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 26, 2012
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 26, 2012, BJ's Restaurants, Inc., a California corporation (the "Registrant"), announced its financial results for the first quarter ended April 3, 2012. 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 26, 2012
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 26, 2012 (Date) |
By: | /s/ GERALD W. DEITCHLE Gerald W. Deitchle Chairman and CEO |
By: |
/s/ GREGORY S. LEVIN Gregory S. Levin Executive Vice President Chief Financial Officer and Principal Accounting Officer |
EXHIBIT 99.1
HUNTINGTON BEACH, Calif., April 26, 2012 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for its first quarter of fiscal 2012 that ended on Tuesday, April 3, 2012.
Highlights for the first quarter of fiscal 2012, compared to the same quarter last year, were as follows:
"Our leadership team was very pleased with our solid financial results for the first quarter," commented Jerry Deitchle, Chairman and CEO. "Our double-digit increase in total revenues was the result of the continued successful execution of our new restaurant expansion program in a high quality manner, coupled with our ninth consecutive quarter of growth in comparable restaurant sales. Our 3.3% increase in comparable restaurant sales was attributable to the steadily increasing popularity of the BJ's restaurant concept with consumers, combined with the productive and efficient execution of the concept by our restaurant operators in driving guest traffic during the quarter. It is also noteworthy that our solid comparable restaurant sales increase was achieved despite not having the favorable winter weather comparison experienced by many other national restaurant concepts during the quarter. Looking forward to the next couple of quarters, we are very excited about the rollout of several sales-building initiatives planned for 2012 including our new menu update in May, which includes some innovative new entrees and other items, and our state-of-the-art guest loyalty program in July. Additionally, we are excited about the upcoming test of BJ's first television advertising flight in the Sacramento, California market in May."
During the first quarter of fiscal 2012, the Company successfully opened two new restaurants in Clearwater, Florida and Salinas, California. "Our 2012 new restaurant development pipeline remains in excellent shape as of today, and we are now focusing on building a solid pipeline of high quality locations for potential 2013 and 2014 restaurant openings," said Deitchle. As of this date, as many as five new restaurants are expected to open during the second quarter (one of which has already opened in Dublin, California), as many as six new restaurants during the third quarter (including a planned relocation of an existing smaller-format restaurant) and as many as 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.
"With only 118 restaurants open to date, BJ's has a long runway of domestic expansion ahead," commented Deitchle. "We continue to achieve steady market share gains in the estimated $100+ billion casual dining industry, thanks largely to the consistent, successful execution of our national expansion plan in a high quality, predictable and leverageable manner year after year. As we look forward, most of BJ's expected market share gain will come from our new restaurant expansion. We believe that BJ's is one of just a few public casual dining restaurant companies that plans to increase its annual capacity in the double-digit range during the upcoming years."
Investor Conference Call and Webcast
BJ's Restaurants, Inc. will conduct a conference call on its first quarter of fiscal 2012 earnings release today, April 26, 2012, 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 118 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 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 in addition to using qualified contract brewers to produce and distribute BJ's critically acclaimed proprietary handcrafted beers throughout the chain. The Company's restaurants are located in California (58), Texas (24), Florida (9), Arizona (6), Nevada (5), Colorado (4), Ohio (3), Oregon (2), Oklahoma (2), Washington (2), Kentucky (1), Indiana (1), and Louisiana (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 growth in future periods, 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) the effect of 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) increase in minimum wage and other employment related costs, (vi) food quality and health concerns, (vii) factors that impact California, where 58 of our current 118 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, (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) legal 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, 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.
| BJ's Restaurants, Inc. | |||||
| Unaudited Consolidated Statements of Income | |||||
| (Dollars in thousands except for per share data) | |||||
| Thirteen Weeks Ended | |||||
| April 3, 2012 | March 29, 2011 | ||||
| Revenues | $167,604 | 100.0% | $ 144,862 | 100.0% | |
| Costs and expenses: | |||||
| Cost of sales | 41,191 | 24.6 | 35,720 | 24.7 | |
| Labor and benefits | 58,516 | 34.9 | 50,465 | 34.8 | |
| Occupancy and operating | 34,762 | 20.7 | 29,316 | 20.2 | |
| General and administrative | 10,713 | 6.4 | 9,918 | 6.8 | |
| Depreciation and amortization | 9,526 | 5.7 | 7,947 | 5.5 | |
| Restaurant opening | 1,079 | 0.6 | 1,001 | 0.7 | |
| Loss on disposal of assets | 54 | – | 385 | 0.3 | |
| Total costs and expenses | 155,841 | 92.9 | 134,752 | 93.0 | |
| Income from operations | 11,763 | 7.1 | 10,110 | 7.0 | |
| Other income (expense): | |||||
| Interest income | 69 | – | 32 | – | |
| Interest expense | (24) | – | (28) | – | |
| Other income, net | 333 | 0.2 | 238 | 0.2 | |
| Total other income (expense) | 378 | 0.2 | 242 | 0.2 | |
| Income before income taxes | 12,141 | 7.3 | 10,352 | 7.2 | |
| Income tax expense | 3,526 | 2.1 | 3,157 | 2.2 | |
| Net income | $ 8,615 | 5.2% | $ 7,195 | 5.0% | |
| Net income per share: | |||||
| Basic | $ 0.31 | $ 0.26 | |||
| Diluted | $ 0.30 | $ 0.25 | |||
| Weighted average number of shares outstanding: | |||||
| Basic | 27,908 | 27,426 | |||
| Diluted | 29,010 | 28,837 | |||
| Percentages reflected above may not reconcile due to rounding. | |||||
| BJ's Restaurants, Inc. | ||
| Selected Consolidated Balance Sheet Information | ||
| (Dollars in thousands) | ||
|
April 3, 2012 (unaudited) |
January 3, 2012 (audited) |
|
| Balance Sheet Data (end of period): | ||
| Cash, cash equivalents and short-term investments | $ 42,988 | $45,396 |
| Non-current investments | $ 11,892 | $ 7,739 |
| Total assets | $513,293 | $502,079 |
| Total long-term debt, including current portion | $ -- | $ -- |
| Shareholders' equity | $343,253 | $332,449 |
| BJ's Restaurants, Inc. | ||||
| Unaudited Supplemental Information | ||||
| (Dollars in thousands) | ||||
| Thirteen Weeks Ended | ||||
| April 3, 2012 | March 29, 2011 | |||
| Stock-based compensation (1) | ||||
| Labor and benefits | $ 303 | 0.2% | $ 364 | 0.3% |
| General and administrative | 772 | 0.5 | 680 | 0.5 |
| Total stock-based compensation | $ 1,075 | 0.7% | $1,044 | 0.8% |
| Operating Data | ||||
| Comparable restaurant sales % change | 3.3% | 7.8% | ||
| Restaurants opened during period | 2 | 2 | ||
| Restaurants open at period-end | 117 | 104 | ||
| Restaurant operating weeks | 1,500 | 1,331 | ||
| (1) Percentages represent percent of total revenues. | ||||
CONTACT: Greg Levin of BJ's Restaurants, Inc.
(714) 500-2400