Revenue up, profits down in 2Q at Chicago Pizza & Brewery

Aug. 6, 2002

HUNTINGTON BEACH, Calif. -- For its second quarter 2002, Chicago Pizza & Brewery Inc. (Nasdaq:CHGO) reported revenues of $18.3 million, an increase of 14.5 percent over the same period in 2001.

According to a company release, the revenue increase was due largely to the opening of two restaurants late in 2001, which contributed $2.4 million during the second quarter of 2002.

Net income for the period was $910,000, a decline of 45 percent compared to $1.6 million posted during the same period last year. A company release attributed the decline to increased general and administrative expenses as it invested in infrastructure to support growth.

A 3 percent increase in same-store sales (sales at units open at least 18 months) of $430.000 at BJ's restaurants also boosted revenues. Same-store sales at its Pietro's restaurants were off 2.8 percent, and four units have been closed since late 2001.

Revenues for the first six months of 2002 totaled $35.6 million, 13.8 percent more than in the same period in 2001. The two BJ's restaurants opened in late 2001 provided $4.7 million in added revenue.

Same-store sales during the period were up 3.3 percent ($879,000) at BJ's restaurants, while Pietro's same-store sales were off 1.1 percent.

Co-CEO Jerry Hennessy said he expects revenues to continue climbing as the company opens six new stores in the next eight months.

Chicago Pizza & Brewery operates 26 casual dining restaurants, some of which incorporate brewpubs.

Topics: Public Companies

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