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Ignite Restaurant Group Reports Third Quarter 2013 Financial Results

Stocks in this article: IRG

Ignite Restaurant Group (NASDAQ:IRG) today reported financial results for the third quarter ended September 30, 2013.

Highlights for the 13-week third quarter of 2013 were as follows:

  • Total revenues were $227.6 million, including $87.4 million associated with Macaroni Grill, which was acquired on April 9, 2013;
  • On a comparable 13-week basis, system-wide comparable restaurant sales increased 3.3% at Joe’s Crab Shack and increased 4.0% at Brick House Tavern + Tap. Comparable sales decreased 2.7% at Macaroni Grill;
  • Net loss and net loss per share were $1.9 million and $0.08, respectively;
  • Adjusted net loss and adjusted net loss per share (which are non-GAAP financial measures) were $1.0 million and $0.04, respectively; and
  • Four new Joe’s Crab Shack restaurants opened during the third quarter of 2013.

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 each and the fourth quarter consisted of 16 weeks. As a result, financial results for the 13-week quarter ended September 30, 2013 may not be directly comparable to those of the corresponding 12-week quarter ended September 10, 2012. However, we are able to recast revenues for the third quarter of 2012 on a 13-week basis.

“We’re pleased with our continued top-line momentum at Joe’s Crab Shack and are equally excited about the strong performance at Brick House Tavern + Tap,” said Ray Blanchette, CEO of Ignite Restaurant Group. “The strong comparable sales growth at both of our legacy brands during the quarter was driven by solid gains in traffic, which is particularly gratifying given the overall casual dining sales challenges. Additionally, we continue to work diligently towards improving sales and margins at Macaroni Grill. While there is much left to do to reach our expectations, we continue to make tangible progress.”

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