News

Growth up, but net income down for Chicago Pizza & Brewery

March 13, 2003

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HUNTINGTON BEACH, Calif. -- Chicago Pizza & Brewery Inc. reported that its revenues for the fourth quarter 2002 (ended Dec. 29) were $20.9 million, versus $16.8 million for the same period in 2001.

Net income for the period was $393,000, compared to $565,000 in 2001.

Chicago Pizza & Brewery's revenue for 2002 was $75.5 million, up from $64.7 million in '01.

Net income for the year was $1.7 million, compared to 2001's net income of $3.2 million.

The company attributed its 4Q loss and '02 revenue declines to increased general and administrative costs connected to its expansion efforts. The company opened six restaurants last year and said it expects to another half dozen more this year.