BJ’s Restaurants, Inc. (BJRI)


Company Profile:

BJ’s Restaurants, Inc. (BJ’s), incorporated on October 1, 1991, owns and operates 103 restaurants located in 13 states (California, Texas, Arizona, Colorado, Oregon, Nevada, Florida, Ohio, Oklahoma, Kentucky, Indiana, Louisiana and Washington) as March 4, 2011. BJ’s restaurants operate either as a BJ’s Restaurant & Brewery, which includes a brewery within the restaurant, a BJ’s Restaurant & Brewhouse, which receives the beer it sells from one of its breweries or an approved contract brewer of its recipe beers (contract brewer), or a BJ’s Pizza & Grill, which is a smaller format, full-service restaurant with a more limited menu than its other restaurants. The Company’s menu features its deep-dish pizza, its own handcrafted beers, as well as a selection of appetizers, entrees, pastas, sandwiches, specialty salads and desserts, including its Pizookie dessert. Its BJ’s Restaurant & Brewery restaurants feature in-house brewing facilities where BJ’s handcrafted beers are produced for some of its restaurants. As of December 28, 2010, three of these restaurants had brewing operations. On October 31, 2011, it opened two restaurants in Fort Worth, Texas, and Anaheim Hills, California.

The Business:

Approximately 15% of its total restaurant sales during the fiscal year ended December 28, 2010, consisted of deep-dish pizza. In addition to its deep-dish pizza, it has a menu with approximately 100 items featuring appetizers, specialty salads, soups, pastas, sandwiches, entrees and desserts. Its other menu offerings include Santa Fe Spring Rolls, BBQ Chicken Chopped Salad, Blackened New York Steak, Grilled Pork Chops, Chicken Marsala, Cajun Pasta, Fish Tacos, Balsamic Glazed Chicken, Gluten-Free Thin Crust Pizza and along with new lunch and entree specials. BJ’s Pizookie dessert. During 2010, it introduced over two dozen new menu and beverage creations, including its Snacks and Small Bites menu category. All of the Company’s restaurants feature handcrafted beers. Approximately 10% of its total restaurant sales, during 2010 consisted of its handcrafted beers. During 2010, the Company introduced BJ’s LightSwitch Lager, a flavorful craft beer with less calories.
The Company offers eight standard beers along with a rotating selection of seasonal handcrafted specialty beers. In many of its restaurants, it also offers as many as 30 guest domestic and imported craft beers on its draft beer taps, as well as a selection of bottled Belgian beers. During 2010, approximately 38% of its beer was produced at its in-house breweries located in its BJ’s Restaurant & Brewery locations, and then distributed to its other locations in a hub and spoke fashion. During 2010, its in-house breweries produced approximately 21,000 barrels of beer, and contract brewers produced approximately 34,000 barrels of beer for distribution to its restaurants. It also offers a selection of wines and spirits for sale in its restaurants. Alcoholic beverages, including its handcrafted beers, represented approximately 22% of its total restaurant sales during 2010.
The Company’s BJ’s Pizza & Grill restaurants, its typical restaurant hours of operations are generally from 11:00 am to 12:00 am Sunday through Thursday and 11:00 am to 1:00 am Friday and Saturday. Several of its shopping-mall based restaurants open at 10:00 am Saturdays and Sundays. Most of its restaurants offers either in-house and/or third-party delivery service. Additionally, all restaurants offer call-ahead seating and on-line ordering for guest pick-up.

BJRI Financial Analysis


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