Chicago Pizza & Brewery Inc. Reports a $3,177,000 Profit for 2001, and a 23.6% Increa - 500 Beiträge pro Seite

[greatmarlin]

hi
hier mal wieder was neues von chgo nach langer zeit.
bitte um meinungen zu den quartalszahlen.
HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--March 5, 2002--Chicago Pizza & Brewery Inc. (Nasdaq:CHGO - news; Nasdaq:CHGOW - news) released results for the fourth quarter and year ended Dec. 31, 2001.

Total revenues increased 11.3% for the fourth quarter and 23.6% for the year compared with the same periods in 2000. Revenues totaled $16,722,000 for the fourth quarter and $64,683,000 for the year of 2001. Contributing to the increase in revenues was an increase in same store sales of 4% at the BJ`s restaurants open more than 18 months.

Also contributing to the increase in revenues was the opening of restaurants in Irvine, Calif. in August 2001 and Chandler, Ariz. in October 2001. Revenues from the five Pietro`s pizzerias open more than 18 months increased 1.3%.

The company reported net income of $3,177,000 (or $0.33 basic earnings per share) for 2001 as compared with net income of $1,944,000 (or $0.25 basic earnings per share) for 2000. Income before taxes for 2001 totaled $4,981,000, as compared with $467,000 for 2000.

The 2001 financial results included pre-tax income of $799,000 from the adjustment of the reserve for store closures recorded in 2000. The reserve was adjusted to reflect the sale of two BJ`s restaurants and a Pietro`s restaurant in Oregon during 2001 and the closure of an additional Pietro`s restaurant in early 2002 on terms more favorable than anticipated.

The 2000 financial results included a restaurant closure expense in the amount of $1,517,000 relating to the closure or anticipated closure of these as well as other restaurants in the Northwest. Also impacting the 2000 financial results was the recognition of a net tax benefit of $1,477,000 (or $0.19 basic earnings per share) resulting primarily from the reduction of the valuation allowance due to the anticipated utilization of the company`s net operating loss carryforwards.

According to Paul Motenko, Co-CEO, ``We are very pleased with our results for 2001. The year was a continuation of the sustained and considerable financial progress that has marked the company`s financial results since our initial public offering in 1996. We are particularly pleased that we were able to achieve same-store sales increases despite the economic slowdown and the uncertainty resulting from the tragedy on September 11.

``Also highlighting the year were the successful openings of our BJ`s restaurants in Irvine, California and Chandler, Arizona. We are looking forward to an acceleration of openings during 2002, with at least four openings slated for the second half of this year.``

Chicago Pizza & Brewery operates 26 casual dining restaurants, some of which incorporate brewpubs. Restaurant locations include 16 in Southern California, one in Boulder, Colo. and one in Chandler.

Additionally, the company operates eight restaurants in Oregon, four of which are Pietro`s pizzerias, and has a licensing interest in a BJ`s restaurant in Lahaina, Maui. BJ`s restaurants offer customers moderate prices and tremendous value on an incredible menu that includes deep-dish Chicago-style pizza as well as sandwiches, salads, fabulous desserts, critically acclaimed hand-crafted beers and more.

Visit Chicago Pizza & Brewery on the Web at http://www.bjsbrewhouse.com.

The information presented herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbors created thereby. The company`s results may differ significantly from the results indicated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (i) the company`s ability to manage growth and conversions, (ii) construction delays, (iii) restaurant and brewery industry competition and other such industry considerations, (iv) marketing and other limitations based on the company`s historic concentration in Southern California and current concentration in the Northwest, (v) consumer trends, (vi) increased food costs and wages, including, without limitation, the recent increase in the minimum wage, and (vii) other general economic and regulatory conditions.

Further information concerning the company`s results of operations for the year 2001 will be provided in the company`s Annual Report on Form 10K, to be filed with the Securities and Exchange Commission by the end of March 2002.


Chicago Pizza & Brewery Inc.
Consolidated Financial Data -- Unaudited
(in thousands, except per share data)

Year Ended Three Months Ended
Dec. 31, Dec. 31,
2001 2000 2001 2000
Statement of Operations Data:

Revenues $64,683 $52,346 $16,722 $15,030
Cost of sales 17,415 14,456 4,445 4,132

Gross profit 47,268 37,890 12,277 10,898

Costs and expenses:
Labor and benefits 23,196 18,772 6,105 5,453
Occupancy 4,963 4,160 1,358 1,211
Operating expenses 6,843 5,520 1,830 1,608
Preopening costs 735 943 285 167
General and administrative 5,056 3,922 1,469 1,057
Depreciation and amortization 2,117 2,002 633 594
Restaurant Closing Expense 1,517 1,403

Total costs and expenses 42,910 36,836 11,680 11,493
Less: Gain on Sale of
Restaurants 799 402

Net operating costs and
expenses 42,111 36,836 11,278 11,493

Income from operations 5,157 1,054 999 (595)

Other income (expense):
Interest expense, net (344) (549) (40) (224)
Other income (expense), net 160 4 (59) 6

Total other expense (184) (545) (99) (218)

Income before minority interest
and income taxes 4,973 509 900 (813)

Minority interest in
partnership 8 (42) 0 13

Income before income
taxes 4,981 467 900 (800)

Income tax expense (1,804) 1,477 (335) 1,569

Net income $ 3,177 $ 1,944 $ 565 $ 769

Basic net income per
common share $ 0.33 $ 0.25 $ 0.05 $ 0.10

Dilutive net income
per common share $ 0.30 $ 0.25 $ 0.05 $ 0.10


Balance Sheet Data (end of period): Dec. 31,
2001 2000

Cash $ 8,903 $ 1,405

Total assets $40,486 $29,992

Total long-term debt (including current portion) $ 4,345 $ 6,059

Shareholders` equity $28,094 $15,043




--------------------------------------------------------------------------------
Contact:
Chicago Pizza & Brewery Inc., Huntington Beach
Paul Motenko, 714/848-3747, ext. 107

[Simonswald]

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