen        Fifty-Two       Fifty-Three
               Weeks Ended     Weeks Ended     Weeks Ended     Weeks Ended
               January 1,      January 3,      January 1,      January 3,
               2013            2012            2013            2012
Revenues       $184,805 100.0% $171,769 100.0% $708,325 100.0% $620,943 100.0%
Costs and                                                                
expenses:
Cost of sales  46,166    25.0  41,706    24.3  175,636   24.8  152,695   24.6
Labor and      63,392    34.3  59,916    34.9  245,078   34.6  214,470   34.5
benefits
Occupancy and  40,166    21.7  34,943    20.3  150,312   21.2  127,291   20.5
operating
General and    12,792    6.9   10,862    6.3   45,131    6.4   39,952    6.4
administrative
Depreciation
and            11,199    6.1   9,228     5.4   41,347    5.8   34,075    5.5
amortization
Restaurant     2,399     1.3   1,908     1.1   8,440     1.2   6,997     1.1
opening
Loss on
disposal of    106       0.1   114       0.1   557       0.1   1,039     0.2
assets
Legal and
other          609       0.3   --              959       0.1   2,037     0.3
settlements
Total costs    176,829   95.7  158,677   92.4  667,460   94.2  578,556   93.2
and expenses
Income from    7,976     4.3   13,092    7.6   40,865    5.8   42,387    6.8
operations
                                                                         
Other income                                                             
(expense):
Interest       62              77              276             233       
income
Interest        (10)           (61)            (54)            (144)     
expense
Gain on
investment     508       0.3   --              797       0.1   614       0.1
settlement
Other income,  144       0.1   171       0.1   772       0.1   562       0.1
net
Total other    704       0.4   187       0.1   1,791     0.3   1,265     0.2
income
Income before  8,680     4.7   13,279    7.7   42,656    6.0   43,652    7.0
income taxes
                                                                         
Income tax     1,692     0.9   3,408     2.0   11,247    1.6   12,082    1.9
expense
                                                                         
Net income     $6,988    3.8%  $9,871    5.7%  $31,409   4.4%  $31,570   5.1%
                                                                         
Net income per                                                           
share:
Basic          $0.25           $0.36           $1.12           $1.14     
                                                                         
Diluted        $0.24           $0.34           $1.09           $1.08     
                                                                         
Weighted
average number                                                           
of shares
outstanding:
Basic          28,046          27,737          27,994          27,631    
                                                                         
Diluted        28,821          29,274          28,857          29,143    
 
Percentages reflected above may not reconcile due to rounding.

 
 
BJ's Restaurants, Inc.
Unaudited Selected Consolidated Balance Sheet Information
(Dollars in thousands)
                                                              
                                                  January 1, January 3,
                                                  2013       2012
                                                              
Cash, cash equivalents and short-term investments $ 33,390    $ 45,396
Non-current investments                           $ 7,534     $ 7,739
Total assets                                       $ 566,876  $ 502,079
Total long-term debt, including current portion   $  --      $ -- 
Shareholders' equity                               $ 371,834  $ 332,449

 
 
BJ's Restaurants, Inc.
Unaudited Supplemental Information
(Dollars in thousands)
                                                   
                    Thirteen       Fourteen       Fifty-Two      Fifty-Three
                    Weeks Ended    Weeks Ended    Weeks Ended    Weeks Ended
                    January 1,     January 3,     January 1,     January 3,
                    2013           2012           2013           2012
Stock-based                                                                
compensation (1)
Labor and benefits   $ 381   0.2%   $ 469   0.3%   $1,255  0.2%   $1,641  0.3%
General and          962      0.5   833      0.5   3,330    0.5   3,037    0.5
administrative
Total stock-based    $1,343  0.7%   $1,302  0.8%   $4,585  0.7%   $4,678  0.8%
compensation
                                                                           
Operating Data                                                             
Comparable
restaurant sales %   3.0%          5.1%           3.2%           6.6%      
change (2)
Restaurants opened   5              4              16             13       
during period
Restaurants open at  130            115            130            115      
period-end
Restaurant           1,673          1,597          6,325          5,697    
operating weeks
                                                                           
(1) Percentages represent percent of total revenues.
 
(2) Comparable restaurant sales calculated on a 13 week versus 13 week and 52
week versus 52 week basis for the thirteen and fifty-two weeks ended January
1, 2013, and for the fourteen and fifty-three weeks ended January 3, 2012.

Reconciliation of Selected GAAP Financial Measures to Non-GAAP Adjusted
Financial Measures

To supplement the consolidated financial statements presented in accordance
with U.S. generally accepted accounting principles ("GAAP"), the Company has
included the following non-GAAP adjusted financial measures in this press
release or in the webcast to discuss the Company's financial results for the
fourth quarter and fiscal year 2012 which may be accessed via the Company's
website at http://www.bjsrestaurants.com: (i) non-GAAP adjusted net income and
(ii) non-GAAP adjusted basic and diluted net income per share. Each of these
non-GAAP adjusted financial measures is adjusted from results based on GAAP to
exclude certain expenses and gains. As a general matter, the Company uses
these non-GAAP adjusted financial measures in addition to and in conjunction
with results presented in accordance with GAAP to help analyze the performance
of its core business. The Company believes that such non-GAAP adjusted
financial information is provided by its competitors and such information is
used by analysts and others in the investment community to analyze the
Company's results and in formulating estimates of future performance and that
failure to report these non-GAAP adjusted measures could result in confusion
among analysts and others and a misplaced perception that the Company's
results have underperformed or exceeded expectations.

