BROOMFIELD, Colo., Feb. 26, 2014 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq:NDLS) today announced financial results for the fourth quarter and fiscal year ended December 31, 2013.
Key highlights for the fourth quarter of 2013 compared to the fourth quarter of 2012 include:
- Adjusted net income (1) increased 65.9% to $3.5 million, or $0.11 per diluted share, from $2.1 million.
- GAAP net income increased to $2.4 million, from $1.6 million.
- Adjusted EBITDA (1) increased 31.8% to $12.0 million, from $9.1 million.
- Total revenue increased 17.4% to $91.5 million from $77.9 million.
- Comparable restaurant sales increased 4.3% for company-owned restaurants, 1.5% for franchise restaurants and 3.9% system-wide.
- Restaurant contribution margin decreased 30 basis points to 21.0%.
- 12 new restaurants opened system-wide, including eight company-owned and four franchise restaurants.
Key highlights for the fiscal year of 2013 compared to the fiscal year of 2012 include:
- Adjusted net income (1) increased 30.9% to $12.1 million, or $0.40 per diluted share, from $9.3 million, or $0.32 per diluted share.
- GAAP net income increased to $6.7 million, or $0.24 per diluted share, from $5.2 million.
- Adjusted EBITDA (1) increased 30.1% to $47.2 million, from $36.3 million.
- Total revenue increased 16.8% to $350.9 million from $300.4 million.
- Comparable restaurant sales increased 3.4% for company-owned restaurants, 0.6% for franchise restaurants and 3.0% system-wide.
- Restaurant contribution margin decreased 50 basis points to 20.7%.
- 53 net new restaurants opened system-wide, including 42 company-owned and 11 franchise restaurants, resulting in 16.2% system-wide unit growth.
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