|BJ's Restaurants, Inc. Reports Fourth Quarter Diluted Net Income Per Share of $0.02 and Adjusted Diluted Net Income Per Share of $0.06|
Fourth Quarter 2013 Highlights:
Results for fourth quarter 2013 include pre-tax charges totaling approximately
Full-year 2013 Highlights:
Results for full-year 2013 include pre-tax charges totaling approximately
"It has been widely reported that the 2013 holiday selling season was challenging for restaurants, retailers and other consumer-reliant businesses. As indicated when we announced preliminary fourth quarter results last month, our results reflect macro-economic trends, promotional activities we implemented to address the challenging business environment, and the impact of weather on certain of our markets," commented
"We are implementing a strategic plan to re-ignite comparable restaurant sales with focused initiatives in the areas of affordability, food quality and innovation, speed and branding. Our new menu launch begins next week and will be supported by a comprehensive, integrated branding campaign including print, digital, social media and TV which will commence in March. In addition to our new menu and brand messaging, over the last several months we have been testing a mobile 'pay at the table' offering that we believe is unique to the industry. Our technology solution allows our guests to use their smartphone, tablet or other mobile device to pay their bill at any time during the dining experience. Further addressing guests' preference for high quality food and faster service, in the second half of 2014, we will launch a mobile 'order ahead' option for our dine-in guests. Our 'order ahead' initiative also allows guests to use any of their existing mobile devices, thus eliminating the need for BJ's to invest in tablets or consumer facing hardware that can quickly become obsolete. We believe mobile 'pay at the table' and 'order ahead' can help increase throughput and average check, and most importantly improve the overall guest experience at BJ's."
The Company opened 17 new restaurants in 2013, including the relocation of an existing restaurant. Six of the new restaurants opened during the fourth quarter of 2013. "Last year we opened our first new restaurants in the Mid-Atlantic region in
"With only 147 restaurants open as of today, and with estimated room domestically for at least 425
Investor Conference Call and Webcast
Certain statements in the preceding paragraphs and all other statements that are not purely historical constitute "forward-looking" statements for purposes of the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Such statements include, but are not limited to, those regarding expected comparable restaurant sales and margin growth in future periods, total potential domestic capacity, the success of various sales-building and productivity initiatives, future guest traffic trends, construction cost savings initiatives and the number and timing of new restaurants expected to be opened in future periods. These "forward-looking" statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those projected or anticipated. Factors that might cause such differences include, but are not limited to: (i) our ability to manage an increasing number of new restaurant openings, (ii) construction delays, (iii) labor shortages, (iv) increase in minimum wage and other employment related costs, including the potential impact of the Patient Protection and Affordable Care Act on our operations, (v) the effect of credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (vi) food quality and health concerns, (vii) factors that impact
Reconciliation of Selected GAAP Financial Measures to Non-GAAP Adjusted Financial Measures
To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company has included the following non-GAAP adjusted financial measures in this press release or in the webcast to discuss the Company's financial results for fourth quarter and full-year 2013 which may be accessed via the Company's website at http://www.bjsrestaurants.com: (i) non-GAAP adjusted net income and (ii) non-GAAP adjusted diluted net income per share. Each of these non-GAAP adjusted financial measures is adjusted from results based on GAAP to exclude certain expenses and gains. As a general matter, the Company uses these non-GAAP adjusted financial measures in addition to and in conjunction with results presented in accordance with GAAP to help analyze the performance of its core business. The Company believes that such non-GAAP adjusted financial information is provided by its competitors and such information is used by analysts and others in the investment community to analyze the Company's results and in formulating estimates of future performance and that failure to report these non-GAAP adjusted measures could result in confusion among analysts and others and a misplaced perception that the Company's results have underperformed or exceeded expectations.
These non-GAAP adjusted financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company's results of operations and the factors and trends affecting the Company's business. However, these non-GAAP adjusted financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
For the fourth quarter 2013, non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share excludes the non-cash impairment charge for one of our restaurants, a
For the full-year 2013, non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share exclude the non-cash impairment charge for one of our restaurants, the write-off of the remaining net book value of assets and other costs related to the closure and relocation of our smaller format restaurant in
Per share amounts and percentages reflected above may not reconcile due to rounding.
Percentages represent percent of total revenues.
(1) Included in general and administrative expenses.
(2) The Company received a
(3) The tax effect is based on the Company's annual effective tax rate of 16.0% for 2013, and 26.4% for 2012.