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

HUNTINGTON BEACH, Calif., Feb. 10, 2011 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the fourth quarter and fiscal year 2010 that ended on Tuesday, December 28, 2010.

Highlights for the 13 weeks ended December 28, 2010, compared to the 13 weeks ended December 29, 2009, were as follows:

• Total revenues increased 18% to $132.9 million
• Comparable restaurant sales increased 5.9%
• Net income and diluted net income per share were $6.9 million and $0.24, respectively
• Two new restaurants opened
• Total restaurant operating weeks increased approximately 12%

Results for the fourth quarter of fiscal 2010 include an after-tax benefit of approximately $0.7 million or $0.02 per diluted share primarily due to a favorable tax rate adjustment associated with disqualifying dispositions related to incentive stock options ("ISO"). Additionally, in the fourth quarter of fiscal 2009, the Company recorded an after-tax charge of approximately $1.6 million or $0.06 per diluted share related to a loss and related legal costs for the disposition of the Company's entire auction rate securities ("ARS") portfolio. Excluding both of these items from each year's quarterly results, non-GAAP net income and diluted net income per share for the fourth quarter of fiscal 2010 would have increased by 90% and 83%, respectively, to $6.3 million and $0.22 compared to non-GAAP results for the same quarter last year. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data. 

Highlights for the 52 weeks ended December 28, 2010, compared to the 52 weeks ended December 29, 2009, were as follows: 

• Total revenues increased 20% to $513.9 million
• Comparable restaurant sales increased 5.6%
• Net income and diluted net income per share were $23.2 million and $0.82, respectively
• Ten new restaurants opened
• Total restaurant operating weeks increased approximately 13%

Excluding the two aforementioned after-tax items for both fiscal 2010 and 2009, non-GAAP net income and diluted net income per share for fiscal 2010 would have increased by 53% and 51%, respectively, to $22.5 million and $0.80 compared to non-GAAP results for fiscal 2009. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data.