This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Ignite Restaurant Group Reports Third Quarter 2013 Financial Results

Stocks in this article: IRG

Blanchette added, “Our development strategy continues to bear fruit allowing us not only to take advantage of new sites, but to manage our real estate portfolio for maximum benefit through conversions and we are pleased with the results of our recent openings. We also signed our first Brick House Tavern + Tap franchise development agreement during the quarter. Our brands are distinct and differentiated and we remain excited about the growth in front of our Company, and the ongoing opportunity to create value for our shareholders.”

Review of Third Quarter 2013 Operating Results

Total revenues were $227.6 million in the 13-week third quarter of 2013. Total revenues in the 12-week third quarter of 2012 were $129.1 million. Adjusting 2012 revenues to a comparable 13-week quarterly reporting period, total revenues in the third quarter of 2013 increased approximately $97.4 million, or 74.8%. The increase was driven by the acquisition of the Macaroni Grill restaurants, new restaurant development and a 3.4% increase in comparable restaurant sales associated with the Company’s legacy concepts when comparing the thirteen weeks ending September 30, 2013 to the comparable thirteen week period in the prior year.

  • Revenues at Joe’s Crab Shack were $128.0 million during the third quarter of 2013 versus $118.9 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Joe’s Crab Shack increased 3.3%.
  • Revenues at Brick House Tavern + Tap were $12.2 million in the third quarter of 2013 compared to $11.3 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Brick House Tavern + Tap increased 4.0%.
  • Revenues at Macaroni Grill were $87.4 million, which included $690 thousand in royalty income. Comparable restaurant sales at Macaroni Grill decreased 2.7%.

Net loss for the 13-week third quarter of 2013 was $1.9 million, or $0.08 per diluted share. The Company’s net loss for the third quarter of 2013 included approximately $0.8 million of acquisition related costs in connection with the acquisition of Macaroni Grill; an approximate $0.6 million loss on the disposal of fixed assets related to restaurant conversions, remodels and closures; approximately $0.5 million of expenses related to a proposed secondary stock offering and a $0.3 million gain on an insurance settlement. Excluding the impact of these items, adjusted net loss and adjusted net loss per diluted share (which are non-GAAP financial measures) were $1.0 million and $0.04, respectively, in the 13-week third quarter of 2013. Net income for the 12-week third quarter of 2012 was $8.9 million, or $0.35 per diluted share. Adjusting primarily for professional fees and associated expenses in conjunction with the restatement of the Company’s financial statements, adjusted net income and adjusted net income per diluted share in the 12-week third quarter of 2012 was $9.6 million and $0.37, respectively. A reconciliation between GAAP net income (loss) and adjusted net income (loss) is included in the accompanying financial data.

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs