News

Q4 and '03 revenues and profits up at Chicago Pizza & Brewery

February 26, 2004

HUNTINGTON BEACH, Calif.—New unit openings and strong same-store sales increases pushed revenues and profits up for fourth quarter and full-year 2003 at Chicago Pizza & Brewery, Inc.

According to a news release, 4Q 2003 (ended Dec. 28) revenues increased nearly 29 percent to $27 million. Same-store sales at BJ's Brewhouse locations rose 5.1 percent, while net income was $719,000 or 3 cents per share, up a penny compared to the same period in 2002.

For all of 2003, revenues were $103 million, up 36 percent compared to 2002. Same-store sales at BJ's rose 3.3 in the period, while net income was $3.6 million (18 cents per share), compared to net income of $1.7 million (9 cents per share) in 2002.

"We are pleased with our continued growth in 2003 and our development outlook for 2004 and beyond," said co-CEO Paul Motenko. "We are on track to open six to seven additional locations in 2004 and believe our profitability will continue to improve as our restaurants mature and we better leverage our general and administrative costs. Additionally, we are off to a strong start in 2004 as our comparable store sales have increased over 8 percent during the first two periods of 2004."

Chicago Pizza & Brewery, Inc. currently operates 33 casual dining restaurants, some of which incorporate brewpubs.