BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for its 2019 fourth quarter and fiscal year that ended
Tuesday, December 31, 2019.
Fourth Quarter 2019 Highlights Compared
to Fourth Quarter 2018
- Total revenues grew 3.8% to $291.1 million
- Total restaurant operating weeks increased approximately
3.0%
- Comparable restaurant sales increased 0.4%
- Net income of $14.5 million compared to $10.7 million -- Fourth
quarter 2019 net income benefited from a $4.7 million pre-tax gain
related to two sale-leaseback transactions, partially offset by a
$0.6 million pre-tax expense related to the adoption of ASU 2016-02
on January 2, 2019, regarding lease accounting.
- Diluted net income per share of $0.75 compared to $0.49
-- Fourth quarter 2019 diluted net income per share benefited
from a $0.21 net gain related to the adoption of ASU 2016-02 on
January 2, 2019, which impacted the accounting for leases and
sale-leaseback transactions.
Fiscal 2019 Highlights Compared to
Fiscal 2018
- Total revenues grew 4.0% to $1.2 billion
- Total restaurant operating weeks increased approximately
2.8%
- Comparable restaurant sales increased 1.1%
- Net income of $45.2 million compared to $50.8 million
-- Fiscal 2019 net income benefited from a $4.7 million
pre-tax gain related to two sale-leaseback transactions, partially
offset by a $2.3 million pre-tax expense related to the adoption of
ASU 2016-02 on January 2, 2019, regarding lease
accounting.-- Fiscal 2018 net income includes a $3.9 million
excess tax benefit from equity awards
- Diluted net income per share of $2.20 compared to
$2.35 -- Fiscal 2019 diluted net income per share
benefited from a $0.12 net gain related to the adoption of ASU
2016-02 on January 2, 2019, which impacted the accounting for
leases and sale-leaseback transactions. -- Fiscal 2018
diluted net income per share includes an $0.18 excess tax benefit
from equity awards
“The strength of the BJ’s concept and brand, our
innovative sales driving and productivity initiatives, and the
daily commitment of our team members drove another quarter and full
year of positive comparable restaurant sales, despite the strong
prior-year comparable restaurant sales results,” commented Greg
Trojan, Chief Executive Officer. “Our recently re-launched catering
menu and offerings, the addition of tri-tip sirloin to our slow
roast platform, the introduction of our $6 take home entrees and
the roll out of our Gold Standard Kitchen Systems continue to
improve the guest experience and affinity towards our brand and
collectively contributed to BJ’s ability to further build market
share in the casual dining industry. Our 23,000 team members put
guest service and hospitality at the center of everything they do
and their dedication continues to differentiate BJ’s as we further
elevate our dining experience, grow our restaurant base and pursue
a range of initiatives to enhance shareholder value. With great
teams in place, our long-term record of successful sales building
and efficiency initiatives, the growth of new sales channels,
including delivery, take-out and catering, and the opportunity to
significantly expand BJ’s nationally, we remain confident that the
foundation we have built will deliver near- and long-term
growth.”
In the fourth quarter of fiscal 2019, BJ’s
opened a new restaurant in Tulsa, Oklahoma and Lakewood, Colorado.
The Company also closed one of its original, smaller format BJ’s
Pizza & Grill® restaurants in Balboa, California following the
expiration of its lease. In fiscal 2019, BJ’s achieved its goal of
opening seven new restaurants and the Company plans to open eight
to ten restaurants in 2020, with the first new restaurant scheduled
to open next week in North Attleboro, Massachusetts, the first BJ’s
in the state. “While 2020 will mark an acceleration in the pace of
our restaurant openings, we continue to prioritize a balanced
approach to new restaurant growth, with new restaurant quality and
hospitality taking precedence over new restaurant quantity, a
discipline that has served BJ’s, our guests and shareholders well.
This approach has provided the financial flexibility to allocate
our strong cash flows to new restaurant growth, sales and
productivity initiatives, share repurchases and dividends to
enhance shareholder value,” concluded Trojan.
