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 Reports Fourth Quarter 2012 Financial Results

Stocks in this article: IRG

Ignite Restaurant Group (NASDAQ: IRG) today reported financial results for the fourth quarter and full year ended December 31, 2012.

Highlights for the fourth quarter of 2012 compared to the fourth quarter of 2011 were as follows:

  • Total revenues rose 11.1% to $112.6 million compared to $101.4 million
  • Comparable restaurant sales increased 0.8%, excluding a 0.1% impact due to Hurricane Sandy, marking the Company’s 18 th consecutive quarter of positive comparable restaurant sales growth
  • Net loss and net loss per share were ($7.6) million and ($0.30), respectively
  • Adjusted net loss (which is a non-GAAP financial measure) increased $584k to ($3.9) million and adjusted net loss per share was ($0.15) per share
  • One new Joe’s Crab Shack restaurant opened during the fourth quarter of 2012

Highlights for the full fiscal year 2012 compared to the full fiscal year 2011 were as follows:

  • Total revenues rose 14.8% to $465.1 million compared to $405.2 million
  • Comparable restaurant sales increased 2.2%
  • Net income decreased $3.4 million to $8.7 million, or $0.37 per share
  • Adjusted net income (which is a non-GAAP financial measure) increased $6.1 million to $14.7 million and adjusted pro forma net income per share was $0.57 per share
  • A total of 11 new restaurants opened during 2012

“Our ongoing focus on menu innovation, brand awareness and providing a unique and authentic dining experience for our guests drove our top line during the quarter,” commented Ray Blanchette, Chief Executive Officer of Ignite Restaurant Group. “As a result, we achieved our 18th consecutive quarter of positive comparable sales, despite a challenging consumer environment.”

“Looking ahead, we believe the future of Ignite has never looked brighter,” added Blanchette. “Our brands remain distinct and differentiated. We have a strong development pipeline and we continue to be pleased with the performance of our new units. Furthermore, our pending acquisition of Macaroni Grill will transform Ignite into a company with almost one billion dollars in revenues with the opportunity to elevate the business, achieve meaningful synergies and drive significant growth over time. We continue to be very excited about our brands, the growth in front of our Company, and the ongoing prospect to create value for our shareholders.”

1 of 5

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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