|BJ's Restaurants, Inc. Reports Fiscal First Quarter Results|
First Quarter 2015 Highlights Compared to First Quarter 2014
"The continued success from our sales driving initiatives combined with our cost containment programs and efficiencies derived from Project Q resulted in a solid start to fiscal 2015 and record first quarter results," commented
Trojan continued, "Importantly, our restaurant operators continue improving the guest experience through Project Q while simultaneously driving cost efficiencies. As a result, we again achieved solid leverage on our positive comparable restaurant sales and generated first quarter four-wall restaurant level operating margins of 18.9%, marking a 180 basis point improvement from the prior year's first quarter. In addition, we continue to leverage our general and administrative expenses and depreciation and amortization through our cost management initiatives, new restaurant growth and lower depreciation from our more cost-effective new restaurant prototype. This resulted in significant growth in our consolidated income from operations margin to 5.8%, representing a 300 basis point year-over-year gain. We believe the strength of our model and operating leverage position us well for continued financial growth in 2015."
In the fiscal 2015 first quarter, BJ's opened two new restaurants in
The Company repurchased and retired approximately 0.1 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
(1) Percentages represent percent of total revenues.
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 first quarter 2015 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 first quarter of fiscal 2014, non-GAAP adjusted net income and non-GAAP adjusted diluted net income per share exclude professional fees incurred in connection with the shareholder settlement agreement announced on
(1) Included in legal and other settlements.
(2) The tax effect is based on the Company's effective tax rate of 24.6% for the first quarter 2014.
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