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BJ's Restaurants, Inc. Reports Financial Results For The Fourth Quarter And Fiscal Year Of 2012

Stocks in this article: BJRI

HUNTINGTON BEACH, Calif., Feb. 19, 2013 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for its fourth quarter and fiscal year of 2012 that ended on Tuesday, January 1, 2013. The results for both the fourth quarter and fiscal year ended January 1, 2013, included one less operating week as compared to the same periods of fiscal 2011. 

Highlights for the fourth quarter of fiscal 2012 were as follows:

  • Total revenues increased approximately 8% to $184.8 million, as compared to $171.8 million for the same quarter last year. The extra operating week in fiscal 2011 contributed approximately $13.9 million in sales last year. Excluding the extra operating week, total revenues increased approximately 17% compared to the same quarter last year.
  • Total restaurant operating weeks increased 5% (13 weeks vs. 14 weeks) and 13% (13 weeks vs. 13 weeks).
  • Five new restaurants opened during the quarter.
  • Comparable restaurant sales increased 3.0%, successfully hurdling a 5.1% increase for the same quarter last year (13 weeks vs. 13 weeks).
  • Net income and diluted net income per share were $7.0 million and $0.24, respectively, as compared to $9.9 million and $0.34 for the same quarter last year. The extra operating week in fiscal 2011 contributed approximately $0.06 of diluted net income per share last year.
  • On a non-GAAP adjusted basis, excluding certain charges and gains described below and in the reconciliation between GAAP and non-GAAP adjusted financial measures included in the accompanying financial data, net income and diluted net income per share were $7.6 million and $0.27, respectively.

Results for the fourth quarter of fiscal 2012 include pre-tax charges totaling approximately $1.4 million, or approximately $0.04 per diluted net income per share, related to the estimated cost to settle a California sales tax audit and the one-time costs associated with our CEO transition. These costs were partially offset by a pre-tax gain of approximately $0.5 million, or $0.01 per diluted net income per share, pursuant to the settlement agreement with the Company's former broker-dealer related to the liquidation of its auction rate securities portfolio in December 2009. Under the terms of that settlement agreement, the Company was entitled to potential future recoveries of its loss on that portfolio based on the performance of the securities through December 2012. During the fourth quarter of fiscal 2012, certain of those securities were redeemed at par resulting in additional gains to the Company. As a result of this settlement agreement the Company has successfully recovered 100% of the value of its auction rate securities portfolio.

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