HUNTINGTON BEACH, Calif. -- Chicago Pizza & Brewery Inc. (Nasdaq:CHGO) posted second-quarter net income of $910,000 on revenues of $18.3 million for the 12-week period ending June 30. The number marked a rise of 14.5 percent over the same period last year.
According to a company release, revenues increased due to the opening of two restaurants late last year, which contributed $2.4 million during the second quarter of 2002.
Same-store (sites opened more than 18 months) sales growth at its BJ's Brew Pubs were up $430,000 or 3 percent. Those increases were partially offset by the 2.8 percent decrease in same-store sales at its Pietro's restaurants, plus the closure of four Pietro's since late 2001.
Revenues for the first half of 2002 totaled $35.7 million, an increase of 13.8 percent as compared with the first half of 2001. The increase was partly due to the opening of two restaurants, which contributed $4.7 million in revenue during the first half of this year.
Also contributing to the half-year revenue growth was an $879,000 increase in BJ's same store sales, a rise of 3.3 percent.
Earnings per share on basic shares was 5 cents during the second quarter, compared with 12 cents in the same period last year. EPS was off for the first half of 2002, compared to the same period in 2001: 10 cents per share, versus 22 cents.
The company stated that the drop in net income was due to increases in general and administrative expenses as the company continued to invest in infrastructure to support growth.
Co-CEO Jerry Hennessy said the company is amid an aggressive growth phase in which it plans to open six stores in the next eight months.
Chicago Pizza & Brewery operates 26 casual dining restaurants, some of which incorporate brewpubs.