This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ignite Restaurant Group Announces Completion Of Restatement, Refinancing Transaction And Second And Third Quarter Results

Raymond A. Blanchette, III, President and Chief Executive Officer of Ignite Restaurant Group, stated, “After completing the accounting review process, we believe that our historical financials and current practice reflect appropriate accounting in accordance with GAAP. We regard our duty to have sound reporting controls and reliable financial statements with the utmost seriousness. We are pleased to conclude our review and restatement and are taking the opportunity to invest in additional personnel and infrastructure to enhance our financial and accounting function. We continue to be very excited about our brands, the growth in front of our Company, and the ongoing opportunity we have to create value for our shareholders.”

Additional Information Regarding the Restatement

A detailed discussion of the restatement is included in the Current Report on Form 8-K the Company filed today with the SEC. The Form 8-K includes restated financial statements for the last three fiscal years and for the twelve week periods ended March 28, 2011 and March 26, 2012, revised management’s discussion and analysis covering the same periods, and revised selected financial and operating data for fiscal year 2007 through the twelve week period ended March 26, 2012. The second and third quarter 2012 quarterly reports on Form 10-Q filed today with the SEC also discuss the impact of the restatement on the comparable periods of 2011.


The Company closed on a new five-year $100 million revolving credit facility. The new facility replaces a $74.5 million of term loan debt and a $25 million unused revolving credit facility scheduled to mature in March 2016. The new facility bears interest between 1.25% and 2.25% over LIBOR, with no LIBOR floor. At the closing date of October, 29, 2012, the company’s borrowing rate was reduced by approximately 390 basis points compared to the pre-closing rate under the previous facility. The Company repaid outstanding borrowings under the old facility in full with $29.5 million of cash on hand and proceeds from the new facility. At closing, $45.0 million was outstanding under the new facility. KeyBank National Association and Bank of America, served as joint lead arrangers and joint bookrunners for the new facility.

4 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs