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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.”

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