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CORRECTING And REPLACING -- Noodles & Company Announces Preliminary Results For Fourth Quarter 2013

Stocks in this article: NDLS

BROOMFIELD, Colo., Jan. 13, 2014 (GLOBE NEWSWIRE) -- In a release dated January 13, 2014, the expected increase in comparable restaurant sales information was not correctly presented for the fourth quarter of 2013. Comparable restaurant sales are expected to increase 4.3% for company-owned restaurants, 1.5% for franchised restaurants and 3.9% system-wide for the fourth quarter of 2013 compared to the fourth quarter of 2012.

The corrected release reads:

Noodles & Company Announces Preliminary Results for Fourth Quarter 2013

BROOMFIELD, Colo., January 13, 2014 (Globe Newswire) - In advance of management's attendance at the 16th annual ICR XChange Conference and the Jefferies 3rd Annual Winter Consumer Summit, Noodles & Company (Nasdaq:NDLS) today announced preliminary unaudited financial results for the fourth quarter ended December 31, 2013.

Highlights of expected results for the fourth quarter of 2013 compared to the fourth quarter of 2012 include:

  • Total revenue expected to increase 17.4% to $91.5 million from $77.9 million
  • Comparable restaurant sales expected to increase 4.3% for company-owned restaurants, 1.5% for franchised restaurants and 3.9% system-wide
  • 12 new restaurants opened system-wide, including eight company-owned and four franchise restaurants

Preliminary fourth quarter 2013 results

Total revenue is expected to increase $13.5 million to $91.5 million in the fourth quarter, up 17.4% over the fourth quarter of 2012 on an expected system-wide comparable restaurant sales increase of 3.9%. Comparable restaurant sales represent year-over-year sales comparisons for restaurants open for at least 18 full periods. The expected results presented in this press release are based on preliminary financial data and are subject to change until the year-end financial reporting process is complete.

The system opened 12 restaurants in the quarter, including eight company and four franchise locations. As of December 31 st, 2013, Noodles & Company operated 318 company-owned locations and 62 franchise locations.

Chairman and CEO Kevin Reddy remarked, "I am very pleased with our team's continued efforts in building a Category of One in the restaurant space. Our strong top line growth in the fourth quarter, despite significant weather headwinds in many of our markets, is evidence of the strength and resiliency of our concept. I am also proud of our company and franchise development teams opening a record number of restaurants in 2013 as we continue in the early stages of our path to 2,500 restaurants nationwide."

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