|BJ's Restaurants, Inc. Reports Fiscal Second Quarter Results|
Second Quarter 2015 Highlights Compared to Second Quarter 2014
"Our record second quarter results further demonstrate the progress we are making in driving top line sales and improving our operating margins," commented
Trojan continued, "I am extremely proud of our restaurant, brewery and support center team members who continue to passionately provide an outstanding experience for our guests every day on every shift. Across the organization, our team members' dedication is instrumental to achieving our strategic growth priorities, including new menu innovation and speed of service improvements, all of which are elevating our guests' experience and supporting near and long-term earnings growth. At the same time, we have achieved notable success in removing costs from the business and have greatly enhanced our efficiency at both the restaurant and corporate level as evidenced by the progress in our restaurant-level and overall operating margins. We remain focused on further execution against these initiatives and believe additional success will be reflected in our financial results over the balance of fiscal 2015 and beyond."
In the second quarter of fiscal 2015, BJ's opened five new restaurants in
The Company also announced that during the second fiscal quarter of 2015 it repurchased and retired approximately 0.8 million shares of its common stock for approximately
Trojan concluded, "BJ's operating initiatives combined with our long-term strategy of increasing restaurant operating weeks by at least 10% annually have established strong earnings momentum and a visible foundation for sustainable long-term growth. With significant and improving cash flow from operations and a healthy balance sheet, we have the financial flexibility to execute on multiple initiatives to enhance shareholder value, including the continuation of our long-term expansion strategy while simultaneously returning capital to shareholders through the
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
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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 second 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 second quarter and six months ended