-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RVnzEZ+EVnV3e+otWJFc2Ag1nFNCY4TeWmeysLJwrGec84p/jc4OHcY3/9BjRMSe VASfc3TmE86z8wiLjUhgyw== 0001157523-07-010274.txt : 20071026 0001157523-07-010274.hdr.sgml : 20071026 20071025184321 ACCESSION NUMBER: 0001157523-07-010274 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071026 DATE AS OF CHANGE: 20071025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BJs RESTAURANTS INC CENTRAL INDEX KEY: 0001013488 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 330485615 STATE OF INCORPORATION: CA FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21423 FILM NUMBER: 071191854 BUSINESS ADDRESS: STREET 1: 7755 CENTER AVENUE STREET 2: SUITE 300 CITY: HUNTINGTON BEACH STATE: CA ZIP: 92647 BUSINESS PHONE: (714) 500-2440 MAIL ADDRESS: STREET 1: 7755 CENTER AVENUE STREET 2: SUITE 300 CITY: HUNTINGTON BEACH STATE: CA ZIP: 92647 FORMER COMPANY: FORMER CONFORMED NAME: CHICAGO PIZZA & BREWERY INC DATE OF NAME CHANGE: 19960614 8-K 1 a5528487.txt BJ'S RESTAURANTS, INC. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest reported): October 25, 2007 BJ'S RESTAURANTS, INC. (Exact name of registrant as specified in its charter) California 0-21423 33-0485615 ---------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 7755 Center Avenue Suite 300 Huntington Beach, California 92647 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (714) 500-2400 -------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- Item 2.02 Results of Operations and Financial Condition On October 25, 2007, BJ's Restaurants, Inc., a California corporation (the "Registrant"), announced its financial results for the third quarter ended October 2, 2007. The press release issued by the Registrant in connection with the announcement is attached to this report as Exhibit 99.1. The information in this Form 8-K and Exhibits attached hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. Item 9.01 Exhibits Exhibit No. Description 99.1 Press Release dated October 25, 2007 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BJ'S RESTAURANTS, INC. October 25, 2007 (Registrant) By: /s/ GERALD W. DEITCHLE ----------------------------------------- Gerald W. Deitchle Chief Executive Officer, President and Director By: /s/ GREGORY S. LEVIN ----------------------------------------- Gregory S. Levin Chief Financial Officer EX-99.1 2 a5528487ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 BJ's Restaurants, Inc. Reports Strong Financial Results for the Third Quarter of Fiscal 2007 HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Oct. 25, 2007--BJ's Restaurants, Inc. (NASDAQ:BJRI) today reported revenues and net income for the third quarter ended October 2, 2007. Highlights for the 13 weeks ended October 2, 2007, compared to the 13 weeks ended October 3, 2006, were as follows: -- Revenues increased approximately 30% to $80.4 million -- Comparable restaurant sales increased 5.6% -- Net income increased approximately 31% to $3.1 million -- Diluted net income per share increased 20% to $0.12 "Our leadership team was very pleased with our solid financial results for the third quarter," commented Jerry Deitchle, President and CEO. "As most restaurant industry investors know, the operating environment for casual dining restaurants in general continues to be very challenging from almost every perspective. In spite of those continuing challenges, BJ's continues to profitably increase its market share in the highly competitive 'grill and bar' segment. Our 5.6% comparable sales increase during the third quarter successfully hurdled a strong 5.3% increase for the same quarter last year and represented our 44th consecutive quarter of positive comparisons on that measure since our 1996 IPO. BJ's continues to rank among the leaders in the casual dining segment for driving comparable sales gains, thanks to the inherent competitive strengths of our concept and our steadily improving ability to correctly and consistently execute in our restaurants." "In this difficult operating environment, where consumer spending for casual dining occasions and the prime costs of doing business will likely continue to be under significant pressure on an absolute basis for the foreseeable future, we believe the more successful casual dining concepts will be those that protect their overall consumer 'approachability' for all dining occasions and that offer even greater quality, differentiation and overall value to the consumer," said Deitchle. "These have always been the competitive strengths of the BJ's concept. As our investors know, during the past couple of years we have invested significantly to raise the overall quality of the BJ's dining experience to further distance ourselves from the mature, 'mass market' casual dining concepts. While these investments have had their typical initial rollout costs and associated 'learning curve' challenges to overcome, we believe they have better positioned BJ's to continue profitably growing its market share and to further leverage our business model during 2008." During the third quarter, the Company opened four new restaurants (Oklahoma City, OK; Citrus Park, FL; McAllen, TX and Stockton, CA). "Our development team has done