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Ignite Restaurant Group Acquires Romano’s Macaroni Grill

Fiscal 2013 Projected Revenues (amounts in millions)

  Ignite Restaurant Group   Romano’s Macaroni Grill  

 

Total

 

% Increase as a result of combination

Forecasted IRG 2013 $510 to $520 $180 to $190 $690 to $710 36 %
Pro Forma 2013 Revenues 1 $510 to $520 $380 to $400

$890 to $920

76

%

(1) Pro Forma 2013 Revenues assumes the acquisition occurred on January 1, 2013 and reflects an additional $200 million to $210 million of Romano’s Macaroni Grill revenue over our forecasted IRG 2013 revenue

The Company’s forecasted revenues are based in part on the following assumptions:

  • As many as 16 new Joe’s Crab Shack and/or Brick House restaurants, including two potential conversions,
  • An approximate 1% comparable sales increase, and
  • The transaction closing late in the second quarter of 2013 and including approximately 7 additional months of revenue over and above the revenue assumed for forecasted IRG 2013. Actual revenue may differ materially from forecasted and pro forma revenue.

Acquisition-Related Costs

The Company expects to incur approximately $8 million in acquisition related costs, of which approximately $7 million will be expensed at the close or within the first six months post-close. These costs include legal, accounting and bank fees, as well as, specific integration costs such as relocation and severance.

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