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Ignite Restaurant Group Reports Fourth Quarter 2013 Financial Results

Stocks in this article: IRG

“Our Joe’s Crab Shack and Brick House Tavern + Tap brands continue to perform well in a challenging environment, reflecting our focus on delivering unique, innovative menu items to our guests in an exciting, comfortable atmosphere,” commented Ray Blanchette, Chief Executive Officer of Ignite Restaurant Group. “As a result, we’ve delivered 6 straight years of annual comparable sales growth at Joe’s and 8 straight quarters of comparable sales growth at Brick House.”

“As we finish our first fiscal year with Macaroni Grill in the Ignite Restaurant portfolio, we believe we have positioned this brand for revenue and margin growth. Under David Catalano’s leadership, we strengthened our restaurant leadership, improved our unit level margin management and prepared the concept for the next level of growth. With the recently announced addition of John Gilbert to the Macaroni Grill team and David’s transition to lead Brick House, we are excited about the on-going development and refinement of the Macaroni Grill brand and the continued evolution of Brick House.”

Review of Fourth Quarter 2013 Operating Results

Total revenues were $186.9 million in the 13-week fourth quarter of 2013. Total revenues in the 16-week fourth quarter of 2012 were $112.6 million. Adjusting 2012 revenues to a comparable 13-week quarterly reporting period, total revenues in the fourth quarter of 2012 increased approximately $97.9 million, or 110.2%. The increase was driven by the acquisition of the Macaroni Grill restaurants, new restaurant development and a 2.5% increase in comparable restaurant sales associated with the Company’s legacy concepts when comparing the thirteen weeks ending December 30, 2013 to the comparable thirteen week period in the prior year.

  • Revenues at Joe’s Crab Shack were $83.6 million during the fourth quarter of 2013 versus $77.4 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Joe’s Crab Shack increased 1.9%.
  • Revenues at Brick House Tavern + Tap were $15.0 million in the fourth quarter of 2013 compared to $11.5 million in the comparable 13 weeks of the prior year. Comparable restaurant sales at Brick House Tavern + Tap increased 6.6%.
  • Revenues at Macaroni Grill were $88.3 million. Comparable restaurant sales at Macaroni Grill decreased 9.0%.

Net loss for the 13-week fourth quarter of 2013 was $4.4 million, or $0.17 per diluted share. The Company’s net loss for the fourth quarter of 2013 included approximately $1.1 million related to asset impairments and losses on disposal of assets, partially offset by a $0.6 million gain on an insurance settlement. Excluding the impact of these items, adjusted net loss and adjusted net loss per diluted share (which are non-GAAP financial measures) were $4.1 million and $0.16, respectively, in the 13-week fourth quarter of 2013. Net loss for the 16-week fourth quarter of 2012 was $7.6 million, or $0.30 per diluted share. The Company incurred approximately $6.1 million of charges in the fourth quarter of 2012 related primarily to its debt refinancing, restatement related costs, a restaurant closure and losses associated with damage caused by Hurricane Sandy. Excluding the impact of these items, adjusted net loss and adjusted net loss per diluted share in the 16-week fourth quarter of 2012 was $3.9 million and $0.15, respectively. A reconciliation between GAAP net income (loss) and adjusted net income (loss) is included in the accompanying financial data.

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