During the fourth quarter of 2019, the Company
repurchased and retired approximately 0.3 million shares of its
common stock at a cost of approximately $10.3 million. Since the
Company’s first share repurchase authorization was approved in
April 2014, BJ’s has repurchased and retired approximately 11.8
million shares at a cost of approximately $460.5 million. The
Company has approximately $39.5 million available under its
currently authorized share repurchase program.
The Company’s Board of Directors declared a cash
dividend of $0.13 per share of common stock, payable on March 24,
2020, to shareholders of record at the close of business on March
10, 2020. While the Company intends to pay quarterly cash dividends
for the foreseeable future, dividends will be reviewed quarterly
and declared by the Board of Directors at its discretion.
Investor Conference Call and Webcast
BJ’s Restaurants, Inc. will conduct a conference
call on its fourth quarter and fiscal year 2019 earnings release
today, February 20, 2020, at 2:00 p.m. Pacific Time (5:00 p.m.
Eastern Time). Senior management will discuss the financial results
and host a question and answer session. In addition, a live audio
webcast of the call will be accessible to the public on the
“Investors” page of the Company’s website located at
http://www.bjsrestaurants.com, and a recording of the webcast will
be archived on the site for 30 days following the live event.
Please allow 15 minutes to register and download and install any
necessary software.
About BJ’s Restaurants,
Inc.
BJ’s Restaurants, Inc. (“BJ’s”) is a national
brand with brewhouse roots and a menu where craft matters. BJ’s
broad menu with over 140 offerings has something for everyone:
slow-roasted entrees like prime rib, BJ’s EnLIGHTened Entrees®
including Cherry Chipotle Glazed Salmon, signature deep dish pizza
and the often imitated, but never replicated world-famous Pizookie®
dessert. BJ’s has been a pioneer in the craft brewing world since
1996, and takes pride in serving BJ’s award-winning proprietary
handcrafted beers, brewed at its brewing operations in five states
and by independent third-party craft brewers. The BJ’s experience
offers high-quality ingredients, bold flavors, moderate prices,
sincere service and a cool, contemporary atmosphere. Founded in
1978, BJ’s owns and operates 208 casual dining restaurants. All
restaurants offer dine-in, take-out, delivery and large party
catering. BJ’s restaurants are located in 28 states: Alabama,
Arizona, Arkansas, California, Colorado, Connecticut, Florida,
Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Nevada,
New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma,
Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee,
Texas, Virginia and Washington. For more BJ’s information, visit
http://www.bjsrestaurants.com.
Forward-Looking Statements
Disclaimer
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 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 new restaurant openings,
(ii) construction delays, (iii) labor shortages, (iv)
increases in minimum wage and other employment related costs,
including compliance with the Patient Protection and Affordable
Care Act and minimum salary requirements for exempt team members,
(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 and the effect of negative
publicity about us, our restaurants, other restaurants, or others
across the food supply chain, due to food borne illness or other
reasons, whether or not accurate, (vii) factors that impact
California, Texas and Florida, where a substantial number of
our restaurants are located, (viii) restaurant and brewery
industry competition, (ix) impact of certain brewing business
considerations, including without limitation, dependence upon
suppliers, third party contractors and distributors, and related
hazards, (x) consumer spending trends in general for casual dining
occasions, (xi) potential uninsured losses and liabilities due to
limitations on insurance coverage, (xii) fluctuating commodity
costs and availability of food in general and certain raw materials
related to the brewing of our craft beers and energy requirements,
(xiii) trademark and service-mark risks, (xiv) government
regulations and licensing costs, (xv) beer and liquor regulations,
(xvi) loss of key personnel, (xvii) inability to secure acceptable
sites, (xviii) legal proceedings, (xix) other general economic and
regulatory conditions and requirements, (xx) the success of our key
sales-building and related operational initiatives, (xxi) any
failure of our information technology or security breaches with
respect to our electronic systems and data, and (xxii) numerous
other matters discussed in the Company’s filings with the
Securities and Exchange Commission, including its recent reports on
Forms 10-K, 10-Q and 8-K. The “forward-looking” statements
contained in this press release are based on current assumptions
and expectations, and BJ’s Restaurants, Inc. undertakes no
obligation to update or alter its “forward-looking” statements
whether as a result of new information, future events or
otherwise.
