|BJ's Restaurants, Inc. Reports Fourth Quarter and Fiscal 2014 Results|
Fourth Quarter 2014 Highlights Compared to Fourth Quarter 2013
Fiscal 2014 Highlights Compared to Fiscal 2013
"BJ's strong fourth quarter financial results reflect our team's progress in reigniting comparable restaurant sales, refining our operating disciplines and menu offerings, launching a new higher return restaurant prototype, and continuing to execute on our long-term restaurant expansion plan," commented
Trojan added, "Fiscal 2014 fourth quarter comparable restaurants sales of 1.2% were positive for the second consecutive quarter as our new menu offerings and initiatives around food innovation, affordability, speed and hospitality continue to gain momentum with our guests. Our positive comparable restaurants sales coupled with our Project Q initiative to improve kitchen productivity and bottoms up approach to reducing operating and occupancy costs enabled us to leverage comparable restaurant sales and improve restaurant level margins by 330 basis points over last year to 18.4%. Our fourth quarter operating margins also benefited from our continuing leverage of corporate overhead as general and administrative expenses declined by 40 basis points to 5.8% of sales. Overall, our sales and operating initiatives are bearing success, restaurant and operating margins are headed in the right direction, guest traffic per square foot is solid and increasing, and our restaurant expansion plan is on track."
In the fiscal 2014 fourth quarter, BJ's opened three new restaurants in
The Company also announced that during the fourth quarter of fiscal 2014, it repurchased and retired approximately 0.8 million shares of its common stock for approximately
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 fiscal year 2014 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. 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 of fiscal 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 fiscal 2014, non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share exclude professional fees and other expenses incurred in connection with the shareholder settlement agreement announced on