Review of Second Quarter 2013 Operating Results
Total revenues were $228.1 million in the 13-week second quarter of 2013. Total revenues in the 12-week second quarter of 2012 were $119.9 million. Adjusting 2012 revenues to a comparable 13-week quarterly reporting period, total revenues in the second quarter of 2013 increased approximately $95.2 million, or 71.6%. The increase was driven by the acquisition of the Macaroni Grill restaurants, new restaurant development and a 1.3% increase in comparable restaurant sales associated with the Company’s legacy concepts.
- Revenues at Joe’s Crab Shack were $129.6 million during the second quarter of 2013 versus $121.1 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Joe’s Crab Shack increased 0.7%.
- Revenues at Brick House Tavern + Tap were $12.5 million in the second quarter of 2013 compared to $11.9 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Brick House Tavern + Tap increased 6.4%.
- Revenues at Macaroni Grill were $86.0 million, which included $751 thousand in royalty income. Comparable restaurant sales at Macaroni Grill decreased 7.4% from April 9, 2013 (date of acquisition) through July 1, 2013 versus the comparable period of the prior year.
Net loss for the 13-week second quarter of 2013 was $2.5 million, or $0.10 per diluted share. The Company’s net loss for the second quarter of 2013 included approximately $5.3 million of primarily acquisition related and labor related transition costs in connection with the acquisition of Romano’s Macaroni Grill. Excluding the impact of these items, adjusted net income and adjusted net income per diluted share (which are non-GAAP financial measures) were $1.0 million and $0.04, respectively, in the 13-week second quarter of 2013. Net income in the 12-week second quarter of 2012 was $5.5 million, or $0.25 per diluted share. Adjusting primarily for IPO-related costs incurred in the second quarter of 2012 and for the increase in weighted-average shares outstanding as a result of the IPO, adjusted net income and adjusted pro forma net income per diluted share in the 12-week second quarter of 2012 was $7.1 million and $0.28, respectively. A reconciliation between GAAP net income and adjusted net income is included in the accompanying financial data.
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