-----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, D9D5aFy4OKaYBU6UklfHsh++XAP4xgs0VdwfSKGNBXpTdA5f67Ck4iOu5qKSbd4A l/KupTxL6UY5uLV6dgHLkQ== 0001171843-10-000615.txt : 20100422 0001171843-10-000615.hdr.sgml : 20100422 20100422162146 ACCESSION NUMBER: 0001171843-10-000615 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100422 DATE AS OF CHANGE: 20100422 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: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21423 FILM NUMBER: 10764731 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 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

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 event reported) April 22, 2010


BJ's Restaurants, Inc.
(Exact name of registrant as specified in its charter)

California   0-21423   33-0485615
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer Identification No.)


  7755 Center Avenue, Suite 300
Huntington Beach, CA
  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 April 22, 2010, BJ's Restaurants, Inc., a California corporation (the "Registrant"), announced its financial results for the first quarter ended March 30, 2010. 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. Financial Statements and Exhibits.

Exhibit No.

Description


99.1

Press Release dated April 22, 2010


SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    BJ's Restaurants, Inc.
(Registrant)

April 22, 2010
(Date)
By: /s/ GERALD W. DEITCHLE
Gerald W. Deitchle
Chairman, President and CEO

By:

/s/ GREGORY S. LEVIN
Gregory S. Levin
Executive Vice President
Chief Financial Officer and
Principal Accounting Officer
EX-99.1 2 newsrelease.htm PRESS RELEASE BJ's Restaurants, Inc. Reports Financial Results for the First Quarter of Fiscal 2010

EXHIBIT 99.1

BJ's Restaurants, Inc. Reports Financial Results for the First Quarter of Fiscal 2010

HUNTINGTON BEACH, Calif., April 22, 2010 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the first quarter of fiscal 2010 that ended on Tuesday, March 30, 2010.

Total revenues increased approximately 19% to $121.7 million compared to $102.4 million for the same quarter last year. Comparable restaurant sales increased by 4.4% during the first quarter of fiscal 2010 compared to a decrease of 0.1% for the same quarter last year. Net income and diluted net income per share for the first quarter of fiscal 2010 increased approximately 16% to $4.4 million and 14% to $0.16, respectively, compared to the first quarter of last year.

"Our leadership team is pleased to report solid increases in sales and earnings for the first quarter, despite the ongoing economic challenges facing consumers in many of our key markets," said Jerry Deitchle, Chairman and Chief Executive Officer.  "Thanks to the continuing effective execution of our restaurant operators, coupled with the success of our new February menu, which included our 'Snacks and Small Bites' menu introduction as well as upgrades to our kids' menu and lunch specials, guest traffic in our comparable restaurants moved into positive territory for the first time since the third quarter of 2007.  Furthermore, our guest traffic comparisons remain positive for the first few weeks of the second quarter.  While the estimated direct and indirect costs incurred to roll out these menu enhancements totaled approximately $0.02 per share during the quarter, this investment strategically strengthened BJ's competitive positioning as a higher quality, more differentiated concept with exc eptional value for the consumer.  During the last two recessionary years, some of our competitors adopted a defensive philosophy of saving their way to success, and either deferred or eliminated many investments that might have added more quality and value to their concepts.  At BJ's, we continued to prudently invest in new restaurant growth as well as in our food, service, facilities, talent base and support infrastructure, so that we will be well positioned to emerge from the recession as an even stronger market-share 'taker' in the estimated $80 billion casual dining segment over the longer term."

