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Noodles & Company Announces Third Quarter 2013 Financial Results

BROOMFIELD, Colo., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq:NDLS) today announced financial results for the third quarter ended October 1, 2013.

Key highlights for the third quarter of 2013 compared to the third quarter of 2012 include:
  • GAAP net income increased to $3.3 million, from $0.1 million.
  • Adjusted net income (1) increased 44.6% to $3.3 million or $0.11 per diluted share, from $2.3 million.
  • Adjusted EBITDA (1) increased 24.0% to $11.3 million, from $9.1 million.
  • Total revenue increased 15.4% to $88.9 million from $77.1 million.
  • Comparable restaurant sales increased 2.4% for company-owned restaurants, 0.5% for franchise restaurants and 2.1% system-wide.  
  • Restaurant contribution margin decreased 30 basis points to 20.7%.
  • 20 new restaurants opened system-wide, including 15 company-owned and five franchise restaurants.

Key highlights for the first three quarters of 2013 compared to the first three quarters of 2012 include:
  • GAAP net income increased to $4.3 million, or $0.16 per diluted share, from $3.6 million.
  • Adjusted net income (1) increased 21.4% to $8.6 million, or $0.28 per diluted share, from $7.1 million, or $0.24 per diluted share.
  • Adjusted EBITDA (1) increased 17.9% to $32.0 million, from $27.2 million.
  • Total revenue increased 16.6% to $259.5 million from $222.5 million.   
  • Comparable restaurant sales increased 3.1% for company-owned restaurants, 0.3% for franchise restaurants and 2.7% system-wide.
  • Restaurant contribution margin decreased 60 basis points to 20.6%.
  • 42 new restaurants opened system-wide, including 35 company-owned and seven franchise restaurants.

(1) Adjusted net income and Adjusted EBITDA are non-GAAP measures. A reconciliation of US GAAP net income to each of these measures is included in the accompanying financial data. See "Non-GAAP Financial Measures."

Kevin Reddy, Chairman and Chief Executive Officer of Noodles & Company, remarked "Our excellent 45% earnings growth in the third quarter despite a tepid consumer environment is continued evidence of Noodles & Company's ability to sustain our long track record of strong, consistent growth. Moreover, our investments in building the brand have us well positioned to increase our guidance on comparable restaurant sales and new unit growth for the full year 2013, supporting one of the most attractive growth profiles in the industry."

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