|BJ's Restaurants Announces Agreement With PW Partners and Luxor Capital Partners on Board Composition|
"Our Board of Directors and management team remain committed to the continued execution of our national restaurant expansion plan as a key driver in building the BJ's brand and creating sustainable long-term value for our shareholders," said
AGREEMENT WITH PW PARTNERS / LUXOR GROUP TO IMMEDIATELY APPOINT ONE AND NOMINATE TWO ADDITIONAL INDEPENDENT DIRECTORS
Under the agreement with the
"The Board believes this agreement is in the best interest of the Company and all of our shareholders," said Mr. Deitchle. "We look forward to welcoming Patrick, Mark and Noah to our Board and believe they will enhance our Board's collective experience and expertise. On behalf of the Board, I'd like to thank Jack and Bill for their highly valuable service and significant contributions to BJ's success over the years. Both have been outstanding directors and have served with distinction."
The agreement with
The Company's Board of Directors has authorized the repurchase of up to
"In light of our substantial current cash flow from operations and strong balance sheet, we believe that BJ's is well-positioned to return capital to shareholders in the form of a repurchase program, while we continue delivering improvements in total productive capacity with a targeted annual increase in total restaurant operating weeks of at least 10% during the next several years, and also continue executing our recently announced sales-building and brand initiatives," said
Pursuant to the share repurchase authorization, purchases may be made from time to time in the open market, through block purchases or in privately negotiated transactions, in accordance with applicable securities laws. The timing and actual amount of shares to be purchased will be subject to management's evaluation of market conditions, applicable legal requirements, the Company's ongoing evaluation of its capital position and capital requirements and other factors.
EXPANSION OF NON-STRATEGIC COST OPTIMIZATION INITIATIVE
At the Company's Analyst Day in
"The profitability of our restaurants is central to our value proposition," said Mr. Trojan. "Earlier this year, we began executing our cost optimization initiative. While we are pleased with our results to date, more remains to be done. We believe the elimination of certain additional non-strategic spending will allow us to further accelerate earnings growth while preserving the unique dining experience we deliver to our guests and the high-quality support we provide to our restaurant operators."
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 BJ's national restaurant expansion plan, earnings growth and growth in long-term value for shareholders and targeted increases in total restaurant operating weeks. 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