BJ's Restaurants, Inc. Reports Financial Results for the Second Quarter of Fiscal 2013

BJ's Restaurants, Inc. Reports Financial Results for the Second Quarter of
Fiscal 2013

HUNTINGTON BEACH, Calif., July 31, 2013 (GLOBE NEWSWIRE) -- BJ's Restaurants,
Inc. (Nasdaq:BJRI) today reported financial results for its second quarter of
fiscal 2013 that ended on Tuesday,July 2, 2013.

Highlights for the second quarter of fiscal 2013 were as follows:

  oTotal revenues increased approximately 10% to $198.5 million
  oTotal restaurant operating weeks increased 11%
  oFour new restaurants opened
  oComparable restaurant sales were flat
  oNet income and diluted net income per share were $8.6 million and $0.30,
    respectively
  oOn a non-GAAP adjusted basis, excluding the charge 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 $8.8 million and $0.31, respectively.

Results for the second quarter of fiscal 2013 include a pre-tax charge of
approximately $0.3 million, or $0.01 per diluted share for the write-off of
the remaining net book value of assets and other costs related to the closure
and relocation of our small-format "Pizza & Grill" restaurant in Eugene,
Oregon to a larger and more productive facility.

"Our teams recognized the challenging top-line environment and did an
excellent job of executing the business and taking care of our guests,"
commented Greg Trojan, President and Chief Executive Officer."Our four-wall
restaurant productivity, efficiency, expense management and guest service
metrics were solidly delivered, despite the headwinds generated by the choppy
sales environment.While we are pleased with our four-wall execution, driving
sales remains our highest priority.We intend to pursue a more aggressive use
of certain marketing levers to generate new traffic momentum, including
additional television advertising in selected markets where we are more media
efficient and loyalty program initiatives that have shown favorable top-line
results in tests earlier this year.While we plan on being more aggressive in
driving awareness of the BJ's brand, we will do so only in ways that protect
its overall quality, differentiation and value for our guests as we continue
executing our national expansion."

As of the end of the second quarter the Company has successfully opened five
new restaurants in 2013, of which four were opened during the second quarter
(Fort Collins, Colorado; Oklahoma City, Oklahoma; the relocation of Eugene,
Oregon; and Redmond, Washington). The Company currently plans to open seven
new restaurants during the third quarter, two of which have already opened,
and five new restaurants during the fourth quarter and thereby achieve its
stated target to open 17 new restaurants during fiscal 2013."Our 2013
development pipeline is in excellent shape, and we are focused on building a
solid pipeline for our 2014 and 2015 restaurant openings.With only 136
restaurants open to date in 15 states, and with estimated room for at least
425 BJ's restaurants domestically, we have a long and attractive runway of
future growth ahead of us," said Trojan.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 second quarter of
fiscal 2013 earnings release today, July 31, 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 136 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
offers 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. BJ's operates company-owned
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 (62), Texas (28),
Florida (12), Arizona (6), Colorado (5), Nevada (5), Washington (4), Ohio (3),
Oklahoma (3), Oregon (3), 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
62 of our current 136 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.

For further information, please contact Greg Levin of BJ's Restaurants, Inc.
at (714) 500-2400.

BJ's Restaurants, Inc.
Unaudited Consolidated Statements of Income
(Dollars in thousands except for per share data)
                                             
              Thirteen Weeks Ended            Twenty-Six Weeks Ended
              July 2, 2013    July 3, 2012    July 2, 2013    July 3, 2012
Revenues       $198,487 100.0% $180,696 100.0% $387,112 100.0% $348,300 100.0%
Costs and                                                        
expenses:
Cost of sales  48,447   24.4  45,049   24.9  94,741   24.5  86,240   24.8
Labor and      67,949   34.2  61,846   34.2  133,882  34.6  120,362  34.6
benefits
Occupancy and  42,951   21.6  36,972   20.5  83,527   21.6  71,734   20.6
operating
General and    12,616   6.4   11,181   6.2   25,325   6.5   21,894   6.3
administrative
Depreciation
and            11,940   6.0   10,060   5.6   23,409   6.0   19,586   5.6
amortization
Restaurant     2,338    1.2   2,568    1.4   3,050    0.8   3,647    1.0
opening
Loss on
disposal of    469      0.2   397      0.2   569      0.1   451      0.1
assets
Legal          --     --    350      0.2   --     --    350      0.1
settlements
Total costs    186,710  94.1  168,423  93.2  364,503  94.2  324,264  93.1
and expenses
Income from    11,777   5.9   12,273   6.8   22,609   5.8   24,036   6.9
operations
                                                                
Other income                                                     
(expense):
Interest       48       --    79       --    105      --    148      --
income
Interest       (10)    --    (10)    --    (20)     --    (34)     --
expense
Gain on
investment     --     --    289      0.2   --     --    289      0.1
settlement
Other income,  136      0.1   97       0.1   460      0.1   430      0.1
net
Total other    174      0.1   455      0.3   545      0.1   833      0.2
income
Income before  11,951   6.0   12,728   7.0   23,154   6.0   24,869   7.1
income taxes
                                                                
Income tax     3,354    1.7   3,761    2.1   6,284    1.6   7,287    2.1
expense
                                                                
Net income     $8,597   4.3%  $8,967   5.0%  $16,870  4.4%  $17,582  5.0%
                                                                
Net income per                                                   
share:
Basic          $0.31          $0.32          $0.60          $0.63    
                                                                
Diluted        $0.30          $0.31          $0.58          $0.61    
                                                                
Weighted
average number                                                   
of shares
outstanding:
Basic          28,180         27,981         28,161         27,947   
                                                                
Diluted        28,926         28,983         28,885         28,994   

       Percentages reflected above may not reconcile due to rounding.