For further information, please contact Greg
Levin of BJ’s Restaurants, Inc. at (714) 500-2400 or JCIR at (212)
835-8500 or at bjri@jcir.com.
BJ’s Restaurants, Inc. |
Consolidated Statements of Income |
(Dollars in thousands except for per share
data) |
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
December 31, 2019(unaudited) |
January 1, 2019 (unaudited) |
|
December 31, 2019(unaudited) |
January 1, 2019 |
Revenues |
$291,067 |
|
100.0 |
% |
$280,523 |
|
100.0 |
% |
|
$1,161,450 |
|
100.0 |
% |
$1,116,948 |
|
100.0 |
% |
Restaurant operating costs (excluding depreciation and
amortization): |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
73,270 |
|
25.2 |
|
|
71,356 |
|
25.4 |
|
|
|
295,009 |
|
25.4 |
|
|
281,953 |
|
25.2 |
|
Labor and benefits |
|
105,984 |
|
36.4 |
|
|
99,265 |
|
35.4 |
|
|
|
424,370 |
|
36.5 |
|
|
400,745 |
|
35.9 |
|
Occupancy and operating |
|
65,378 |
|
22.5 |
|
|
61,768 |
|
22.0 |
|
|
|
256,383 |
|
22.1 |
|
|
239,446 |
|
21.4 |
|
General and administrative |
|
15,387 |
|
5.3 |
|
|
14,806 |
|
5.3 |
|
|
|
62,540 |
|
5.4 |
|
|
60,449 |
|
5.4 |
|
Depreciation and amortization |
|
18,362 |
|
6.3 |
|
|
17,679 |
|
6.3 |
|
|
|
72,006 |
|
6.2 |
|
|
70,439 |
|
6.3 |
|
Restaurant opening |
|
864 |
|
0.3 |
|
|
463 |
|
0.2 |
|
|
|
2,892 |
|
0.2 |
|
|
2,298 |
|
0.2 |
|
Loss on disposal of assets |
|
244 |
|
0.1 |
|
|
999 |
|
0.4 |
|
|
|
3,862 |
|
0.3 |
|
|
4,048 |
|
0.4 |
|
Gain on lease transactions |
|
(4,731) |
|
(1.6) |
|
|
- |
|
- |
|
|
|
(4,731) |
|
(0.4) |
|
|
- |
|
- |
|
Total costs and expenses |
|
274,758 |
|
94.4 |
|
|
266,336 |
|
94.9 |
|
|
|
1,112,331 |
|
95.8 |
|
|
1,059,378 |
|
94.8 |
|
Income from operations |
|
16,309 |
|
5.6 |
|
|
14,187 |
|
5.1 |
|
|
|
49,119 |
|
4.2 |
|
|
57,570 |
|
5.2 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1,303) |
|
(0.4) |
|
|
(1,012) |
|
(0.4) |
|
|
|
(4,613) |
|
(0.4) |
|
|
(4,838) |
|
(0.4) |
|
Other income (expense), net |
|
425 |
|
0.1 |
|
|
(955) |
|
(0.3) |
|
|
|
1,788 |
|
0.2 |
|
|
(735) |
|
(0.1) |
|
Total other expense |
|
(878) |
|
(0.3) |
|
|
(1,967) |
|
(0.7) |
|
|
|
(2,825) |
|
(0.2) |
|
|
(5,573) |
|
(0.5) |
|
Income before income taxes |
|
15,431 |
|
5.3 |
|
|
12,220 |
|
4.4 |
|
|
|
46,294 |
|
4.0 |
|
|
51,997 |
|
4.7 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
920 |
|
0.3 |
|
|
1,535 |
|
0.5 |
|
|
|
1,056 |
|
0.1 |
|
|
1,187 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$14,511 |
|
5.0 |
% |
$10,685 |
|
3.8 |
% |
|
$45,238 |
|
3.9 |
% |
$50,810 |
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$0.76 |
|
|
$0.50 |
|
|
|
$2.23 |
|
|
$2.42 |
|
|
Diluted |
$0.75 |
|
|
$0.49 |
|
|
|
$2.20 |
|
|
$2.35 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
19,203 |
|
|
|
21,247 |
|
|
|
|
20,285 |
|
|
|
20,958 |
|
|
Diluted |
|
19,473 |
|
|
|
21,791 |
|
|
|
|
20,592 |
|
|
|
21,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages reflected above may not reconcile due
to rounding.
