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Non-Tech : BJ's Restaurants Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (116)	3/27/1998 5:46:00 PM
From: Wowzer	Read Replies (1) \| Respond to of 865

My notes from the conference call: These are from my handwritten notes and I do not guarantee the accuracy. I only noted what I thought was important. If I made any mistakes or left out any important info please advise. In the 1996 annual report there were 5 primary goals which were met as follows: 1) Boulder store was opened Feb 1997 consisting of a 5,500 sq. ft facility which now generates $2 Million in annual sales. 2) 5 Pietro locations were converted in 1997 with an average increase in sales 104%. 3) Same store sales increased by 8.7% for all of 1997 and 14.6% in 4th gtr alone. 4) Valancia 7,000 sq. ft brewery restaurant to be opened in 1st qtr 1999. 5) bottom line improved from a 2.3 million loss in 1996 to $315,000 loss in 1997. Cash flow increased to a positive $989,000 in 1997 compared to a deficit of $386,000 in 1996. 1997 cash flow after debt service is positive as well. Store level cash flow increased to 2.6 million from $977,000 in 1996 (SG&A expenses excluded). The 3 stores converted in 1998 have experienced 150% to 200% increase in sales to date. The other converted 5 stores have maintained a 96% increase in sales. Same store sales of existing BJ's for Jan and Feb increased to 16.5%. 11 Pietro's remain to be converted of which 4 are pizza and grills and 7 are counter service. Cash balance is $1.9 million which management believes, combined with current cash flow, is sufficient to fund expansions currently in the business plan. CHGO is looking at additional locations in CA WA and CO. Depr and Amort amounted to $1.4 million in 1997 and expect this amount to increase by "several" hundred thousand in 1998. First qtr earnings will be better than 4th qtr since there is not a lease settlement charge of $107,000. 1998 per share earnings in the "teens" is a reasonable expectation. Long term debt decreased from $6.5 to $5.8 million. Working capital is down to $232,000 from $3.3 million. Management expects to receive approval of the Northwest video poker machines in next few weeks. CHGO gets a 35% cut in profits. Up to 5 machines will be installed in 5 different locations. According Oregon statistics the CHGO restaurants could earn an average of $80K per year per store. This figure was based on average earnings per county. No guarantee that CHGO locations will do as well. Overall I think CHGO posted an excellent qtr and the future looks very promising. Rory