BJ's Restaurants Inc. Message Board

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Non-Tech : BJ's Restaurants Inc.

BJRI 36.38

-2.3%

1:14 PM EST

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To: Robert T. Quasius who wrote (11)	9/18/1997 9:10:00 AM
From: Wowzer	of 865

Thanks for confirming the warrants. As for the price, I have no idea for the run up other than it's ridiculously under valued! I plan on holding this one for awhile unless the story significantly changes. As of 6/30/97, book value was $1.88 a share with $.58 in cash. To me the market is pricing this company as if it were in decline. YTD 6/97 sales have increased by 49% and same store sales with the BJ name increased by 9%. Also CHGO has a positive cash flow of $467,037 when adding back depreciation of $603,205 and subtracting a one time insurance settlement of $190,000. Granted CHGO is still a net user of cash while it converts the remaining Pietro locations. However, in talking with the CEO, I learned that all "BJ" locations operating for more than a year are profitable and producing positive cash flow. Hardly a recipe for a company in decline, but I have been wrong before. Too many times actually. Rory

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