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

Stocks in this article: IRG

Net income for the third quarter of 2012 was $8.9 million, or $0.35 per diluted share compared to $8.2 million, or $0.43 per diluted share in the third quarter of 2011. Adjusted pro forma net income was $9.6 million, or $0.37 per diluted share in the third quarter of 2012 compared to $7.3 million, or $0.28 per diluted share, in the third quarter of 2011.

Adjusted EBITDA increased to $18.3 million, a 9.9% increase compared to $16.7 million in the third quarter of 2011.

The Company opened two new Joe’s Crab Shack restaurants during the third quarter of 2012. There were 129 Joe’s Crab Shack restaurants and 16 Brick House Tavern + Tap restaurants at the end of the third quarter.

Mr. Blanchette concluded, “Through the strong focus of our operators, we generated solid earnings growth during the third quarter, despite a challenging external environment. While the sales challenges have continued into the fourth quarter, we are confident in our long-term strategic plan that has provided consistent operating success over time. Part of that plan is successful new store development. On October 9 th we opened Hunt Valley, our 11 th new restaurant in 2012 which completes the development plan that we laid out earlier this year. We are very pleased with the 2012 development track, the operating performance of the 2012 class of units to date and the status of the 2013 pipeline.”

Conference Call

As previously announced, the Company will host a conference call to discuss the completion of its accounting review and the restatement of its previously issued financial statements, as well as second quarter and third quarter 2012 results, today at 5:00 PM Eastern Time. Hosting the call will be Ray Blanchette, President and Chief Executive Officer, and Jeff Rager, Senior Vice President and Chief Financial Officer.

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