Just out;
Chicago Pizza & Brewery, Inc. Reports Same Store
Sales Increase of 13.1% and 20% Revenue Growth in
Third Quarter 1997
BusinessWire, Friday, November 14, 1997 at 09:22
LOS ANGELES--(BUSINESS WIRE)--Nov. 14, 1997--Chicago Pizza &
Brewery, Inc. (NASDAQ:CHGO & CHGOW), operator of BJ's Pizza, Grill &
Brewery restaurants, today released results for its third quarter
ended September 30, 1997. Total revenue increased 20 percent to
$7,209,000 from $6,010,000 a year ago. Comparative same store sales
for existing BJ's restaurants rose 13.8 percent from the year-ago
quarter.
The Company achieved net income of $23,000 compared to a net loss
of $308,000 for the same period in 1996. Cash flow from operations
(income from operations plus depreciation and amortization) increased
to $403,000 from $225,000 for the prior year.
"We are very pleased with our sales performance, which reflects
continuing strong results from our existing BJ's restaurants as well
as our newer Northwest conversions. We are particularly gratified by
the revenue increases achieved at the converted units, which have
ranged from 60 percent to over 200 percent," stated Paul Motenko,
Chief Executive Officer.
"The third quarter was our third consecutive quarter of positive
cash flow from operations," noted Jerry Hennessy, Chief Operating
Officer. "As we continue our Northwest conversions at a pace of
approximately one a month, we are also looking to expand our Southern
California presence by opening additional BJ's Pizza, Grill & Brewery
restaurants."
The Company completed three conversions in Oregon by the end of
the third quarter, completed one in October and expects a Grand
Opening in December 1997 at its Burnside restaurant in Portland, OR.
During the third quarter of 1997, the 15 Pietro's restaurants, which
were not receiving the benefit of any investment or cosmetic upkeep
while they await conversion, had same store sales declines of 3.6
percent compared to the same period in 1996. In spite of this,
overall same store sales increased 13.1 percent due to the strength
of sales increases at the BJ's restaurants.
About Chicago Pizza & Brewery, Inc.
CHICAGO PIZZA & BREWERY, INC. owns eight restaurants in Southern
California, one in Boulder, Colorado and one in Lahaina, Maui,
Hawaii, which operate under either the names "BJ's Pizza & Grill" or
"BJ's Pizza, Grill & Brewery." Through a March 1996 acquisition, the
company also owns 18 Pietro's Pizza locations in Oregon and
Washington, four of which have been converted to the popular,
upgraded BJ's format, while the other 14 await conversion within the
next year. 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, pastas, 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 differences include, but
are not limited to: (1) the Company's ability to finance or fund it's
business plan, (2) the Company's ability to manage growth and
conversions, (3) construction delays, (4) restaurant and brewery
industry competition and other such industry considerations, (5)
marketing and other limitations based on the Company's historic
concentration in Southern California and current concentration in the
Northwest, (6) consumer trends, (7) increased food costs and wages,
including without limitation, the recent increase in the minimum
wage, and (8) other general economic and regulatory conditions.
*T
Chicago Pizza & Brewery, Inc.
Consolidated Financial Data
(In thousands, except per share data)
For the nine-months For the three-months
ended September 30, ended September 30,
1997 1996 1997 1996
Statement of
Operations Data:
Revenues $19,634 $14,318 $7,209 $6,010
Gross profit $13,807 $9,846 $5,033 $4,152
Costs and expenses $13,956 $10,595 $4,981 $4,213
Other income (expense) $127 ($624) ($15) ($246)
Net income (loss) ($31) ($1,383) $23 ($308)
Primary net income
(loss) per share $0.00 ($0.37) $0.00 ($0.08)
September 30, 1997 December 31, 1996
Balance Sheet Data
(end of period)
Working capital $832 $3,329
Total assets $18,556 $18,914
Total long-term debt
(including current portion) $3,540 $3,964
Shareholders' equity $12,092 $12,123 |