The Company successfully opened two new restaurants during the first quarter of 2010 in Fort Worth, Texas (Alliance Town Center) and Escondido, California (North County Fair Mall). Initial sales volumes for both new restaurants remain strong.  "We believe that BJ's is one of just a few publicly-held casual dining restaurant companies to target double-digit capacity growth during 2010," commented Deitchle. "Our 2010 new restaurant development pipeline is in excellent shape as of today, and we are already working on potential locations for 2011 openings.  Six new restaurants are currently under construction and other potential restaurant locations are in their final stages of permitting and plan development. As of this date, we expect to open two new restaurants in the second quarter, four in the third quarter and as many as two or three new restaurants during the fourth quarter." Investors are reminded that the actual number and timing of new restaurant openings is 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 first quarter earnings release today, April 22, 2010, 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 94 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, appetizers, sandwiches, soups, pastas, entrées 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 (50), Texas (17), Arizona (5), Colorado (3), Oregon (2), Nevada (3), Florida (5), Ohio (2), Oklahoma (2), Kentucky (1), Indiana (1), Louisiana (1) and Washington (2). 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 growth in future periods, those regarding the effect of new sales-building initiatives, as well as those regarding the number of restaurants expected to be opened in future periods and the timing and location of such openings. 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) the effect of recent credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (ii) our ability to manage an increasing number of new restaurant openings, (iii) construction delays, (iv) labor shortages, (v) minimum wage increases, (vi) food quality and health concerns, (vii) factors that impact California, where 50 of our current 94 restaurants are located, (viii) restaurant and brewery industry competition, (ix) impact of certain brewery business considerations, including without limitation, dependence upon suppliers and related hazards, (x) consumer spending trends in general for casual dining occasions, (xi) potential uninsured losses and liabilities, (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, (xv) licensing costs, (xvi) beer and liquor regulations, (xvii) loss of key personnel, (xviii) inability to secure acceptable sites, (xix) limitations on insurance coverage, (xx) l egal proceedings, (xxi) other general economic and regulatory conditions and requirements, (xxii) the success of our key sales-building and related operational initiatives and (xxiii) 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 first quarter 2010 will be provided in the Company's Form 10-Q filing, to be filed with the Securities and Exchange Commission by May 9, 2010.

 

  BJ's Restaurants, Inc.
  Unaudited Consolidated Statements of Income
  (Dollars in thousands except for per share data)
   
  For the Thirteen Weeks Ended  
  March 30, 2010 March 31, 2009  
Statement of Income Data:      
           
Revenues $121,686 100.0% $102,425 100.0%  
           
Costs and expenses:          
Cost of sales 30,064 24.7 25,441 24.8  
Labor and benefits 43,420 35.7 36,295 35.4  
Operating and occupancy 26,012 21.4 21,715 21.2  
General and administrative 8,474 7.0 7,135 7.0  
Depreciation and amortization 6,731 5.5 5,710 5.6  
Restaurant opening 1,129 0.9 984 1.0  
Loss on disposal of assets 140 0.1 -- --   
Total cost and expenses 115,970 95.3 97,280 95.0  
Income from operations 5,716 4.7 5,145 5.0  
           
Other income:           
Interest income 29 -- 109 0.1  
Interest expense (21) -- (33) --  
Other income, net 236 0.2 149 0.1  
Total other income 244 0.2 225 0.2  
Income before income tax expense 5,960 4.9 5,370 5.2  
           
Income tax expense 1,610 1.3 1,611 1.6  
           
Net income $4,350 3.6% $3,759 3.6%  
           
Net income per share:          
Basic $0.16   $0.14    
           
Diluted $0.16   $0.14    
           
Weighted average number of shares outstanding:          
Basic 26,872   26,732    
           
Diluted 27,723   26,904    
           
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
     
 
Balance Sheet Data (end of period):
March 30,
2010
(unaudited)
December 30,
2009
(audited)
     
Cash and cash equivalents $22,401 $44,906
     
Short term investments $10,850 $--
     
Long term investments $4,132 $--
     
Total assets $374,185 $381,122
     
Total long-term debt, including current portion $2,500 $5,000
     
Shareholders' equity $260,836 $252,979
     
Supplemental Information
(Dollars in thousands)
   
  For the Thirteen Weeks Ended
  March 30, 2010 March 31, 2009
Stock based compensation (1)        
Labor and benefits $226  0.2% $273  0.3%
General and administrative 778 0.6 606 0.6
Total stock based compensation $1,004 0.8% $879 0.9%
         
Unaudited Operating Data        
Comparable restaurant sales % change 4.4%   -0.1%  
Restaurants opened during period 2   2  
Restaurants open at period-end 94   84  
Restaurant operating weeks 1,199   1,071  
(1)   Percentages represent percent of total revenues.        
         
CONTACT:  BJ's Restaurants, Inc.
          Greg Levin
          (714) 500-2400
-----END PRIVACY-ENHANCED MESSAGE-----