BJ's Restaurants Inc. Reports Record Financial Results for the Second Quarter of Fiscal 2005
BJ's Restaurants Inc. (NASDAQ:BJRI) reported record revenues and net income for the second fiscal quarter of 2005, ended July 3, 2005.
Highlights for the second quarter, compared to the same quarter last year, were as follows:
-- Revenues increased 50% to $44.0 million
-- Comparable restaurant sales increased 4.8%
-- Net income increased 47% to $2.1 million
-- Diluted net income per share increased to $0.09
"We were pleased with our financial results for the second quarter of 2005," said Jerry Deitchle, president and CEO. "Our 4.8% increase in comparable sales for the quarter represented our 35th consecutive quarter of growth on this measure since our IPO in 1996. Sales volumes for our newly opened restaurants continue to exceed our initial expectations. Additionally, the eight restaurants in our comparable sales base that are outside our home state of California achieved a comparable sales increase of 6.7% during the quarter, which is very encouraging. Our management team has recently commenced several key initiatives that are intended to improve the quality of the BJ's dining experience, improve the quality and depth of our restaurant management talent base, and provide more modern, robust toolsets for our restaurant managers to help them run more productive and efficient operations. These initiatives should be gradually phased in during the next 12-24 months. We remain very excited about our prospects for continued profitable growth."
"We opened our 41st restaurant yesterday in Mesa, Arizona (a suburb of Phoenix) and were delighted with our opening day's sales," commented Deitchle. "Mesa represents our sixth new restaurant opened to date during 2005. We currently plan to open three additional restaurants during the remainder of 2005 (San Mateo, CA; Sugarland, TX; and San Bruno, CA). Our current restaurant growth objective is to achieve annual capacity increases of 20% to 25% in a careful, controlled manner with the goal of preserving our favorable unit-level economics as we grow. Our real estate pipeline for 2006 is in excellent shape at this point, and we are beginning to work on potential restaurant locations for fiscal 2007."
Effective with the fiscal third quarter of 2005, the company will change its fiscal week-end from Sunday to Tuesday. This change should facilitate operational efficiencies by transferring certain administrative tasks away from the weekends when our restaurants are busiest. Accordingly, our fiscal third quarter of 2005 will contain two additional days and will end on Oct. 4, 2005. Fiscal 2005 will end on Tuesday, Jan. 3, 2006.
Investor Conference Call and Webcast
BJ's Restaurants Inc. will conduct a conference call on its second quarter earnings release today, July 27, 2005, at 2 p.m. (Pacific). The company will provide an online Internet simulcast, as well as a replay, of the conference call. The link to the simulcast and rebroadcast can be found on the company's Web site at www.bjsrestaurants.com. The rebroadcast will be available following the live broadcast and continue for 30 days.
BJ's Restaurants Inc. currently owns and operates 41 casual dining restaurants under the BJ's Restaurant and Brewery, BJ's Restaurant and Brewhouse or BJ's Pizza & Grill brand names. BJ's restaurants offer an innovative menu featuring award-winning, signature deep-dish pizza complemented with generously portioned salads, sandwiches, soups, pastas, entrees and desserts. Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ's experience. The company operates 11 microbreweries which produce and distribute BJ's critically acclaimed handcrafted beers throughout the chain.
-- Revenues increased 50% to $44.0 million
-- Comparable restaurant sales increased 4.8%
-- Net income increased 47% to $2.1 million
-- Diluted net income per share increased to $0.09
"We were pleased with our financial results for the second quarter of 2005," said Jerry Deitchle, president and CEO. "Our 4.8% increase in comparable sales for the quarter represented our 35th consecutive quarter of growth on this measure since our IPO in 1996. Sales volumes for our newly opened restaurants continue to exceed our initial expectations. Additionally, the eight restaurants in our comparable sales base that are outside our home state of California achieved a comparable sales increase of 6.7% during the quarter, which is very encouraging. Our management team has recently commenced several key initiatives that are intended to improve the quality of the BJ's dining experience, improve the quality and depth of our restaurant management talent base, and provide more modern, robust toolsets for our restaurant managers to help them run more productive and efficient operations. These initiatives should be gradually phased in during the next 12-24 months. We remain very excited about our prospects for continued profitable growth."
"We opened our 41st restaurant yesterday in Mesa, Arizona (a suburb of Phoenix) and were delighted with our opening day's sales," commented Deitchle. "Mesa represents our sixth new restaurant opened to date during 2005. We currently plan to open three additional restaurants during the remainder of 2005 (San Mateo, CA; Sugarland, TX; and San Bruno, CA). Our current restaurant growth objective is to achieve annual capacity increases of 20% to 25% in a careful, controlled manner with the goal of preserving our favorable unit-level economics as we grow. Our real estate pipeline for 2006 is in excellent shape at this point, and we are beginning to work on potential restaurant locations for fiscal 2007."
Effective with the fiscal third quarter of 2005, the company will change its fiscal week-end from Sunday to Tuesday. This change should facilitate operational efficiencies by transferring certain administrative tasks away from the weekends when our restaurants are busiest. Accordingly, our fiscal third quarter of 2005 will contain two additional days and will end on Oct. 4, 2005. Fiscal 2005 will end on Tuesday, Jan. 3, 2006.
Investor Conference Call and Webcast
BJ's Restaurants Inc. will conduct a conference call on its second quarter earnings release today, July 27, 2005, at 2 p.m. (Pacific). The company will provide an online Internet simulcast, as well as a replay, of the conference call. The link to the simulcast and rebroadcast can be found on the company's Web site at www.bjsrestaurants.com. The rebroadcast will be available following the live broadcast and continue for 30 days.
BJ's Restaurants Inc. currently owns and operates 41 casual dining restaurants under the BJ's Restaurant and Brewery, BJ's Restaurant and Brewhouse or BJ's Pizza & Grill brand names. BJ's restaurants offer an innovative menu featuring award-winning, signature deep-dish pizza complemented with generously portioned salads, sandwiches, soups, pastas, entrees and desserts. Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ's experience. The company operates 11 microbreweries which produce and distribute BJ's critically acclaimed handcrafted beers throughout the chain.
