BJ’s Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal 2022 Results

About this update from Bj's Restaurants, Inc.

[{"type":"text","content":"HUNTINGTON BEACH, Calif., Feb. 16, 2023 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2022 fourth quarter and year ended Tuesday, January 3, 2023. Fiscal Fourth Quarter 2022 Compared to Fourth Quarter 2021 Total revenues increased 18.2% to $344.2 million (14 weeks vs. 13 weeks). The extra operating week in fiscal 2022 contributed $26.5 million in sales. Excluding the extra operating week, fourth quarter revenues increased 9.0% compared to the same quarter in the prior year.Comparable restaurant sales increased 6.6% (14 weeks vs. 14 weeks)Total restaurant operating weeks increased 9.1% (14 weeks vs. 13 weeks)Net income of $4.0 million, compared to net loss of $4.7 million; diluted net income per share of $0.17, compared to diluted net loss per share of $0.20 (14 weeks vs. 13 weeks)Adjusted EBITDA of $26.1 million, compared to $13.7 million, as described below in the reconciliation between GAAP and non-GAAP adjusted financial measures (14 weeks vs. 13 weeks) Fourth quarter 2022 includes gift card breakage revenue of $3.2 million, or a diluted net benefit of $0.10 per share, as a result of the Company's re-evaluation of its estimated redemption pattern resulting from the COVID-19 pandemic. Fourth quarter 2021 includes a $1.6 million benefit, or a diluted net benefit of $0.05 per share, related to the Employee Retention Tax Credit in conjunction with the CARES Act. Fiscal 2022 Compared to Fiscal 2021 Total revenues increased 18.1% to $1.3 billion (53 weeks vs. 52 weeks). The extra operating week in fiscal 2022 contributed $26.5 million in sales. Excluding the extra operating week, fiscal 2022 total revenues increased 15.7% compared to the prior year.Comparable restaurant sales increased 14.0% (53 weeks vs. 53 weeks)Total restaurant operating weeks increased 3.1% (53 weeks vs. 52 weeks)Net income of $4.1 million, compared to net loss of $3.6 million; diluted net income per share of $0.17, compared to diluted net loss per share of $0.16 (53 weeks vs. 52 weeks)Adjusted EBITDA of $77.9 million, compared to $70.5 million, as described below in the reconciliation between GAAP and non-GAAP adjusted financial measures (53 weeks vs. 52 weeks) 2022 includes the fourth quarter gift card breakage revenue of $3.2 million, or a diluted net benefit of $0.10 per share, due to the re-evalua...

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