an outstanding job in delivering high quality locations on time, and our operations team has provided the 'gold standard' training and operating execution to enable the high quality dining experience that we expect from the first day a new BJ's opens," commented Greg Levin, Chief Financial Officer. "As a result, we are extremely pleased with our sales volumes for all of our 2007 restaurant openings." The Company has already opened three new restaurants in the fourth quarter (Temple, TX; Montebello, CA and Glendale, CA) and anticipates opening its 13th and final new restaurant for 2007 in Austin, TX prior to Thanksgiving. "We are very pleased to have accomplished our previously stated goal to open as many as 13 new restaurants during 2007," commented Greg Lynds, Chief Development Officer. "During 2008, we continue to target as many as 15 new restaurant openings and thereby achieve a targeted 20% to 25% increase in total restaurant operating weeks." The Company also announced the appointments of Greg Levin and Greg Lynds to Executive Vice Presidents. Both executives will retain their current responsibilities as Chief Financial Officer and Chief Development Officer, respectively. "Greg and Greg are two of the most capable executives that I have worked with in my 30 years in the restaurant industry," said Deitchle. "Their proven management skills and effective leadership will become increasingly valuable as BJ's continues to execute its national expansion plan." Investor Conference Call and Webcast BJ's Restaurants, Inc. will conduct a conference call on its third quarter earnings release today, October 25, 2007, at 2:00 p.m. (Pacific). The Company will provide an Internet simulcast 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 67 casual dining restaurants under the BJ's Restaurant & Brewery, BJ's Restaurant & Brewhouse or BJ's Pizza & Grill brand names. BJ's restaurants offer an innovative and broad 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 several microbreweries which produce and distribute BJ's critically acclaimed handcrafted beers throughout the chain. The Company's restaurants are located in California (39), Texas (10), Arizona (4), Colorado (3), Oregon (3), Nevada (2), Florida (3), Ohio (1) and Oklahoma (2). The Company also has a licensing interest in a BJ's restaurant in Lahaina, Maui. 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. 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) minimum wage increases, (v) food quality and health concerns, (vi) factors that impact California, where 39 of our current 67 restaurants are located, (vii) restaurant and brewery industry competition, (viii) impact of certain brewery business considerations, including without limitation, dependence upon suppliers and related hazards, (ix) consumer trends, (x) potential uninsured losses and liabilities, (xi) fluctuating commodity costs including food and energy, (xii) trademark and servicemark risks, (xiii) government regulations, (xiv) licensing costs, (xv) beer and liquor regulations, (xvi) loss of key personnel, (xvii) inability to secure acceptable sites, (xviii) limitations on insurance coverage, (xix) legal proceedings, (xx) other general economic and regulatory conditions and requirements and (xxi) numerous other matters discussed in the Company's filings with the Securities and Exchange Commission. 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. Further information concerning the Company's results of operations for third quarter 2007 will be provided in the Company's Form 10-Q filing, to be filed with the Securities and Exchange Commission by November 11, 2007. For further information, please contact Greg Levin of BJ's Restaurants, Inc. (714) 500-2400. BJ's Restaurants, Inc. Unaudited Consolidated Statements of Income (Dollars in thousands except for per share data) Thirteen Weeks Ended ----------------------------- October 2, October 3, 2007 2006 ----------------------------- Revenues $80,388 100.0% $61,796 100.0% Costs and expenses: Cost of sales 20,515 25.5 16,043 26.0 Labor and benefits 27,692 34.4 21,427 34.7 Occupancy and operating expenses 16,276 20.2 12,039 19.5 General and administrative 6,388 7.9 5,099 8.3 Depreciation and amortization 3,850 4.8 2,619 4.2 Restaurant opening expense 1,964 2.4 1,308 2.1 Loss on disposal of assets - - - - ----------------------------- Total costs and expenses 76,685 95.2 58,535 94.8 ----------------------------- Income from operations 3,703 4.8 3,261 5.2 Other income: Interest income, net 779 1.0 321 0.5 Other income, net 47 0.1 5 - ----------------------------- Total other income 826 1.1 326 0.5 ----------------------------- Income before income taxes 4,529 5.9 3,587 5.7 Income tax expense 1,416 1.8 1,215 2.0 ----------------------------- Net income $3,113 4.1% $2,372 3.7% ============================= Net income per share: Basic $0.12 $0.10 ======= ======= Diluted $0.12 $0.10 ======= ======= Weighted average number of shares outstanding: Basic 26,238 22,918 ======= ======= Diluted 26,931 23,693 ======= ======= Thirty-Nine Weeks Ended ------------------------------- October 2, October 3, 2007 2006 ------------------------------- Revenues $230,896 100.0% $172,995 100.0% Costs