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Noodles & Company Announces Second Quarter 2013 Financial Results

BROOMFIELD, Colo., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq:NDLS) today announced financial results for the second quarter ended July 2, 2013.

Key highlights for the second quarter of 2013 compared to the second quarter of 2012 include:
  • Total revenue increased 18.2% to $89.2 million from $75.5 million.
  • Comparable restaurant sales increased 4.7% for company-owned restaurants, 2.3% for franchise restaurants and 4.4% system-wide.
  • Restaurant contribution margin increased 40 basis points to 21.3%.
  • Adjusted net income(1) increased 35.6% to $4.0 million or $0.13 per diluted share, from $2.9 million.
  • GAAP Net income was $0.1 million, compared to net income of $2.2 million.
  • 13 new restaurants opened system-wide, including 11 company-owned and two franchised restaurants.

Key highlights for the first two quarters of 2013 compared to the first two quarters of 2012 include:
  • Total revenue increased 17.3% to $170.5 million from $145.4 million.   
  • Comparable restaurant sales increased 3.5% for company-owned restaurants, 0.2% for franchise restaurants, and 3.0% system-wide.
  • Restaurant contribution margin decreased 40 basis points to 20.0%.
  • Adjusted net income(1) increased 11.0% to $5.4 million from $4.8 million, or $0.18 per diluted share.
  • GAAP Net income of $1.0 million, or $0.04 per diluted share, compared to net income of $3.5 million.
  • 22 new restaurants opened system-wide, including 20 company-owned and two franchised restaurants.

(1) Adjusted net income is a non-GAAP measure. A reconciliation of US GAAP net income to adjusted net income is included in the accompanying financial data. See "Non-GAAP Financial Measures" below.

Kevin Reddy, Chairman and Chief Executive Officer of Noodles & Company, remarked:  "We are pleased with our second quarter results, as our team's efforts in creating a dining experience that we are proud of allowed us to complete our 15 th consecutive quarter and 29 out of 30 quarters of positive comparable restaurant sales growth. Our EPS growth on adjusted net income of 35.6% was the result of continued hard work to bring our 'Your World Kitchen' positioning to life within our restaurants while expanding the brand through the opening of 13 additional restaurants system-wide. Moreover, the execution of our initial public offering on July 2 nd has allowed us to pay off nearly all of our outstanding debt, giving us the capital flexibility to pursue our strategy of developing a 'Category of One' in the eating and drinking out space."

Initial Public Offering

On July 2, 2013, we completed our initial public offering ("IPO") of our Class A common stock at $18.00 per share. We issued 6,160,714 shares, including 803,571 shares sold to the underwriters pursuant to their over-allotment option. After underwriter discounts and commissions and offering expenses, net proceeds from the offering were $100.2 million. These proceeds were used to repay all but $0.2 million of our outstanding debt as of July 2, 2013.

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