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.
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