Wednesday August 11, 9:01 am Eastern Time
Company Press Release
Chicago Pizza & Brewery Inc. Reports
Net Income of $344,000 and a 27.1
Percent Increase in Revenues for Its
Second Quarter of 1999
MISSION VIEJO, Calif.--(BUSINESS WIRE)--Aug. 11, 1999--Chicago Pizza & Brewery Inc.
(Nasdaq:CHGO - news; Nasdaq:CHGOW - news) released results for its second quarter ended
June 30, 1999.
The company reported net income of $344,000 or $.04 per share as compared with net income of
$178,000 for the same period in 1998. Income from operations for the second quarter 1999 was
$591,000, a $307,000 increase from the $284,000 income from operations achieved during the
second quarter of 1998.
The company continued to experience substantially increased revenues at its BJ's restaurants,
achieving an 8.3 percent increase in sales for the second quarter of 1999 over the second quarter of
1998 at restaurants operated as BJ's during the entire comparable periods. Total revenues increased
27.1 percent, from $7,825,000 to $9,947,000.
''We are particularly pleased with the increase in revenues achieved during our second quarter,''
remarked Paul Motenko, chief executive officer. ''The strong openings of our Arcadia, Calif. and
Woodland Hills, Calif. restaurants have had a very positive impact on revenues. With at least two
additional units slated to open within the next six months, the increase in revenues should continue to
accelerate.''
The company expects to open a unit in La Mesa, Calif. in the fall of 1999 and in Valencia, Calif. at
the beginning of 2000.
For the six months ended June 30, 1999, the company reported revenues of $18,040,000 as
compared with revenues of $14,713,000 for the comparable period in 1998. Net income for the six
months ended June 30, 1999 was $230,000 as compared with a $1,000 loss for the same period in
1998. Income from operations for the six months ended June 30, 1999 was $651,000 as compared
with $148,000 for the comparable six-month period in 1998.
Chicago Pizza & Brewery operates 27 casual dining restaurants, some of which incorporate
brewpubs. Ten of the restaurants are located in Southern California, one in Lahaina, Maui and
another in Boulder, Colo. The company operates six BJ's restaurants in Oregon and nine Pietro's
restaurants in Oregon and Washington.
BJ's restaurants offer customers a moderately priced menu that includes deep-dish Chicago-style
pizza as well as sandwiches, salads, desserts, critically acclaimed hand-crafted beers and more. Visit
Chicago Pizza & Brewery on the Web at 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, and (vii) other general economic and
regulatory conditions.
Chicago Pizza & Brewery Inc.
Consolidated Financial Data
(in thousands, except per share data)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1999 1998 1999 1998
Statement of
Operations Data:
Revenues $ 9,947 $ 7,825 $18,040 $14,713
Cost of sales 2,790 2,159 5,015 4,171
Gross profit 7,157 5,666 13,025 10,542
Costs and expenses:
Labor and benefits 3,530 2,792 6,508 5,292
Occupancy 751 639 1,460 1,233
Operating expenses 1,017 867 1,924 1,739
Preopening costs 127 322
General and administrative 752 613 1,416 1,207
Depreciation and
amortization 389 471 744 923
Total cost and expenses 6,566 5,382 12,374 10,394
Income from operations 591 284 651 148
Other income (expense):
Interest expense, net (66) (73) (123) (108)
Other expense, net (162) (15) (161) (6)
Total other expense (228) (88) (284) (114)
Income before minority
interest, income taxes
and change in accounting 363 196 367 34
Minority interest in
partnership (10) (17) (20) (33)
Income (loss) before
income taxes and change
in accounting 353 179 347 1
Income tax expense (9) (1) (11) (2)
Income (loss) before
change in accounting 344 178 336 (1)
Cumulative effect of
change in accounting (106)
Net income (loss) $ 344 $ 178 $ 230 $ (1)
Basic and dilutive
net income (loss)
per share:
Income before change
in accounting $ 0.05
Cumulative effect of
change in accounting $ (0.02)
Net income (loss)
per common share $ 0.04 $ 0.03 $ 0.03 $ 0.00
June 30, 1999 Dec. 31, 1998
Balance Sheet Data (end of period):
Cash $ 2,120 $ 1,491
Total assets $19,529 $17,595
Total long-term debt
(including current portion) $ 3,246 $ 2,927
Shareholders' equity $13,000 $11,893
Contact:
Chicago Pizza & Brewery Inc., Mission Viejo
Paul Motenko, 949/367-8616 ext. 107 |
