BJ's Restaurants Inc. (BJRI) filed Quarterly Report for the period ended 2009-09-29.
BJ's Restaurants Inc. owns and operates casual dining restaurants under the BJ's Restaurant and Brewery BJ's Restaurant and Brewhouse or BJ's Pizza & Grill brand names. BJ's restaurants offer an innovative 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. Bj's Restaurants Inc. has a market cap of $456.1 million; its shares were traded at around $17.05 with a P/E ratio of 31 and P/S ratio of 1.1. Bj's Restaurants Inc. had an annual average earning growth of 25.7% over the past 5 years.
Highlight of Business Operations:
Revenues. Total revenues increased by $8.2 million, or 8.5%, to $103.9 million during the thirteen weeks ended September 29, 2009 from $95.8 million during the comparable thirteen week period of 2008. The $8.2 million increase in revenues is attributed to an approximate 12% increase in restaurant weeks resulting from the eight new restaurants that we have opened since the third quarter of 2008, partially offset by a 3.1% decrease in our average weekly sales per restaurant. During the thirteen weeks ended September 29, 2009 our comparable restaurant sales decreased 1.6%. The decrease in comparable restaurant sales resulted from decreased guest traffic, partially offset by an estimated effective menu price increase of approximately 2.9%. The slowing domestic economy, increasing unemployment rates and continued uncertainty in overall consumer confidence continue to negatively impact consumer spending for casual dining restaurant occasions in general. Accordingly, we do not currently expect overall guest traffic in our comparable restaurant base to recover during the remainder of fiscal 2009, and we currently are not anticipating any growth in guest traffic during fiscal 2010. In addition, overall guest traffic may continue to decline if the economy further weakens and unemployment rates continue to increase, particularly in California and other Western states where the majority of our restaurants are located.
Labor and Benefits. Labor and benefit costs for our restaurants increased by $2.5 million, or 7.6%, to $36.0 million during the thirteen weeks ended September 29, 2009 from $33.5 million during the comparable thirteen week period of 2008. This increase was primarily due to the opening of eight new restaurants since the thirteen weeks ended September 30, 2008. As a percentage of revenues, labor and benefit costs decreased to 34.6% for the current thirteen week period from 34.9% for the prior year comparable thirteen week period. This percentage decrease is primarily due to a cumulative favorable forfeiture rate adjustment related to our stock-based compensation grants based on our actual forfeiture experience to date. Included in labor and benefits for the thirteen weeks ended September 29, 2009 and September 30, 2008 is a credit of approximately $130,000, or (0.1%) of revenues and a charge of approximately $177,000, or 0.2% of revenues, respectively, for stock-based compensation expense related to restricted stock units granted in accordance with our Gold Standard Stock Ownership Program. See Note 7, “Stock-Based Compensation,” in this Form 10-Q.
General and Administrative. General and administrative expenses increased by $1.4 million, or 24.1%, to $7.1 million during the thirteen weeks ended September 29, 2009 from $5.7 million during the comparable thirteen week period of 2008. Included in general and administrative costs for the thirteen weeks ended September 29, 2009 and September 30, 2008 is $517,000 and $636,000, respectively, of stock-based compensation expense. The increase in general and administrative expenses is primarily due to $1.0 million of incremental accrued incentive compensation expense compared to the same quarter last year. As a percentage of revenues, general and administrative expenses increased to 6.8% for the current thirteen week period from 5.9% for the prior year comparable thirteen week period.
Revenues. Total revenues increased by $39.3 million, or 14.3%, to $314.1 million during the thirty-nine weeks ended September 29, 2009 from $274.8 million during the comparable thirty-nine week period of 2008. The $39.3
Labor and Benefits. Labor and benefit costs for our restaurants increased by $13.1 million, or 13.6%, to $109.7 million during the thirty-nine weeks ended September 29, 2009 from $96.6 million during the comparable thirty-nine week period of 2008. This increase was primarily due to the opening of eight new restaurants since the thirty-nine weeks ended September 30, 2008. As a percentage of revenues, labor and benefit costs decreased to 34.9% for the current thirty-nine week period from 35.2% for the prior year comparable thirty-nine week period. This percentage decrease is primarily due to lower management labor costs as a result of less new restaurants opened in the thirty-nine week period ended September 29, 2009 coupled with the cumulative favorable forfeiture rate adjustment related to our stock-based compensation grants based on our actual forfeiture experience to date. Included in labor and benefits is approximately $0.4 million and $0.6 million related to our stock-based compensation plans for both the thirty-nine weeks ended September 29, 2009 and September 30, 2008, respectively. See Note 7, “Stock-Based Compensation,” in this Form 10-Q.
General and Administrative. General and administrative expenses increased by $1.7 million, or 8.5%, to $21.8 million during the thirty-nine weeks ended September 29, 2009 from $20.1 million during the comparable thirty-nine week period of 2008. Included in general and administrative costs for the thirty-nine weeks ended September 29, 2009 and September 30, 2008 is $1.7 million and $1.9 million, respectively, of stock-based compensation expense. The increase in general and administrative expenses is primarily due to $1.0 million of incremental accrued incentive compensation expense compared to the same period last year, coupled with planned increases in field supervision, marketing research, consulting and legal expenses, and partially offset by planned salary and related expense reductions related to the departure of our two co-founders at the end of last year. As a percentage of revenues, general and administrative expenses decreased to 6.9% for the current thirty-nine week period from 7.3% for the prior year comparable thirty-nine week period. This decrease is primarily due to leverage of the fixed component of these expenses over a higher revenue base.
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