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SEC FILINGS

10-K
BJS RESTAURANTS INC filed this Form 10-K on 02/28/2012
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Table of Contents

In calculating comparable company-owned restaurant sales, we include a restaurant in the comparable base once it has been open for 18 months. Guest traffic for our restaurants is estimated based on values assigned to certain menu items or individual guest tickets.

RESULTS OF OPERATIONS

The following table sets forth, for the years indicated, our Consolidated Statements of Income expressed as percentages of total revenues. Fiscal 2011 consists of 53 weeks. All other fiscal years presented consist of 52 weeks.

 

     Fiscal Year  
     2011      2010      2009      2008      2007  

Consolidated Statements of Income Data:

  

Revenues

     100.0%           100.0%           100.0%           100.0%           100.0%     

Costs and expenses:

              

Cost of sales

     24.6           24.5           25.0           25.2           25.4     

Labor and benefits

     34.5           34.7           34.9           35.1           35.1     

Occupancy and operating

     20.5           21.3           21.6           21.4           19.6     

General and administrative

     6.4           6.7           6.9           7.3           8.2     

Depreciation and amortization

     5.5           5.6           5.7           5.1           4.6     

Restaurant opening

     1.1           1.0           1.2           2.0           2.2     

Loss on disposal of assets

     0.2           0.2           0.1           0.2           0.6     

Natural disaster and related

     –           –           –           0.1           –     

Legal settlements and terminations

     0.3           –           –           0.6           –     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and expenses

     93.1           94.0           95.4           97.0           95.7     

Income from operations

     6.9           6.0           4.6           3.0           4.3     

Other income (expense):

              

Interest income

     –           –           0.1           0.5           1.0     

Interest expense

     –           –           –           –           –     

Gain (loss) on investment settlement

     0.1           –           (0.4)           –           –     

Other income, net

     0.1           0.1           0.1           0.1           0.2     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total other income (expense)

     0.2           0.1           (0.2)           0.6           1.2     

Income before income taxes

     7.1           6.1           4.4           3.6           5.5     

Income tax expense

     1.9           1.5           1.3           0.7           1.7     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income

     5.2%           4.6%           3.1%           2.9%           3.8%     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

53 WEEKS ENDED JANUARY 3, 2012 (FISCAL 2011) COMPARED TO THE 52 WEEKS ENDED DECEMBER 28, 2010 (FISCAL 2010)

Revenues. Total revenues increased by $107.0 million, or 20.8%, to $620.9 million during fiscal 2011 from $513.9 million during fiscal 2010. The increase in revenues consisted of an increase of approximately $62.0 million in sales from new restaurants not yet in our comparable sales base; an approximate $31.1 million, or 6.6%, increase in comparable restaurant sales on a 52 week basis; and $13.9 million of sales due to the 53rd week. On a 52 week basis, the increase in comparable restaurant sales resulted from an estimated effective menu price increase factor of approximately 3.0%, coupled with an estimated 2.2% benefit from increased guest traffic and an estimated 1.4% benefit from a favorable menu mix shift and guest purchase incidence rates.

Our restaurants, like most in casual dining, are impacted by inflationary pressures for the costs of certain commodities, labor and other operating expenses. We attempt to offset the impact of inflation on our cost structure with purchasing economies of scale, productivity and efficiency improvements, menu merchandising and menu price increases. If our guests do not accept our menu price increases, either by reducing their visits to our restaurants or by changing their purchasing patterns at our restaurants, the expected benefit of any menu price increase could be negated and our operating margins could be adversely impacted. We currently expect our estimated effective menu price increase for fiscal 2012 to be in the 3% range on an annualized basis. However, depending on inflationary pressures, costs for key inputs and general economic conditions for consumer

 

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