|
|
|
|
BJ’s Restaurants, Inc. |
|
Selected Consolidated Balance Sheet
Information |
|
(Dollars in thousands) |
|
|
December 31, 2019(unaudited) |
|
January 1, 2019 |
|
Cash and cash equivalents |
$ |
22,394 |
|
$ |
29,224 |
|
Total assets (1) |
$ |
1,072,084 |
|
$ |
695,107 |
|
Total debt |
$ |
143,000 |
|
$ |
95,000 |
|
Shareholders’ equity |
$ |
290,287 |
|
$ |
309,221 |
|
(1) Total
assets includes $383.4 million of lease right of use assets, as of
December 31, 2019, related to the adoption of ASU 2016-02. |
BJ’s Restaurants, Inc. |
Unaudited Supplemental Information |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
December 31, 2019 |
January 1, 2019 |
|
December 31, 2019 |
January 1, 2019 |
Stock-based
compensation (1) |
|
|
|
|
|
|
|
|
|
Labor and benefits |
$ 673 |
|
0.2% |
|
$ 554 |
|
0.2% |
|
|
$ 2,372 |
|
0.2% |
|
$ 2,253 |
|
0.2% |
|
General and administrative |
|
1,705 |
|
0.6 |
|
|
1,444 |
|
0.5 |
|
|
|
6,546 |
|
0.6 |
|
|
6,003 |
|
0.5 |
|
Total stock-based
compensation |
$ 2,378 |
|
0.8% |
|
$ 1,998 |
|
0.7% |
|
|
$ 8,918 |
|
0.8% |
|
$ 8,256 |
|
0.7% |
|
|
|
|
|
|
|
|
|
|
|
Operating
Data |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales %
change |
|
0.4% |
|
|
|
4.5% |
|
|
|
|
1.1% |
|
|
|
5.3% |
|
|
Restaurants opened during
period |
|
2 |
|
|
|
1 |
|
|
|
|
7 |
|
|
|
5 |
|
|
Restaurants open at
period-end |
|
208 |
|
|
|
202 |
|
|
|
|
208 |
|
|
|
202 |
|
|
Restaurant operating
weeks |
|
2,698 |
|
|
|
2,619 |
|
|
|
|
10,656 |
|
|
|
10,370 |
|
|
(1) Percentages represent percent of total revenues.
Note Regarding Non-GAAP Financial Measures
The Company is reporting below certain non-GAAP financial
results and related reconciliations to the corresponding GAAP
financial measures. These non-GAAP measures are not in accordance
with, or a substitute for, measures prepared in accordance with
GAAP, and may be different from non-GAAP measures used by other
companies. These measures should only be used to evaluate the
Company's results of operations in conjunction with corresponding
GAAP measures.
Restaurant Level Operating Margin
Restaurant level operating margin, a non-GAAP
financial measure, is equal to the revenues generated by our
restaurants less their direct operating costs which consist of cost
of sales, labor and benefits, and occupancy and operating costs.
This performance measure includes only the costs that restaurant
level managers can directly control and excludes other operating
costs that are essential to conduct the Company’s business, as
detailed in the table below. Management uses restaurant level
operating margin as a supplemental measure of restaurant
performance. Management believes restaurant level operating margin
is useful to investors in that it highlights trends in our core
business that may not otherwise be apparent to investors when
relying solely on GAAP financial measures. Because other companies
may calculate restaurant level operating margin differently than we
do, restaurant level operating margin as presented herein may not
be comparable to similarly titled measures reported by other
companies.
