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HUNTINGTON BEACH, Calif. -- Chicago Pizza & Brewery Inc. (Nasdaq:CHGO) (Nasdaq:CHGOW) released results for the third quarter ended Sept. 30, 2001.
Revenues totaled $16,618,000 for the third quarter of 2001, an increase of 12.4 percent as compared with the same period in 2000. Contributing to the increase in revenues was the opening of restaurants in Huntington Beach during October 2000 and Irvine, Calif. during August 2001.
The company reported net income of $863,000 for the third quarter of 2001 as compared with $784,000 for the third quarter of 2000. Income before income taxes was $1,370,000 for the third quarter of 2001 as compared with $846,000 for the comparable period in 2000.
The company incurred preopening costs in the third quarters of 2001 and 2000 of $373,000 and $318,000, respectively.
Revenues for the nine months ended Sept. 30, 2001 increased 28.5 percent, to $47,961,000 from $37,316,000 for the first nine months of 2000. Net income for the first nine months of 2001 increased to $2,611,000 from $1,175,000 for the comparable period in 2000.
Income before income taxes was $4,080,000 for the nine months of 2001 as compared with $1,267,000 for the comparable period in 2000.
Co-CEO Paul Motenko, said, "We are very pleased during these uncertain times to report that revenues have, on a whole, not been significantly impacted by the recent tragic events or the economic slowdown."
Jerry Hennessy, co-CEO added, "While there is very little good about an economic downturn, we feel current conditions will help generate additional site opportunities upon which we are well prepared to capitalize. We are actively pursuing other sites in a variety of markets, and feel confident that we will accomplish our objective of opening four to six restaurants during 2002."
Also contributing to the increase in revenues was an increase in same store sales of 3.5 percent at the company's BJ's restaurants. This figure reflects a change in the company's approach in determining comparable store-sales. Previously, the company had reported same-store sales based upon all restaurants open for the entire comparable period of both years. In order to more accurately reflect revenue trends on an ongoing basis, and in line with industry practice, the company felt it appropriate to exclude the impact of initial "honeymoon periods" on the same store-sales comparison. Accordingly, the comparison of same store-sales includes only those restaurants open for at least 18 months.
During the third quarter, the implication of this change was to eliminate the Valencia and Burbank, Calif. restaurants, which opened during March and June 2000, respectively, from the comparable sales analysis. Revenues at the restaurants operated as Pietro's for all of both periods increased 1.8 percent.
Partially offsetting these increases were the closing of a BJ's restaurant in Portland, Ore. in April 2001, the closing of a BJ's restaurant in Gresham, Ore. in June 2001 and the closing of a Pietro's restaurant in McMinville, Ore. in August 2001.
Another factor negatively impacting revenues was the sale of the BJ's restaurant in Maui, Hawaii in April 2001. That restaurant is now operated as a BJ's restaurant under a license agreement.
Chicago Pizza & Brewery operates 27 casual dining restaurants, some of which incorporate microbreweries. Sixteen of the BJ's restaurants are located in Southern California, one in Boulder, Colo., four in Oregon and one in Chandler, Ariz. In addition, the company operates five Pietro's restaurants in Oregon and has a licensing interest in a BJ's restaurant in Lahaina, Maui.
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