BJ's Restaurants Q1 Revenues Up
The company posted total costs and expenses of $134.75m for the first quarter of 2011, compared to $115.97m for the same period in 2010. Income from operations was $10.11m, compared to $5.72m for the same period in 2010.
Income tax expense was $3.16m for the first quarter of 2011, compared to $1.61m for the same period in 2010. Net income was $7.2m, compared to $4.35m for the same period in 2010.
The company has opened two new restaurants during the first quarter of 2011 in Tyler, Texas (Broadway Square Mall) and Sacramento, California (Arden Fair Mall). Seven new restaurants are currently under construction for potential openings later in 2011. The company remains on track to open as many as 12 to 13 new restaurants during 2011.
As of this date, three new restaurants are expected to open in the second quarter of 2011, four in the third quarter and as many as three or four new restaurants during the fourth quarter 0f 2011.
BJ's Restaurants operates casual dining restaurants under the BJ's Restaurant & Brewery, BJ's Restaurant & Brewhouse or BJ's Pizza & Grill brand names.
Jerry Deitchle, chairman and CEO of the company, said: â€œOur leadership team was pleased with the Company's strong performance for the first quarter of 2011. Our comparable restaurant sales increase of 7.8 percent successfully hurdled a solid 4.4 percent increase in the same quarter last year, which is quite impressive.
â€œAdditionally, our restaurant operators continue to do an excellent job of managing our sales increases by effectively leveraging the technological and other systems we implemented during the past few years to improve the dining experience for our guests and to also protect our four-wall restaurant operating margins.â€
Will the firm further improve revenues in Q2?
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