yep (CHGOW) Chicago Pizza & Brewery, Inc. Reports a $390,000 Profit for
1999, a 24.4% Increase in Revenues and a 123.3% Increase in Income From
Operations
MISSION VIEJO, Calif., Mar 30, 2000 (BUSINESS WIRE) -- Chicago Pizza & Brewery,
Inc. (Nasdaq: CHGO)(Nasdaq: CHGOW) Thursday released results for the fourth
quarter and year ended Dec. 31, 1999.
Total revenues increased 29.7% for the fourth quarter and 24.4% for the year
compared with the same periods in 1998. Revenues totaled $9,314,000 for the
fourth quarter and $37,393,000 for the year of 1999. Contributing to the
increase in revenues was an increase in same store sales of 7.8% at the
restaurants operated as BJ's for all of 1998 and 1999.
Also contributing to the increase in revenues was the opening of restaurants in
Arcadia, Calif. in January 1999, Woodland Hills, Calif. in April 1999 and La
Mesa, Calif. in November 1999. Revenues at the restaurants operated as Pietro's
for all of 1998 and 1999 increased 1.0%.
The company reported net income of $390,000 for 1999 as compared with net income
of $85,000 for 1998. Income from operations for 1999 was $801,000, a $442,000
increase from the $359,000 income from operations in 1998.
The 1999 financial results included $623,000 in preopening costs, $517,000 of
which related to the opening of three BJ's restaurants in 1999 and $106,000 of
which represented unamortized preopening costs from 1998. In addition, charges
of $148,000 were incurred relating to the costs of closing a BJ's restaurant in
The Dalles, Ore. and a Pietro's restaurant in Eugene, Ore. |
