HUNTINGTON BEACH, Calif.-- Chicago Pizza & Brewery Inc. (Nasdaq: CHGO) reported revenues of approximately $19 million for its third quarter ended Sept. 29, 2002, versus revenues of $16.6 million for the same period last year.
The boost, according to a company release, resulted from four new restaurants opened in California and Arizona in the quarter. Same-store sales at its BJ's Brewhouse chain rose 3.2 percent for the period, while sales at its four-store Pietro's chain dropped 1.5 percent.
Third-quarter net income, however, dropped nearly 52 percent compared to 2001. For the period ended Sept. 29, 2002, the company reported $414,000 in net income (earnings of 2 cents per share), versus $864,000 (earnings of 8 cents per share) in the same period in 2001.
The company blamed increases in general and administrative expenses, costs related to new store openings and sales declines at its four-store Pietro's chain for the net income drop.
Revenues for the company's first three quarters of 2002 were $54.7 million, a 14.1 percent increase over the same period in '01. The increase was credited to new restaurant openings and a 3.1 percent same-store sales increase at its BJ's Brewhouse chain.
Net income for the first three quarters of the year was off nearly 20 percent: $2.1 million (earnings of 12 cents per share) for the nine months ending Sept. 29, compared to $2.6 million for the same period last year.
BJ's same-store sales rose 3.2 percent for the first three quarters, while Pietro's sales dropped .1 percent. Three Pietro's stores were closed in the period.
Chicago Pizza & Brewery operates 28 casual dining restaurants in the western U.S. and Hawaii.