These non-GAAP adjusted financial measures reflect an additional way of
viewing aspects of the Company's operations that, when viewed with the GAAP
results and the reconciliations to corresponding GAAP financial measures,
provide a more complete understanding of the Company's results of operations
and the factors and trends affecting the Company's business. However, these
non-GAAP adjusted financial measures should be considered as a supplement to,
and not as a substitute for, or superior to, the corresponding measures
calculated in accordance with GAAP.

For the thirteen weeks ended January 1, 2013, non-GAAP adjusted net income and
non-GAAP adjusted basic and diluted net income per share exclude an estimated
charge to settle a California sales tax audit, CEO transition costs and a gain
pursuant to the settlement agreement with the Company's former broker-dealer
for its auction rate securities portfolio that was fully liquidated in
December 2009. For fiscal 2012, non-GAAP adjusted net income and non-GAAP
adjusted basic and diluted net income per share exclude the effect from the
settlement of a trademark infringement claim and an estimated charge to settle
a California sales tax audit, the loss on disposal of assets related to the
closure and relocation of the Boulder, Colorado smaller-format "Pizza & Grill"
restaurant to a larger format "Brewhouse" restaurant, CEO transition costs and
a gain pursuant to the settlement agreement with the Company's former
broker-dealer for its auction rate securities portfolio that was fully
liquidated in December 2009. For fiscal 2011, non-GAAP adjusted net income and
non-GAAP adjusted basic and diluted net income per share excluded the effect
from the settlement of certain California employment practices lawsuits and a
gain pursuant to the settlement agreement with the Company's former
broker-dealer for its auction rate securities portfolio that was fully
liquidated in December 2009. The Company believes that presentation of
measures of net income and basic and diluted net income per share that exclude
these items assists management and investors in evaluating the
period-over-period performance of the Company's ongoing core business
operations because these items are generally considered non-routine in nature.
Furthermore, the Company believes that presentation of a measure of non-GAAP
adjusted net income and non-GAAP adjusted basic and diluted net income per
share that exclude such items is useful to management and investors in
evaluating the performance of the Company's ongoing operations on a
period-to-period basis and relative to the Company's competitors.

 
 
Reconciliation of Non-GAAP Adjusted Financial Measures
(Unaudited, dollars in thousands except for per share data)
                                                 
                Thirteen           Fourteen     Fifty-Two      Fifty-Three
                Weeks Ended        Weeks Ended  Weeks Ended    Weeks Ended
                January 1,         January 3,   January 1,     January 3,
                2013               2012         2013           2012
Net income, as  $ 6,988   3.8%     $ 9,871 5.7% $31,409 4.4%    $31,570 5.1%
reported
Legal and other  609       0.3      --      --   959     0.1    2,037    0.3
settlements
Loss on
disposal of      --        --       --      --   302     --     --       --
assets
Gain on
investment       (508)     (0.3)    --      --   (797)   (0.1)  (614)    (0.1)
settlement
CEO transition   786       0.4      --      --   786     0.1    --       --
costs (2)
Tax effect -
legal and other  (161)     (0.1)    --      --   (253)   --     (564)    (0.1)
settlements (1)
Tax effect -
loss on          --        --       --      --   (80)    --      --      --
disposal of
assets (1)
Tax effect -
gain on          134       0.1      --      --   210     --     170      --
investment
settlement (1)
Tax effect --
CEO transition    (208)    (0.1)    --      --   (208)   --     --        --
costs (1)
Non-GAAP
adjusted net    $ 7,640   4.1%     $ 9,871 5.7% $32,328 4.6%    $32,599 5.2%
income
                                                                         
Basic net
income per      $ 0.25             $ 0.36       $ 1.12         $ 1.14    
share, as
reported
Legal and other  0.02               --           0.03           0.07     
settlements
Loss on
disposal of      --                 --           0.01           --       
assets
Gain on
investment       (0.02)             --           (0.03)         (0.02)   
settlement
CEO transition   0.03               --           0.03            --      
costs (2)
Tax effect -
legal and other  (0.01)             --           (0.01)         (0.02)   
settlements (1)
Tax effect -
loss on          --                 --           --             --       
disposal of
assets (1)
Tax effect -
gain on          --                 --           0.01           0.01     
investment
settlement (1)
Tax effect --
CEO transition   (0.01)             --           (0.01)         --       
costs (1)
Non-GAAP
adjusted basic  $ 0.27             $ 0.36       $ 1.15         $ 1.18    
net income per
share
                                                                         
Diluted net
income per      $ 0.24             $ 0.34       $ 1.09         $ 1.08    
share, as
reported
Legal and other  0.02               --           0.03           0.07     
settlements
Loss on
disposal of      --                 --           0.01           --       
assets
Gain on
investment       (0.02)             --           (0.03)         (0.02)   
settlement
CEO transition   0.03               --           0.03           --       
costs (2)
Tax effect -
legal and other  (0.01)             --           (0.01)         (0.02)   
settlements (1)
Tax effect -
loss on          --                 --           --             --       
disposal of
assets (1)
Tax effect -
gain on          --                 --           0.01           0.01     
investment
settlement (1)
Tax effect --
CEO transition   (0.01)             --           (0.01)         --       
costs (1)
Non-GAAP
adjusted
diluted net     $ 0.27             $ 0.34       $ 1.12         $ 1.12    
income per
share
                                                                         
Per share amounts and percentages reflected above may not reconcile due to
rounding. 
 
Percentages represent percent of total revenues.
 
(1) The tax effect is based on the Company's annual estimated effective tax
rate of 26.4% for the thirteen and fifty-two weeks ended January 1, 2013, and
27.7% for the fourteen and fifty-three weeks ended January 3, 2012.
 
(2) Included in general and administrative expenses.

CONTACT: Greg Levin
         BJ's Restaurants, Inc.
         (714) 500-2400

BJ's Restaurants, Inc.
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