-----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, Pnwh6x/mbY/7rLY5tJEmiV61fC1BYSuXQqsnuKquXTT9uUG9m17izO458b/FR4W8 q8MDPowCpyQ64z7sTExptg== 0001171843-10-001358.txt : 20100723 0001171843-10-001358.hdr.sgml : 20100723 20100722180634 ACCESSION NUMBER: 0001171843-10-001358 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100723 DATE AS OF CHANGE: 20100722 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: 10965732 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) July 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 July 22, 2010, BJ's Restaurants, Inc., a California corporation (the "Registrant"), announced its financial results for the second quarter ended June 29, 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 July 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)

July 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 Second Quarter of Fiscal 2010

EXHIBIT 99.1

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

HUNTINGTON BEACH, Calif., July 22, 2010 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the second quarter of fiscal 2010 that ended on Tuesday, June 29, 2010.

Highlights for the second quarter compared to the same quarter last year were as follows:

  • Total revenues increased 21% to $130.5 million
  • Comparable restaurant sales increased 5.3%
  • Net income increased 44% to $6.3 million
  • Diluted net income per share increased 44% to $0.23

"Our leadership team was very pleased with our solid financial results for the second quarter," commented Jerry Deitchle, Chairman and CEO. "As most restaurant industry investors know, the sales environment for casual dining restaurants continues to be very challenging in light of the current economic conditions. In spite of those challenges, BJ's achieved its second consecutive quarter of solid increases in both comparable restaurant sales and guest traffic. Furthermore, our restaurant operators did an excellent job of managing our higher sales volumes in a productive and efficient manner during the quarter, resulting in improved operating margins. In this difficult operating environment, where consumer spending for casual dining occasions remains under pressure, we continue to believe the more successful restaurant concepts will be those that work harder to protect their overall approachability for all dining occasions and that offer even more quality, differentiation and value to the consumer.  These have always been the hallmarks of the BJ's restaurant concept and brand. We will continue to make prudent investments in every aspect of our concept to steadily increase the gap between BJ's and many of our competitors on these important brand attributes."

The Company opened two new restaurants during the second quarter of 2010 (both in San Antonio, Texas) for a total of four new restaurants during the first half of this fiscal year. "Initial sales volumes for all of our new restaurant openings during 2010 remain stronger than we anticipated," commented Deitchle. The Company currently expects to open four new restaurants during the third quarter, one of which has already opened in Daytona Beach, Florida, and two new restaurants during the fourth quarter. As such, the Company expects to achieve its stated goal to increase its total restaurant operating weeks by approximately 13% during fiscal 2010. 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 second quarter earnings release today, July 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 97 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, 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 (50), Texas (19), Arizona (5), Colorado (3), Oregon (2), Nevada (3), Florida (6), 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 97 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 the second quarter 2010 will be provided in the Company's Form 10-Q filing, to be filed with the Securities and Exchange Commission by August 8, 2010.

 

BJ's Restaurants, Inc.
Unaudited Consolidated Statements of Income
(Dollars in thousands except for per share data)
                 
  Thirteen Weeks Ended Twenty-Six Weeks Ended
  June 29, June 30, June 29, June 30,
  2010 2009 2010 2009
                 
Revenues $130,497 100.0% $107,743 100.0% $252,183 100.0% $210,168 100.0%
Costs and expenses:                
 Cost of sales 31,707 24.3 26,824 24.9 61,771 24.5 52,265 24.9
 Labor and benefits 45,095 34.6 37,428 34.7 88,515 35.1 73,723 35.1
 Occupancy and operating 27,855 21.3 23,110 21.4 53,867 21.4 44,825 21.3
 General and administrative 8,961 6.9 7,601 7.1 17,435 6.9 14,736 7.0
 Depreciation and amortization 7,030 5.4 5,891 5.5 13,761 5.5 11,601 5.5
 Restaurant opening 1,290 1.0 688 0.6 2,419 1.0 1,672 0.8
 Loss on disposal of assets  –  –  –  –  140 0.1  –  –
Total costs and expenses 121,938 93.5 101,542 94.2 237,908 94.5 198,822 94.6
 Income from operations 8,559 6.5 6,201 5.8 14,275 5.5 11,346 5.4
                 
Other income (expense):                
 Interest income 31  – 86 0.1 60  – 195 0.1
 Interest expense (22)  – (19)  – (43)   – (52)  –
 Other income, net 108 0.1 47  – 344 0.1 196 0.1
Total other income 117  0.1 114 0.1 361 0.1 339 0.2
 Income before income tax expense 8,676 6.6 6,315 5.9 14,636 5.6 11,685 5.6
                 
Income tax expense 2,342 1.8 1,926 1.8 3,952 1.6 3,537 1.7
                 
 Net income $6,334 4.8% $4,389 4.1% $10,684 4.0% $8,148 3.9%
                 
Net income per share:                
 Basic $0.23   $0.16   $0.40   $0.30  
                 
 Diluted $0.23   $0.16   $0.38   $0.30  
                 
Weighted average number of shares outstanding:                
 Basic 27,041   26,739   26,957   26,736  
                 
 Diluted 27,963   27,128   27,852   27,017  

 

Selected Consolidated Balance Sheet Information
(Dollars in thousands)
     
     
Balance Sheet Data (end of period): June 29,
2010
(unaudited)
December 29,
2009
(audited)
     
Cash, cash equivalents and short-term investments $32,707 $44,906
     
Investments  $6,185  $ –
     
Total assets $389,887 $381,122
     
Total long-term debt, including current portion  $ – $5,000
     
Shareholders' equity $269,298 $252,979

 

Supplemental Information
(Dollars in thousands)
                 
  Thirteen Weeks Ended   Twenty-Six Weeks Ended
  June 29, June 30, June 29, June 30,
  2010 2009 2010 2009
Stock-based compensation (1)                
Labor and benefits $205  0.2% $228  0.2% $431 0.2% $501 0.2%
General and administrative 739  0.6 601 0.6 1,517 0.6 1,207  0.6
Total stock based compensation $944 0.8% $829 0.8% $1,948 0.8% $1,708 0.8%
                 
Unaudited Operating Data                
Comparable restaurant sales % change  5.3%    -1.3%   4.9%   -0.7%  
Restaurants opened during period 2   1   4   3  
Restaurants open at period-end 96   85   96   85  
Restaurant operating weeks 1,236   1,092   2,435   2,163  

(1)   Percentages represent percent of total revenues.

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