This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: IRG

Net income for the second quarter of 2012 was $5.5 million, or $0.25 per diluted share compared to $4.3 million, or $0.22 per diluted share in the second quarter of 2011. Adjusted pro forma net income (which is a non-GAAP financial measure) was $7.4 million, or $0.29 per diluted share in the second quarter of 2012 compared to $3.7 million, or $0.15 per diluted share, in the second quarter of 2011.

Adjusted EBITDA increased to $17.7 million, a 41.9% increase compared to $12.5 in the second quarter of 2011.

The Company opened five new Joe’s Crab Shack restaurants during the second quarter of 2012.

Review of Third Quarter 2012 Operating Results

Total revenues increased $15.9 million, or 14.0%, to $129.1 million from $113.2 million in the same quarter last year. Non-comparable restaurants contributed $15.5 million, or 13.7%, of the total revenue increase, while comparable restaurants contributed $0.4 million, or 0.3%, of the total revenue increase. Total operating weeks for the third quarter of 2012 increased to 1,727 from 1,607 in the third quarter of 2011.

Comparable restaurant sales increased 0.4% for the third quarter of 2012. The increase was driven by a 1.9% increase in pricing, partially offset by a 1.5% combined decrease in mix and guest counts. Average weekly sales increased 6.1% to $74,800 in the third quarter of 2012 from $70,500 in the third quarter of 2011.

Restaurant-level profit increased $4.0 million, or 18.9%, to $25.4 million in the third quarter of 2012 from $21.4 million in the third quarter of 2011. As a percentage of revenues, restaurant-level profit increased to 19.7% from 18.9% in the prior year, driven primarily by improved commodity costs and leverage from increased revenues on occupancy expenses and operating expenses partially offset by increased labor expenses.

General and administrative expenses increased $2.2 million to $7.4 million compared to $5.2 million in third quarter of 2011. General and administrative expenses increased in the third quarter of 2012 due to approximately $1.0 million of professional fees related to the Company’s restatement of its financial statements and increased staffing and professional fees associated with our being a public company.

8 of 14

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs