BJ’S RESTAURANTS, INC. PROVIDES BUSINESS UPDATE

HUNTINGTON BEACH, Calif., March 23, 2020 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) (“the Company”) today announced a range of actions that management and the Board of Directors are implementing to enhance the Company’s liquidity given the business disruptions resulting from the efforts to contain the rapid nationwide spread of COVID-19 including the vast mandated self-quarantines and closures of non-essential business throughout the United States. These actions include the Board of Directors’ decision to defer the Company’s previously declared quarterly dividend payment of $0.13 per share of common stock payable March 24, 2020, for shareholders of record as of March 10, 2020. Payment of such dividend is being deferred until such time that the Board of Directors determines such payment is prudent in light of the Company’s capital needs. In addition, the Board of Directors has suspended future quarterly dividends until the significant uncertainty of the current situation has passed and it is determined that resumption of dividend payments is in the best interest of the Company and its shareholders.

“Our ability to operate at full capacity has been impacted as numerous states and local governments have effected ordinances to protect the public through social distancing,” commented Greg Trojan, CEO of BJ’s Restaurants, Inc. “All of our restaurants currently remain open and continue serving the communities where they operate through take-out and delivery. In these early days with mandated dining room closures, our off premise sales through takeout and delivery channels have increased as our guests are shifting how they enjoy our food. In the current environment, our focus is on continuing to drive growth in our off premise business while prudently managing costs. The number of restaurants remaining open may change due to the fluidity of the situation and changing ordinances. 

“In these unprecedented times, management is taking all necessary and appropriate steps to maximize our liquidity as we manage our business through the current environment,” commented Greg Trojan. “These actions include stopping all capital spending, including delaying or cancelling our new restaurant openings for 2020, and significantly reducing our operating expenses to reflect reduced sales volumes as well as the elimination of all non-essential spending. In an abundance of caution, we have drawn down all remaining amounts under our $250 million line of credit and currently have over $95 million of cash on our balance sheet. While we believe we have sufficient liquidity with our current capital position, we will continue to monitor and evaluate all financing alternatives as these unprecedented events evolve.”