and expenses: Cost of sales 58,866 25.5 44,525 25.7 Labor and benefits 81,400 35.3 60,129 34.8 Occupancy and operating expenses 44,890 19.4 33,263 19.2 General and administrative 19,363 8.4 14,817 8.6 Depreciation and amortization 10,337 4.5 7,067 4.1 Restaurant opening expense 5,178 2.2 3,647 2.1 Loss on disposal of assets 2,004 0.9 - - ------------------------------- Total costs and expenses 222,038 96.2 163,448 94.5 ------------------------------- Income from operations 8,858 3.8 9,547 5.5 Other income: Interest income, net 2,604 1.1 1,089 0.6 Other income, net 371 0.2 37 - ------------------------------- Total other income 2,975 1.3 1,126 0.6 ------------------------------- Income before income taxes 11,833 5.1 10,673 6.1 Income tax expense 3,820 1.7 3,650 2.1 ------------------------------- Net income $8,013 3.4% $7,023 4.0% =============================== Net income per share: Basic $0.31 $0.31 ======== ======== Diluted $0.30 $0.30 ======== ======== Weighted average number of shares outstanding: Basic 26,135 22,869 ======== ======== Diluted 26,866 23,751 ======== ======== Selected Balance Sheet Information (Dollars in thousands) October 2, January 2, 2007 2007 Balance Sheet Data (end of period): (unaudited) (audited) ----------- ---------- Cash, cash equivalents and short-term investments $50,296 $84,653 Total assets $265,054 $249,849 Total long-term debt, including current portion $- $- Shareholders' equity $215,921 $202,862 Thirteen Weeks Ended Thirty-Nine Weeks Ended --------------------- ----------------------- October 2, October 3, October 2, October 3, Supplemental Information (1) 2007 2006 2007 2006 --------------------- ----------------------- Comparable restaurant sales % change 5.6% 5.3% 7.2% 6.0% Restaurants opened during period 4 2 9 7 Restaurants open at period-end 64 51 64 51 Restaurant operating weeks 809 653 2,299 1,847 (1) Excludes the one licensed restaurant Reconciliation of Non-GAAP Financial Measures The following reconciliation of net income is provided to assist the reader with an understanding of the financial impact for stock based compensation and the loss on disposal of assets for the periods reported thereon. In addition, the Company believes that its competitors report similar non-GAAP financial information and, as a result, investors, analysts and others in the investment community expect such information to be reported as it allows them to better compare the Company's results with those of its competitors. The Company uses such non-GAAP financial measures to analyze and compare the performance of its core business. The pro-forma non-GAAP financial information presented herein should be considered supplemental to, not superior to or as a substitute for financial measures calculated in accordance with GAAP. (Unaudited, dollars in thousands except per share data) Thirteen Weeks Ended ------------------------------- October 2, 2007 October 3, 2006 ------------------------------- Net income as reported $3,113 4.1% $2,372 3.7% Stock based compensation: Labor and benefits (a) 188 0.2 10 - General and administrative 562 0.7 425 0.7 Loss on disposal of assets - - - - Tax effect (235) (0.3) (152) (0.2) ------------------------------- Pro-forma net income $3,628 4.7% $2,655 4.2% =============================== Basic net income per share: $0.12 $0.10 Stock based compensation 0.03 0.02 Loss on disposal of assets 0.00 0.00 Tax effect (0.01) (0.01) --------- --------- Pro-forma basic net income per share $0.14 $0.11 ========= ========= Diluted net income per share: $0.12 $0.10 Stock based compensation 0.03 0.02 Loss on disposal of assets 0.00 0.00 Tax effect (0.01) (0.01) --------- --------- Pro-forma diluted net income per share $0.14 $0.11 ========= ========= Thirty-Nine Weeks Ended ------------------------------- October 2, 2007 October 3, 2006 ------------------------------- Net income as reported $8,013 3.5% $7,023 4.0% Stock based compensation: Labor and benefits (a) 511 0.2 29 - General and administrative 1,656 0.7 1,273 0.7 Loss on disposal of assets 2,004 0.9 - - Tax effect (1,370) (0.6) (456) (0.3) ------------------------------- Pro-forma net income $10,814 4.7% $7,869 4.4% =============================== Basic net income per share: $0.31 $0.31 Stock based compensation 0.08 0.06 Loss on disposal of assets 0.07 0.00 Tax effect (0.05) (0.02) --------- --------- Pro-forma basic net income per share $0.41 $0.35 ========= ========= Diluted net income per share: $0.30 $0.30 Stock based compensation 0.08 0.05 Loss on disposal of assets 0.07 0.00 Tax effect (0.05) (0.02) --------- --------- Pro-forma diluted net income per share $0.40 $0.33 ========= ========= (a) Beginning fiscal year 2007, the Company implemented its Gold Standard Stock Ownership Program ("GSSOP") to reward gold standard performance to its restaurant managers, executive kitchen managers and field supervision. The initial grant of restricted stock units for each participant in the GSSOP was granted on the first business day of the 2007 fiscal year. Prior to the GSSOP plan the Company did not have a formal equity incentive program for its restaurant personnel. CONTACT: BJ's Restaurants, Inc. Greg Levin, 714-500-2400 -----END PRIVACY-ENHANCED MESSAGE-----