BJRI - BJ's Restaurants tops adjusted EBITDA expectations points to encouraging trends

BJ's Restaurants (BJRI) reports comparable sales fell 32.3% in Q4. Adjusted EBITDA came in at $2.4M vs. $1.0M consensus. Restaurant margin was 6.6% of sales during the quarter. The Q3 net loss of $18.1M included a $1.3M pretax gain related to a sale-leaseback transaction and a $1.7M pretax impairment charge for one restaurant. Business update: "To date, trends in January and February are encouraging, as the combination of relaxed capacity restrictions in certain markets and pent-up guest demand have led to positive sales momentum. Over the past few weeks, we re-opened patio seating in California and dine-in seating in Maryland, Michigan, and Washington, while strictly adhering to social distancing and capacity restrictions. Today approximately 144 of our restaurants have open dining rooms with some government-mandated capacity limitations, another 65 can serve our guests only on outdoor patios, and one remains temporarily closed. Our California comparable restaurant sales have improved by

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BJ's Restaurants tops adjusted EBITDA expectations, points to encouraging trends