A reconciliation of income from operations to
restaurant level operating margin for the fourth quarter and fiscal
year ended December 31, 2019 and January 1, 2019 is set forth
below:
Supplemental Financial Information – Restaurant Level
Operating Margin |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
December 31, 2019 |
January 1, 2019 |
|
December 31, 2019 |
January 1, 2019 |
Income from operations |
$16,309 |
|
5.6 |
% |
$14,187 |
5.1 |
% |
|
$49,119 |
|
4.2 |
% |
$57,570 |
5.2 |
% |
General and administrative |
|
15,387 |
|
5.3 |
|
|
14,806 |
5.3 |
|
|
|
62,540 |
|
5.4 |
|
|
60,449 |
5.4 |
|
Depreciation and amortization |
|
18,362 |
|
6.3 |
|
|
17,679 |
6.3 |
|
|
|
72,006 |
|
6.2 |
|
|
70,439 |
6.3 |
|
Restaurant opening |
|
864 |
|
0.3 |
|
|
463 |
0.2 |
|
|
|
2,892 |
|
0.2 |
|
|
2,298 |
0.2 |
|
Loss on disposal of assets |
|
244 |
|
0.1 |
|
|
999 |
0.4 |
|
|
|
3,862 |
|
0.3 |
|
|
4,048 |
0.4 |
|
Gain on lease transactions |
|
(4,731) |
|
(1.6 |
) |
|
- |
- |
|
|
|
(4,731) |
|
(0.4 |
) |
|
- |
- |
|
Restaurant level operating
margin |
$46,435 |
|
16.0 |
% |
$48,134 |
17.2 |
% |
|
$185,688 |
|
16.0 |
% |
$194,804 |
17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (“Adjusted EBITDA”)
Adjusted EBITDA is a non-GAAP financial measure that represents
the sum of net income, interest expense, income tax expense,
depreciation and amortization, stock-based compensation expense,
other (income) expense, loss on disposal of assets and gain on
lease transactions detailed within the reconciliation below.
Management uses Adjusted EBITDA as a supplemental measure of our
performance. Management believes these measures are useful to
investors in that they highlight cash flow and trends in our core
business that may not otherwise be apparent to investors when
relying solely on GAAP financial measures. Because other companies
may calculate these measures differently than we do, Adjusted
EBITDA as presented herein may not be comparable to similarly
titled measures reported by other companies.
Supplemental Financial Information – Net Income to Adjusted
EBITDA |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
December 31, 2019 |
January 1, 2019 |
|
December 31, 2019 |
January 1, 2019 |
Net income |
$14,511 |
|
5.0 |
% |
$10,685 |
3.8 |
% |
|
$45,238 |
|
3.9 |
% |
$50,810 |
4.5 |
% |
Interest expense, net |
|
1,303 |
|
0.4 |
|
|
1,012 |
0.4 |
|
|
|
4,613 |
|
0.4 |
|
|
4,838 |
0.4 |
|
Income tax expense |
|
920 |
|
0.3 |
|
|
1,535 |
0.5 |
|
|
|
1,056 |
|
0.1 |
|
|
1,187 |
0.1 |
|
Depreciation and amortization |
|
18,362 |
|
6.3 |
|
|
17,679 |
6.3 |
|
|
|
72,006 |
|
6.2 |
|
|
70,439 |
6.3 |
|
Stock-based compensation expense |
|
2,378 |
|
0.8 |
|
|
1,998 |
0.7 |
|
|
|
8,918 |
|
0.8 |
|
|
8,256 |
0.7 |
|
Other (income) expense, net |
|
(425) |
|
(0.1 |
) |
|
955 |
0.3 |
|
|
|
(1,788) |
|
(0.2 |
) |
|
735 |
0.1 |
|
Loss on disposal of assets |
|
244 |
|
0.1 |
|
|
999 |
0.4 |
|
|
|
3,862 |
|
0.3 |
|
|
4,048 |
0.4 |
|
Gain on lease transactions |
|
(4,731) |
|
(1.6 |
) |
|
- |
- |
|
|
|
(4,731) |
|
(0.4 |
) |
|
- |
- |
|
Adjusted EBITDA |
$32,562 |
|
11.2 |
% |
$34,863 |
12.4 |
% |
|
$129,174 |
|
11.1 |
% |
$140,313 |
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASU 2016-02 Reconciliation
The following table illustrates the impact from
the adoption of ASU 2016-02 on our results for the fourth quarter
and fiscal year ended December 31, 2019. The Company believes the
non-GAAP financial measure and reconciliation below provides
analysts and others in the investment community a way to analyze
and compare the Company’s results to prior period results in which
ASU 2016-02 was not applied.
