BJ's Restaurants, Inc. Reports Financial Results For The Third Quarter Of Fiscal 2010

HUNTINGTON BEACH, Calif., Oct. 21, 2010 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the third quarter of fiscal 2010 that ended on September 28, 2010.

Highlights for the third quarter compared to the same quarter last year were as follows:

• Total revenues increased 24% to $128.8 million  
• Comparable restaurant sales increased 6.7%  
• Net income increased 75% to $5.5 million  
• Diluted net income per share increased 67% to $0.20

Results for the third quarter include a pre-tax charge of $884,000, or approximately $0.02 per diluted share, related to the disposal of certain unproductive restaurant assets in connection with the Company's ongoing productivity/efficiency initiatives and facility image enhancement activities. 

"Our leadership team was pleased to deliver a strong financial performance for the third quarter," commented Jerry Deitchle, Chairman and Chief Executive Officer.  "We continue to make prudent investments in the very core of the BJ's concept to more solidly position our restaurants as a higher quality, more differentiated 'dining out for fun' experience with outstanding value, while keeping BJ's exceptionally approachable by all consumers.  As a result of our relentless focus on quality and differentiation, coupled with steadily improving execution by our restaurant operators, we achieved our third consecutive quarter of increases in both comparable restaurant sales and guest traffic.  We also achieved measurable leverage in our operating margins during the quarter.  While our recent financial results reflect the success of our competitive positioning strategy and many of our current tactical initiatives, we intend to continue to implement new initiatives in 2011 with the goal to further strengthen the quality, differentiation and productivity of the BJ's restaurant concept."

Four new restaurants were opened during the third quarter of 2010 (Daytona Beach, FL; Tucson, AZ; Colorado Springs, CO; Sparks, NV). The Company currently expects to open two new restaurants during the fourth quarter, of which one has already opened in Puente Hills, CA (in the Los Angeles market). "Initial sales volumes for all of our 2010 new restaurant openings to date continue to exceed our expectations," commented Deitchle. The final new restaurant opening for 2010 is expected to occur before Thanksgiving in The Woodlands, TX (in the Houston market). As a result, the Company will successfully achieve its stated goal to open 10 new restaurants during 2010.