Fiscal 2013 Projected Revenues (amounts in millions)
|Ignite Restaurant Group||Romano’s Macaroni Grill||
% 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
(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 CostsThe 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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