BJ's Restaurants, Inc.
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
                                                        July 2,     January 1,
                                                       2013        2013
                                                        (unaudited) (audited)
Cash, cash equivalents and short-term marketable        $34,642    $33,390
securities
Long-term marketable securities                         $8,861     $7,534
Total assets                                            $588,144  $566,876
Total long-term debt, including current portion         $--      $--
Shareholders' equity                                    $392,105  $371,834



BJ's Restaurants, Inc.
Unaudited Supplemental Information
(Dollars in thousands)

                        Thirteen Weeks Ended        Twenty-Six Weeks Ended
                        July 2, 2013   July 3, 2012 July 2, 2013 July 3, 2012
Stock-based compensation                                           
(1)
Labor and benefits       $298    0.2% $249  0.1% $626  0.2% $552  0.2%
General and              918      0.5 789    0.4 1,757  0.5 1,562  0.4
administrative
Total stock-based        $1,216   0.7% $1,038 0.5% $2,383 0.7% $2,114 0.6%
compensation
                                                                  
Operating Data                                                     
Comparable restaurant    0.0%         4.4%       0.2%        3.9%    
sales % change
Restaurants opened       4            5          5          7      
during period
Restaurants open at      134          122        134        122    
period-end
Restaurant operating     1,724        1,550      3,414      3,050  
weeks
                                                                  
(1) Percentages represent percent                                   
of total revenues.

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
second quarter and fiscal year 2013 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 and twenty-six weeks ended July 2, 2013, non-GAAP adjusted
net income and non-GAAP adjusted basic and diluted net income per share
exclude the loss on disposal of assets and other costs related to the closure
and relocation of the Eugene, Oregon smaller-format "Pizza & Grill" restaurant
to a larger-format "Brewhouse" restaurant.For the thirteen and twenty-six
weeks ended July 3, 2012, non-GAAP adjusted net income and non-GAAP adjusted
basic and diluted net income per share excludes the effect from the settlement
of a trademark infringement claim, 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, and a gain
pursuant to the settlement agreement with the Company's broker-dealer for its
former 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 core business 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 Weeks Ended        Twenty-Six Weeks Ended
                      July 2, 2013 July 3, 2012   July 2, 2013 July 3, 2012
Net income, as         $8,597 4.3% $8,967 5.0%   $16,870 4.4% $17,582 5.0%
reported
Legal and other        --    --  350   0.2   --    --  350   0.1
settlements
Loss on restaurant     326   0.2 302   0.2   326   0.1 302   0.1
closure
Gain on investment     --    --  (289)  (0.2) --    --  (289)  (0.1)
settlement
Tax effect - legal and --    --  (103)  (0.1) --    --  (103)  --
other settlements (1)
Tax effect - loss on   (88)   --  (88)   --    (88)   --  (88)   --
restaurant closure (1)
Tax effect - gain on
investment settlement  --    --  85    --    --    --  85    --
(1)
Non-GAAP adjusted net  $8,835 4.5% $9,224 5.1%   $17,108 4.4% $17,839 5.1%
income
                                                                
Basic net income per   $0.31      $0.32        $0.60      $0.63  
share, as reported
Legal and other        --        0.01         --        0.01   
settlements
Loss on restaurant     0.01       0.01         0.01       0.01   
closure
Gain on investment     --        (0.01)       --        (0.01) 
settlement
Tax effect - legal and --        --          --        --    
other settlements (1)
Tax effect - loss on   --        --          --        --    
restaurant closure (1)
Tax effect - gain on
investment settlement  --        --          --        --    
(1)
Non-GAAP adjusted
basic net income per   $0.31      $0.33        $0.61      $0.64  
share
                                                                
Diluted net income per $0.30      $0.31        $0.58      $0.61  
share, as reported
Legal and other        --        0.01         --        0.01   
settlements
Loss on restaurant     0.01       0.01         0.01       0.01   
closure
Gain on investment     --        (0.01)       --        (0.01) 
settlement
Tax effect - legal and --        --          --        --    
other settlements (1)
Tax effect - loss on   --        --          --        --    
restaurant closure (1)
Tax effect - gain on
investment settlement  --        --          --        --    
(1)
Non-GAAP adjusted
diluted net income per $0.31      $0.32        $0.59      $0.62  
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 27.1% for the thirteen and twenty-six weeks ended July 2, 2013, and
       29.3% for the thirteen and twenty-six weeks ended July 3, 2012.

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

BJ's Restaurants, Inc.
 
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