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

One time professional fees associated with the restatement are based on management’s most recent estimates of fees incurred and the refinancing loss on the extinguishment of debt is based on the estimated write-off of deferred loan fees associated with our prior debt facility. Both of the costs will be fully incurred in 2012.

The Company’s projections are also subject to other key risks and uncertainties discussed further below under “Forward-Looking Statements.”

Review of Second Quarter 2012 Operating Results

Total revenues increased $16.7 million in the second quarter of 2012, or 16.2%, to $119.9 million from $103.2 million in the same quarter last year. Non-comparable restaurants contributed $13.9 million, or 13.5%, of the total revenue increase, while comparable restaurants contributed $2.8 million, or 2.7%, of the total revenue increase. Total operating weeks for the second quarter of 2012 increased to 1,683 from 1,568 in the second quarter of 2011.

Comparable restaurant sales increased 3.0% for the second quarter of 2012. The increase was driven by a 2.1% increase in pricing and a 0.9% combined increase in mix and guest counts. Average weekly sales increased 8.2% to $71,200 in the second quarter of 2012 from $65,800 in the second quarter of 2011.

Restaurant-level profit increased $6.1 million, or 35.0%, to $23.6 million in the second quarter of 2012 from $17.5 million in the second quarter of 2011. As a percentage of revenues, restaurant-level profit improved approximately 270 basis points to 19.7% from 17.0% in the prior year, driven primarily by the leverage from increased revenues on occupancy expenses and other operating expenses.

General and administrative expenses increased $2.4 million to $8.0 million compared to $5.6 million in the second quarter of 2011. General and administrative expenses in the second quarter of 2012 increased due to $1.8 million of one-time IPO-related expenses and increased staffing and professional fees associated with our being a public company.

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