|BJ's Restaurants Expands Share Repurchase Plan|
The Company also announced that it is working to finalize the expansion of its current unsecured revolving credit facility from
"Reflecting the continued progress on our strategic initiatives to reignite sales, coupled with our strong operating cash flow and solid balance sheet, we believe BJ's is well positioned to continue executing our restaurant expansion plan while simultaneously and opportunistically returning capital to shareholders," commented
Trojan added, "Importantly, we remain fully committed to our long-term growth strategy of increasing restaurant operating weeks by at least 10% annually. To date, in 2014 we have opened six new restaurants with plans to open five more restaurants by year-end. Our current restaurant development pipeline is in excellent shape and we expect to open at least 15 new restaurants in fiscal 2015. With only 151 restaurants open as of today, and with estimated room domestically for at least 425
Pursuant to the share repurchase authorization, purchases may be made from time to time through various methods in accordance with applicable securities laws, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. 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. The Company is not obligated to purchase any additional shares under its expanded repurchase program, and repurchases may be suspended or discontinued at any time without prior notice.
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 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