Chicago Pizza & Brewery Inc. (Nasdaq:CHGO; Nasdaq:CHGOW) released results for the first quarter ended March 31, 2001.

Revenues totaled $15,369,000 for the first quarter of 2001, an increase of 51%, compared with the same period in 2000. Contributing to the increase in revenues was the opening of four restaurants in Southern California from March 2000 through October 2000. These new units, in Valencia, Burbank, West Covina and Huntington Beach provided $4,947,000 in revenues during the first quarter of 2001.

Also contributing to the increase were same-store sales increases at the BJ's restaurants open both periods of 5.4%. Revenues at the restaurants operated as Pietro's for all of both periods decreased 1.2%.

The company reported net income of $764,000 for the first quarter of 2001, compared with net income of $173,000 for the first quarter of 2000. Income from operations for the first quarter of 2001 was $1,378,000, a 424% increase from the $263,000 income from operations for the comparable period in 2000.

Per Paul Motenko, co-CEO: "Our first quarter has been a continuation of the pattern we established last year, with the additional revenues generated from our new stores resulting in significantly greater profitability. We are very pleased to have started the year off with such outstanding financial results."

Jerry Hennessy, co-CEO added: "The restaurants we opened last year continued to perform very well, and the more mature units, as a whole, have generated increasing revenues and profits. The break from restaurant openings since October of last year has allowed us the opportunity to fine tune our operations and to establish systems to more effectively implement our growth strategy in the future.

"We are looking forward to our restaurant openings in Irvine, Calif., scheduled for August, and Chandler, Ariz., scheduled for October."

The company completed, on April 30, 2001, the previously announced private placement of 800,000 shares of common stock at $2.50 per share. The shares were purchased by an affiliate of BJ Chicago, LLC, the company's largest shareholder.

The company also completed in April the sale of its Maui, Hawaii, restaurant to that restaurant's general manager. The restaurant had been owned by a limited partnership in which the company was the general partner. The company retained an interest in distributions based upon gross receipts from the restaurant, which will continue to be operated as a BJ's pursuant to a license agreement with the company.

The company also sold its restaurant on Burnside Street in Portland, Ore., to an unrelated party in April. The company does not anticipate that either transaction will have a material impact on its financial statements.

Chicago Pizza & Brewery operates 27 casual dining restaurants, some of which incorporate brewpubs. Fifteen of the restaurants are located in Southern California, one is located in Boulder, Colo. In addition, the company operates five BJ's restaurants in Oregon and six Pietro's restaurants in Oregon. A BJ's restaurant in Maui is operated under a license agreement.

BJ's restaurants offer customers moderate prices and tremendous value on an incredible menu that includes deep-dish Chicago-style pizza, as well as sandwiches, salads, fabulous desserts, critically acclaimed hand-crafted beers and more. Visit Chicago Pizza & Brewery on the Web at

The information presented herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbors created thereby. The company's results may differ significantly from the results indicated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (i) the company's ability to manage growth and conversions, (ii) construction delays, (iii) restaurant and brewery industry competition and other such industry considerations, (iv) marketing and other limitations based on the company's historic concentration in Southern California and Oregon, (v) consumer trends, (vi) increased food costs and wages, including, without limitation, the recent increase in the minimum wage, (vii) increased energy costs in California and (viii) other general economic and regulatory conditions.

                     Chicago Pizza & Brewery Inc.
               Consolidated Financial Data -- Unaudited
                 (In thousands, except per-share data)

                                                For the Three Months
                                                   Ended March 31,
                                                 2001           2000
Statement of Operations Data:

Revenues                                       $15,369        $10,179
Cost of sales                                    4,077          2,802
     Gross profit                               11,292          7,377

Costs and expenses:
Labor and benefits                               5,558          3,688
Occupancy                                        1,195            834
Operating expenses                               1,655          1,107
Preopening costs                                    10            146
General and administrative                         982            913
Depreciation and amortization                      514            426
Total cost and expenses                          9,914          7,114

     Income from operations                      1,378            263

Other income (expense):
Interest expense, net                             (157)           (75)
Other expense, net                                  (1)            (1)
     Total other expense                          (158)           (76)
     Income before minority interest
      and income taxes                           1,220            187

Minority interest in partnership                    (7)            (8)
     Income before income taxes                  1,213            179
Income tax expense                                (449)            (6)
     Net income                                $   764        $   173
Basic and dilutive net income per share        $  0.10        $  0.02

                                               March 31,      Dec. 31,
                                                 2001           2000
Balance Sheet Data (end of period):

Cash                                           $ 1,751        $ 1,405

Total assets                                   $29,925        $29,992

Total long-term debt (including
 current portion)                              $ 5,820        $ 6,059

Shareholders' equity                           $16,075        $15,043