BJ’s Restaurants, Inc. |
Supplemental Financial Information –
ASU 2016-02, Leases, Reconciliation |
(Dollars in thousands except for per
share data) |
|
|
|
|
Fourth Quarter Ended |
|
December 31, 2019 |
January 1. 2019 |
|
New Standard |
Total Adjustments |
|
Previous Standard |
Previous Standard |
Revenues |
$291,067 |
|
|
$- |
|
|
$291,067 |
|
$280,523 |
|
Restaurant operating costs (excluding depreciation
and amortization): |
|
|
|
|
|
Cost of sales |
|
73,270 |
|
|
97 |
|
(1) |
|
|
73,367 |
|
|
71,356 |
|
Labor and benefits |
|
105,984 |
|
|
- |
|
|
|
105,984 |
|
|
99,265 |
|
Occupancy and operating |
|
65,378 |
|
|
(715) |
|
(2) |
|
|
64,663 |
|
|
61,768 |
|
General and administrative |
|
15,387 |
|
|
- |
|
|
|
15,387 |
|
|
14,806 |
|
Depreciation and amortization |
|
18,362 |
|
|
- |
|
|
|
18,362 |
|
|
17,679 |
|
Restaurant opening |
|
864 |
|
|
- |
|
|
|
864 |
|
|
463 |
|
Loss on disposal of assets |
|
244 |
|
|
- |
|
|
|
244 |
|
|
999 |
|
Gain on lease transactions |
|
(4,731) |
|
|
4,731 |
|
(3) |
|
|
- |
|
|
- |
|
Total costs and expenses |
|
274,758 |
|
|
4,113 |
|
|
|
278,871 |
|
|
266,336 |
|
Income from operations |
|
16,309 |
|
|
(4,113) |
|
|
|
12,196 |
|
|
14,187 |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
Interest expense, net |
|
(1,303) |
|
|
- |
|
|
|
(1,303) |
|
|
(1,012) |
|
Other income (expense), net |
|
425 |
|
|
- |
|
|
|
425 |
|
|
(955) |
|
Total other expense |
|
(878) |
|
|
- |
|
|
|
(878) |
|
|
(1,967) |
|
Income before income taxes |
|
15,431 |
|
|
(4,113) |
|
|
|
11,318 |
|
|
12,220 |
|
|
|
|
|
|
|
Income tax expense |
|
920 |
|
|
- |
|
|
|
920 |
|
|
1,535 |
|
|
|
|
|
|
|
Net income |
$14,511 |
|
$(4,113) |
|
|
$10,398 |
|
$10,685 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
Basic |
$0.76 |
|
$0.21 |
|
|
$0.54 |
|
$0.50 |
|
Diluted |
$0.75 |
|
$0.21 |
|
|
$0.53 |
|
$0.49 |
|
Weighted average number of shares outstanding: |
|
|
|
|
|
Basic |
|
19,203 |
|
|
19,203 |
|
|
|
19,203 |
|
|
21,247 |
|
Diluted |
|
19,473 |
|
|
19,473 |
|
|
|
19,473 |
|
|
21,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to the adoption of ASU 2016-02, this amount was
recorded as “Cost of sales” expenses. Amount represents the cost
for embedded equipment leases within contracts for food products,
which is now required to be allocated to the lease and non-lease
components and recorded as “Occupancy and operating” expenses.
(2) Amount primarily represents the amortization of deferred
sales-leaseback gain coupled with the embedded lease consideration
noted in footnote (1). Prior to the adoption of ASU 2016-02,
sales-leaseback gains were deferred and amortized over the life of
the lease as a credit to “Occupancy and operating” expenses.
