BJ's Restaurants Inc. (BJRI, Financial) filed Quarterly Report for the period ended 2011-09-27.
Bj's Restaurants Inc. has a market cap of $1.47 billion; its shares were traded at around $52.93 with a P/E ratio of 52.9 and P/S ratio of 2.9. Bj's Restaurants Inc. had an annual average earning growth of 13.9% over the past 10 years. GuruFocus rated Bj's Restaurants Inc. the business predictability rank of 2-star.
General and Administrative. General and administrative expenses increased by $1.1 million, or 13.6%, to $9.4 million during the thirteen weeks ended September 27, 2011, from $8.3 million during the comparable thirteen week period of 2010. Included in general and administrative costs for the thirteen weeks ended September 27, 2011 and September 28, 2010, is $0.8 million and $0.7 million, respectively, of stock-based compensation expense. The increase in general and administrative costs was primarily due to planned higher field supervision and support personnel, as well as increased travel and lodging costs to support our increased restaurant openings. As a percentage of revenues, general and administrative expenses decreased to 6.2% for the current thirteen week period from 6.4% for the prior year comparable thirteen week period. This percentage decrease was due to our ability to leverage the fixed component of these expenses over a higher revenue base.
Labor and Benefits. Labor and benefit costs for our restaurants increased by $21.8 million, or 16.4%, to $154.6 million during the thirty-nine weeks ended September 27, 2011, from $132.8 million during the comparable thirty-nine week period of 2010. This increase was primarily due to the opening of 11 new restaurants since the thirty-nine weeks ended September 28, 2010. As a percentage of revenues, labor and benefit costs decreased to 34.4% for the current thirty-nine week period from 34.9% for the prior year comparable thirty-nine week period. This percentage decrease is primarily related to our ability to leverage our fixed and semi-fixed labor costs over a higher revenue base as a result of comparable sales increases. Included in labor and benefits is approximately $1.2 million and $0.8 million related to our stock-based compensation plans for both the thirty-nine weeks ended September 27, 2011 and September 28, 2010, respectively. See Note 7, Stock-Based Compensation, in this Form 10-Q.
General and Administrative. General and administrative expenses increased by $3.4 million, or 13.2%, to $29.1 million during the thirty-nine weeks ended September 27, 2011, from $25.7 million during the comparable thirty-nine week period of 2010. Included in general and administrative costs for the thirty-nine weeks ended September 27, 2011 and September 28, 2010, is $2.2 million, respectively, of stock-based compensation expense. The increase in general and administrative costs is primarily due to planned higher field supervision and support personnel, coupled with higher levels of recruiting and training costs related to our managers in training program and additional travel and lodging costs to support our new restaurant openings. As a percentage of revenues, general and administrative expenses decreased to 6.5% for the current thirty-nine week period from 6.7% for the prior year comparable thirty-nine week period. This percentage decrease is due to our ability to leverage the fixed component of these expenses over a higher revenue base.
Depreciation and Amortization. Depreciation and amortization increased by $3.7 million, or 17.6%, to $24.8 million during the thirty-nine weeks ended September 27, 2011, from $21.1 million during the comparable thirty-nine week period of 2010. As a percentage of revenues, depreciation and amortization remained comparable at 5.5% for the current thirty-nine week period as compared to the same thirty-nine week period of 2010. Depreciation and amortization increased as a result of our construction costs for new restaurants and depreciation on our new operating toolsets, restaurant remodels and initiatives.
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Bj's Restaurants Inc. has a market cap of $1.47 billion; its shares were traded at around $52.93 with a P/E ratio of 52.9 and P/S ratio of 2.9. Bj's Restaurants Inc. had an annual average earning growth of 13.9% over the past 10 years. GuruFocus rated Bj's Restaurants Inc. the business predictability rank of 2-star.
Highlight of Business Operations:
Labor and Benefits. Labor and benefit costs for our restaurants increased by $7.5 million, or 17.0%, to $51.8 million during the thirteen weeks ended September 27, 2011, from $44.3 million during the comparable thirteen week period of 2010. This increase was primarily due to the opening of 11 new restaurants since the thirteen weeks ended September 28, 2010. As a percentage of revenues, labor and benefit costs decreased to 34.2% for the current thirteen week period from 34.4% for the prior year comparable thirteen week period. This percentage decrease was primarily related to our ability to leverage the fixed and semi-fixed restaurant management labor over a higher revenue base as a result of our comparable restaurant sales increases, partially offset by higher hourly labor as a percent of sales related to training and learning curve inefficiencies associated with some of our newer and more labor-intensive menu items. Included in labor and benefits for the thirteen weeks ended September 27, 2011 and September 28, 2010, was approximately $465,000, or 0.3% of revenues, and $341,000, or 0.3% of revenues, respectively, of 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 $1.1 million, or 13.6%, to $9.4 million during the thirteen weeks ended September 27, 2011, from $8.3 million during the comparable thirteen week period of 2010. Included in general and administrative costs for the thirteen weeks ended September 27, 2011 and September 28, 2010, is $0.8 million and $0.7 million, respectively, of stock-based compensation expense. The increase in general and administrative costs was primarily due to planned higher field supervision and support personnel, as well as increased travel and lodging costs to support our increased restaurant openings. As a percentage of revenues, general and administrative expenses decreased to 6.2% for the current thirteen week period from 6.4% for the prior year comparable thirteen week period. This percentage decrease was due to our ability to leverage the fixed component of these expenses over a higher revenue base.
Labor and Benefits. Labor and benefit costs for our restaurants increased by $21.8 million, or 16.4%, to $154.6 million during the thirty-nine weeks ended September 27, 2011, from $132.8 million during the comparable thirty-nine week period of 2010. This increase was primarily due to the opening of 11 new restaurants since the thirty-nine weeks ended September 28, 2010. As a percentage of revenues, labor and benefit costs decreased to 34.4% for the current thirty-nine week period from 34.9% for the prior year comparable thirty-nine week period. This percentage decrease is primarily related to our ability to leverage our fixed and semi-fixed labor costs over a higher revenue base as a result of comparable sales increases. Included in labor and benefits is approximately $1.2 million and $0.8 million related to our stock-based compensation plans for both the thirty-nine weeks ended September 27, 2011 and September 28, 2010, respectively. See Note 7, Stock-Based Compensation, in this Form 10-Q.
General and Administrative. General and administrative expenses increased by $3.4 million, or 13.2%, to $29.1 million during the thirty-nine weeks ended September 27, 2011, from $25.7 million during the comparable thirty-nine week period of 2010. Included in general and administrative costs for the thirty-nine weeks ended September 27, 2011 and September 28, 2010, is $2.2 million, respectively, of stock-based compensation expense. The increase in general and administrative costs is primarily due to planned higher field supervision and support personnel, coupled with higher levels of recruiting and training costs related to our managers in training program and additional travel and lodging costs to support our new restaurant openings. As a percentage of revenues, general and administrative expenses decreased to 6.5% for the current thirty-nine week period from 6.7% for the prior year comparable thirty-nine week period. This percentage decrease is due to our ability to leverage the fixed component of these expenses over a higher revenue base.
Depreciation and Amortization. Depreciation and amortization increased by $3.7 million, or 17.6%, to $24.8 million during the thirty-nine weeks ended September 27, 2011, from $21.1 million during the comparable thirty-nine week period of 2010. As a percentage of revenues, depreciation and amortization remained comparable at 5.5% for the current thirty-nine week period as compared to the same thirty-nine week period of 2010. Depreciation and amortization increased as a result of our construction costs for new restaurants and depreciation on our new operating toolsets, restaurant remodels and initiatives.
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