Chicago Pizza & Brewery Inc. (Nasdaq:CHGO; Nasdaq:CHGOW) released results for the second quarter ended June 30, 2001.
Revenues totaled $15,974,000 for the second quarter of 2001, an increase of 29.4% as compared with the same period in 2000. Contributing to the increase in revenues was the opening of restaurants in Burbank, Calif. at the end of June 2000, West Covina, Calif. during August 2000 and Huntington Beach during October 2000.
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Also contributing to the increase in revenues was an increase in same store sales of 3.0% at the restaurants operated as BJ’s for all of both periods. Negatively affecting the same-store sales comparison was the Valencia, Calif. restaurant, opened late in March 2000. That restaurant experienced a very significant “honeymoon” period, generating revenues substantially in excess of what management believes was a sustainable level.
Exclusive of the Valencia restaurant, same-store sales for the BJ’s restaurants increased 5.8% for the second quarter of 2001 over the same period for 2000. Revenues at the restaurants operated as Pietro’s for all of both periods increased 2.6%.
The company reported net income of $985,000 for the second quarter of 2001, a 395% increase from the $199,000 net income for the second quarter of 2000. Income before income taxes for the second quarter was $1,496,000, compared with $221,000 for the comparable period in 2000. Results for the 2001 period included a gain on the sale of the company’s partnership in Maui restaurant of $256,000 (pre-tax).
Paul Motenko, Co-CEO stated: “We are very pleased to be able to announce a continuation of our pattern of substantially increased revenues and net income. During the first half of this year, we focused on operational efficiency and the development of improved systems to implement our renewed growth strategy for the second half of the year and beyond. We are very excited about the openings in Irvine, California scheduled for next week, and Chandler, Arizona, scheduled for October. We are aggressively pursuing additional sites to enable us to achieve our 2002 growth objectives.”
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By GlobalDataRevenues for the six months ended June 30, 2001 increased 39.1%, to $31,343,000 from $22,525,000 for the first six months of 2000. Net income for the first six months of 2001 increased to $1,748,000 from $372,000 for the comparable period in 2000.
Chicago Pizza & Brewery operates 25 casual dining restaurants, some of which incorporate microbreweries. Fifteen of the BJ’s restaurants are located in Southern California, one in Boulder, Colo. and four in Oregon. The company’s 16th Southern California location will open in Irvine on Aug. 15, 2001.
In addition, the company operates five Pietro’s restaurants in Oregon and has a licensing interest in a BJ’s restaurant in Lahaina, Maui. BJ’s restaurants offer customers moderate prices and tremendous value on an incredible menu that includes deep-dish Chicago-style pizza as well as sandwiches, salads, fabulous desserts, critically acclaimed hand-crafted beers and more. Visit Chicago Pizza & Brewery on the Web at http://www.bjsbrewhouse.com.
The information presented herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbors created thereby. The company’s results may differ significantly from the results indicated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (i) the company’s ability to manage growth and conversions, (ii) construction delays, (iii) restaurant and brewery industry competition and other such industry considerations, (iv) marketing and other limitations based on the company’s historic concentration in Southern California and current concentration in the Northwest, (v) consumer trends, (vi) increased food costs and wages, including, without limitation, the recent increase in the minimum wage, (vii) increased energy costs in California, and (viii) other general economic and regulatory conditions.
Chicago Pizza & Brewery Inc.
Consolidated Financial Data — Unaudited
(in thousands, except per share data)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
Statement of Operations Data:
Revenues $15,974 $12,347 $31,343 $22,525
Cost of sales 4,389 3,402 8,466 6,204
Gross profit 11,585 8,945 22,877 16,321
Costs and expenses:
Labor and
benefits 5,674 4,412 11,231 8,100
Occupancy 1,193 993 2,389 1,827
Operating
expenses 1,640 1,287 3,295 2,394
Preopening costs 67 312 77 458
General and
administrative 1,241 1,025 2,223 1,937
Depreciation and
amortization 495 462 1,009 888
Restaurant Closing
Expense 114 114
Total cost and
expenses 10,310 8,605 20,224 15,718
Income from
operations 1,275 340 2,653 603
Other income (expense):
Interest expense,
net (94) (98) (250) (173)
Other income
(expense), net 300 (1) 298 (2)
Total other
expense 206 (99) 48 (175)
Income before
minority interest
and income taxes 1,481 241 2,701 428
Minority interest
in partnership 15 (20) 8 (27)
Income before
income taxes 1,496 221 2,709 401
Income tax
expense (511) (22) (961) (29)
Net income $985 $199 $1,748 $372
Basic net income
per share $0.12 $0.03 $0.22 $0.05
Dilutive net
income per share $0.11 $0.03 $0.20 $0.05
June 30, 2001 Dec. 31, 2000
Balance Sheet Data (end of period):
Cash $3,690 $1,405
Total assets $31,099 $29,992
Total long-term debt (including
current portion) $4,977 $6,059
Shareholders’ equity $18,550 $15,043
