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BJ's Restaurants, Inc. Reports Financial Results For The First Quarter Of Fiscal 2013

Stocks in this article: BJRI

HUNTINGTON BEACH, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for its first quarter of fiscal 2013 that ended on Tuesday, April 2, 2013. 

Highlights for the first quarter of fiscal 2013 were as follows:

  • Total revenues increased approximately 13% to $188.6 million
  • Total restaurant operating weeks increased 13%
  • One new restaurant opened
  • Comparable restaurant sales increased 0.4%
  • Net income and diluted net income per share were $8.3 million and $0.29, respectively

"I could not be more proud of all of our team members for their dedication to making BJ's a great dining experience for our guests," commented Greg Trojan, President and Chief Executive Officer. "Despite the extremely challenging top line sales environment for casual dining, we recorded our 13 th consecutive quarter of positive comparable restaurant sales. Furthermore, our restaurant operators did an excellent job of managing the choppy sales environment in a productive and efficient manner during the quarter, resulting in some of our best productivity metrics in quite some time. In this difficult operating environment, where consumer spending for casual dining occasions remains under pressure, we believe the more successful restaurant concepts will be those that protect their overall approachability, quality, differentiation and value for the consumer. This has always been the foundation of the BJ's concept and will continue to be our focus going forward."

During the first quarter of fiscal 2013, the Company successfully opened one new restaurant in Puyallup, Washington.  The Company currently plans to open as many as four new restaurants during the second quarter, including one restaurant which has already opened in Oklahoma City, Oklahoma, on April 22, 2013, as well as a planned relocation of an existing small-format restaurant in Eugene, Oregon. The Company anticipates opening as many as 12 new restaurants during the last two quarters of fiscal 2013, thereby achieving its stated goal to open as many as 17 new restaurants this year. "Our 2013 development pipeline is in excellent shape and we are now focusing on building a solid pipeline for our 2014 and 2015 restaurant openings," said Trojan. Investors are reminded that the actual number and timing of new restaurant openings are subject to a number of factors outside of the Company's control, including weather conditions and factors under the control of landlords, contractors and regulatory/licensing authorities.

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