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BROOMFIELD, Colo., April 29, 2014 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq:NDLS) today announced financial results for its first quarter ended April 1, 2014.
Key highlights for the first quarter of 2014 compared to the first quarter of 2013 include:
GAAP net income increased 56% to $1.4 million, from $0.9 million.
Adjusted net income (1) remained consistent at $1.4 million or $0.05 per diluted share.
Adjusted EBITDA (1) increased 2.8% to $8.4 million, from $8.2 million.
Total revenue increased 10.1% to $89.5 million from $81.3 million.
Comparable restaurant sales decreased 1.4% for company-owned restaurants, 3.3% for franchise restaurants and 1.6% system-wide.
Restaurant contribution margin decreased 130 basis points to 17.3%.
14 new restaurants opened system-wide, including 13 company-owned and one franchise restaurant.
(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."
Kevin Reddy, Chairman and Chief Executive Officer of Noodles & Company, remarked:
"The first quarter was one of the most challenging ones in recent memory due to unprecedented weather throughout the country, but particularly in the markets where we have our highest geographic concentration. Despite the difficult start to the year, Noodles & Company maintains one of the most attractive growth profiles in the restaurant space. We recently launched our Spring Limited Time Offering and will be rolling out a catering program to most of the country by the middle of the third quarter. We feel these initiatives, supported by intense focus on our throughput and service initiatives, will garner momentum through the balance of 2014."
Reddy added, "With the addition of 14 new restaurants in the first quarter, our development pipeline remains on track 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 this year. With a long runway of expansion potential, and a consistent track record of revenue and earnings growth, we remain excited to deliver our globally inspired menu with an elevated level of service and at an exceptional value, which we believe has distinguished Noodles & Company as a 'Category of One' in the restaurant industry."