This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Ignite Restaurant Group Reports Fourth Quarter 2012 Financial Results

Stocks in this article: IRG

Review of Fourth Quarter 2012 Operating Results

Total revenues increased $11.2 million, or 11.1%, to $112.6 million in the fourth quarter of 2012 from $101.4 million in the same quarter last year. Non-comparable restaurants contributed $10.5 million of the total revenue increase, while comparable restaurants contributed $0.7 million of the total revenue increase.

Comparable restaurant sales increased 0.8% during the fourth quarter of 2012, excluding a 0.1% impact due to Hurricane Sandy.

Net loss for the fourth quarter of 2012 was ($7.6) million, or ($0.30) per diluted share compared to ($1.0) million, or ($0.05) per diluted share in the fourth quarter of 2011. The Company incurred approximately $6.1 million of charges in the fourth quarter of 2012 related primarily to its debt refinancing, restatement related costs, a restaurant closure and losses associated with damage caused by Hurricane Sandy. In the fourth quarter of 2011, the Company realized a benefit of approximately $2.3 million related primarily to the reversal of a deferred tax valuation allowance and an insurance gain, partially offset by transaction expenses and asset write-offs. Excluding the impact of these items, adjusted net loss (which is a non-GAAP financial measure) was ($3.9) million in the fourth quarter of 2012 compared to ($3.3) million in the fourth quarter of 2011. A reconciliation between GAAP net income (loss) and adjusted net income (loss) is included in the accompanying financial data.

Development

During the fourth quarter of 2012, the Company opened one new Joe’s Crab Shack restaurant in Hunt Valley, MD. 11 new Joe’s Crab Shack restaurants opened during fiscal 2012, one Joe’s Crab Shack closed for a conversion to a Brick House Tavern + Tap in 2013, and one Brick House Tavern + Tap closed for a conversion to a Joe’s Crab Shack in 2013. There were 129 Joe’s Crab Shack restaurants and 15 Brick House Tavern + Tap restaurants at the end of the fourth quarter.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • 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