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.
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