Chicago Pizza & Brewery Inc. Reports a 47.3% Increase in Revenues and a Record
$784,000 Profit
for the Third Quarter of 2000
Business Editors
HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Nov. 6, 2000--Chicago
Pizza & Brewery Inc. (Nasdaq: CHGO)(Nasdaq: CHGOW) released results
for the third quarter ended Sept. 30, 2000.
Revenues totaled $14,791,000 for the third quarter of 2000, an
increase of 47.3% as compared with the same period in 1999.
Contributing to the increase in revenues was an increase in same store
sales of 7.6% at the restaurants operated as BJ's for all of both
periods. Also contributing to the increase in revenues was the opening
of restaurants in La Mesa, Calif. in November 1999, Valencia, Calif.
at the end of March 2000, Burbank, Calif. in June 2000 and West
Covina, Calif. in August 2000.
The company reported a 137% increase in net income to $784,000 for
the third quarter of 2000 as compared with $331,000 for 1999. This
increase was achieved despite incurring preopening costs of $318,000
during the third quarter of 2000. Preopening costs during the same
quarter of 1999 totaled $43,000.
"To say that we are thrilled with our results for this quarter
would be an understatement," commented Paul Motenko, co-CEO. "We feel
that the financial results for our third quarter represent the
culmination of our efforts over the past couple of years. We have
successfully opened five restaurants in the past 12 months, including
the most recent in Huntington Beach, California on October 18. Even
though they are very new, these restaurants are already having a
positive impact on our profitablility. As these restaurants continue
to mature, their contribution should be even greater."
Per Jerry Hennessy, co-CEO: "Although we are pleased with the
initial performance of all of the restaurants we have opened this
year, our West Covina store has been a particular highlight. In its
second week of operations, West Covina set a company record for weekly
revenues and has been our highest volume store ever since."
At 12,000 square feet, the West Covina restaurant houses the
company's third brewery in Southern California, and its largest.
Cash flow at the store level (revenues less food cost, labor cost,
occupancy and operating expenses) increased by $1,060,000 to
$2,812,000 in the third quarter of 2000 from $1,752,000 for the
comparable period of 1999.
Revenues for the nine months ended Sept. 30, 2000 increased 32.9%,
to $37,316,000 from $28,079,000 for the first nine months of 1999. Net
income for the first nine months of 2000 increased to $1,175,000 from
$561,000 for the comparable period in 1999.
Ernest Klinger, president, stated: "We have successfully opened
five restaurants in the last 12 months, and we are planning our next
opening for sometime after the first quarter of next year. We are
going to utilize the next few months to assimilate the new units and
further refine our operating systems. We believe this interim period
of time will allow us to properly address both the rapid growth we
have experienced during the last year and that which we anticipate for
the future."
Chicago Pizza & Brewery Inc. operates 30 casual dining
restaurants, some of which incorporate brewpubs. Fifteen of the
restaurants are located in Southern California, one is located in
Lahaina, Maui and one is located in Boulder, Colo. In addition, the
company operates six BJ's restaurants and seven Pietro's restaurants
in Oregon. 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 Inc. 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 di
Nov-06-2000 18:11 GMT
Symbols:
US;CHGO
Source BW Business Wire |