(3) Prior to the adoption of ASU 2016-02, gains on
sale-leaseback transactions were amortized over the life of the
lease and recorded as a credit against rent expense.
|
BJ’s Restaurants, Inc. |
|
Supplemental Financial Information – ASU 2016-02, Leases,
Reconciliation |
|
(Dollars in thousands except for per share
data) |
|
|
|
|
Fiscal Year Ended |
|
|
December 31, 2019 |
January 1, 2019 |
|
New Standard |
Total Adjustments |
|
Previous Standard |
Previous Standard |
Revenues |
$1,161,450 |
|
|
$- |
|
|
$1,161,450 |
|
$1,116,948 |
|
Restaurant operating costs (excluding depreciation
and amortization): |
|
|
|
|
|
Cost of sales |
|
295,009 |
|
|
381 |
|
(1) |
|
|
295,390 |
|
|
281,953 |
|
Labor and benefits |
|
424,370 |
|
|
- |
|
|
|
424,370 |
|
|
400,745 |
|
Occupancy and operating |
|
256,383 |
|
|
(2,652) |
|
(2) |
|
|
253,731 |
|
|
239,446 |
|
General and administrative |
|
62,540 |
|
|
- |
|
|
|
62,540 |
|
|
60,449 |
|
Depreciation and amortization |
|
72,006 |
|
|
- |
|
|
|
72,006 |
|
|
70,439 |
|
Restaurant opening |
|
2,892 |
|
|
- |
|
|
|
2,892 |
|
|
2,298 |
|
Loss on disposal of assets |
|
3,862 |
|
|
- |
|
|
|
3,862 |
|
|
4,048 |
|
Gain on lease transactions |
|
(4,731) |
|
|
4,731 |
|
(3) |
|
|
- |
|
|
- |
|
Total costs and expenses |
|
1,112,331 |
|
|
2,460 |
|
|
|
1,114,791 |
|
|
1,059,378 |
|
Income from operations |
|
49,119 |
|
|
(2,460) |
|
|
|
46,659 |
|
|
57,570 |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
Interest expense, net |
|
(4,613) |
|
|
- |
|
|
|
(4,613) |
|
|
(4,838) |
|
Other income (expense), net |
|
1,788 |
|
|
- |
|
|
|
1,788 |
|
|
(735) |
|
Total other expense |
|
(2,825) |
|
|
- |
|
|
|
(2,825) |
|
|
(5,573) |
|
Income before income taxes |
|
46,294 |
|
|
(2,460) |
|
|
|
43,834 |
|
|
51,997 |
|
|
|
|
|
|
|
Income tax expense |
|
1,056 |
|
|
- |
|
|
|
1,056 |
|
|
1,187 |
|
|
|
|
|
|
|
Net income |
$45,238 |
|
$(2,460) |
|
|
$42,778 |
|
$50,810 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
Basic |
$2.23 |
|
$0.12 |
|
|
$2.11 |
|
$2.42 |
|
Diluted |
$2.20 |
|
$0.12 |
|
|
$2.08 |
|
$2.35 |
|
Weighted average number of shares outstanding: |
|
|
|
|
|
Basic |
|
20,285 |
|
|
20,285 |
|
|
|
20,285 |
|
|
20,958 |
|
Diluted |
|
20,592 |
|
|
20,592 |
|
|
|
20,592 |
|
|
21,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to the adoption of ASU 2016-02, this amount was
recorded as “Cost of sales” expenses. Amount represents the cost
for embedded equipment leases within contracts for food products,
which is now required to be allocated to the lease and non-lease
components and recorded as “Occupancy and operating” expenses.
(2) Amount primarily represents the amortization of deferred
sales-leaseback gain coupled with the embedded lease consideration
noted in footnote (1). Prior to the adoption of ASU 2016-02,
sales-leaseback gains were deferred and amortized over the life of
the lease as a credit to “Occupancy and operating” expenses.
(3) Prior to the adoption of ASU 2016-02, gains on
sale-leaseback transactions were amortized over the life of the
lease and recorded as a credit against rent expense.
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