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Ignite Restaurant Group Reports Second Quarter 2013 Financial Results

Ignite Restaurant Group (NASDAQ: IRG) today reported financial results for the second quarter ended July 1, 2013.

Highlights for the 13-week second quarter of 2013 were as follows:
  • Total revenues were $228.1 million, including $86.0 million associated with Macaroni Grill, which was acquired on April 9, 2013
  • On a comparable 13-week basis, system-wide comparable restaurant sales increased 0.7% at Joe’s Crab Shack and increased 6.4% at Brick House Tavern + Tap. Comparable sales decreased 7.4% at Macaroni Grill from the acquisition date through July 1, 2013
  • Net loss and net loss per share were $2.5 million and $0.10, respectively
  • Adjusted net income and adjusted net income per share (which are non-GAAP financial measures) were $1.0 million and $0.04, respectively
  • Three new Joe’s Crab Shack restaurants opened during the second quarter of 2013 and one Brick House Tavern + Tap was converted from a Joe’s

Beginning with the first quarter of fiscal 2013, the Company adjusted its quarterly reporting calendar to four 13-week operating periods. Previously, the first three quarters of the Company’s fiscal year consisted of 12 weeks and the fourth quarter consisted of 16 weeks. As a result, financial results for the 13-week quarter ended July 1, 2013 may not be directly comparable to those of the corresponding 12-week quarter ended June 18, 2012. However, we are able to recast revenues for the second quarter of 2012 on a 13-week basis.

Ray Blanchette, CEO of Ignite Restaurant Group, stated, “Consistent with our pre-release, we’re pleased with the sales improvement at Joe’s and the continued sales growth at Brick House. However, necessary spending increases associated with returning the Mac Grill units to appropriate staffing levels and an enhanced media buy significantly impacted our second quarter operating results. Our vision for the potential of the Macaroni Grill brand and its long term benefit to the Ignite business remains unchanged. We are encouraged by Macaroni Grill’s improving sales trends over the past 4 months and are determined to demonstrate further progress across the entire P&L as the year progresses.”

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