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Noodles & Company Announces Fourth Quarter And Fiscal Year 2013 Financial Results

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.

(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."

"We're pleased to have maintained our operating momentum in the fourth quarter with our 18 th straight quarter of comparable restaurant sales growth and a 66% increase in our adjusted net income for the quarter," said Kevin Reddy, Chairman and Chief Executive Officer of Noodles & Company. "Our ongoing success is a testament to the hard work of our entire team to deliver our globally inspired menu with an elevated level of service at an exceptional value, which we believe has distinguished Noodles as a 'Category of One' in the restaurant industry."

Reddy continued, "Looking ahead to 2014, we have faced an unusual amount of severe winter weather during the first quarter to date. Nearly 80% of our restaurants are located in areas severely impacted by atypical weather, including the Mid-Atlantic, Upper Midwest and Rocky Mountain West. In fact, over 30% of our operating days thus far have seen either measurable precipitation or temperatures at least twenty degrees below normal. As a result, in the first quarter we anticipate a roughly 300 to 350 bps negative impact to revenue and $0.03 impact to diluted earnings per share. Still, we remain confident that we can deliver on our 25% annual adjusted diluted earnings per share growth goal for 2014. We have tested and begun implementing a number of initiatives over the past year, centered on our dinner daypart strength, the introduction of catering and improving throughput and operational efficiency, which we believe will continue to move our brand forward. Additionally, our development pipeline is in great shape with plans to open 42 to 50 new company-owned restaurants this year while our franchisees expect to open 10 to 15 new restaurants, representing approximately 16% new unit growth system-wide. With a long runway of expansion potential, and a consistent track record of sales and earnings growth, we are excited about 2014 and beyond."

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