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Ignite Restaurant Group Reports First Quarter 2014 Financial Results

Ignite Restaurant Group (NASDAQ:IRG) today reported financial results for the first quarter ended March 31, 2014.

Highlights for the first quarter of 2014 were as follows:
  • Total revenues were $214.9 million, including $91.8 million associated with Macaroni Grill, which was acquired on April 9, 2013;
  • Comparable restaurant sales increased 10% at Brick House Tavern + Tap, decreased 6.0% at Joe’s Crab Shack and decreased 4.1% at Macaroni Grill;
  • Net loss and net loss per diluted share were $265,000 and $0.01, respectively;
  • Adjusted net income and adjusted net income per diluted share (which are non-GAAP financial measures) were $333,000 and $0.01, respectively.

“While severe winter weather played a significant role in our first quarter results, I am proud of the dedication of our teams to deliver great guest experiences during a challenging environment,” commented Ray Blanchette, Chief Executive Officer of Ignite Restaurant Group. “Of our three brands, Joe’s Crab Shack not only felt the greatest impact from weather, but was also most impacted by the Easter calendar shift. Still, we believe Joe’s long term fundamentals remain intact and the onset of warmer weather provides our guests the ability to enjoy our surfside décor, outdoor patios and new summer beach bakes.”

“Brick House significantly outperformed the casual dining industry with double-digit comp growth in the quarter and continues to emerge as a key growth vehicle for our Company,” added Blanchette, “Lastly, we continue to make progress at Macaroni Grill with sequential improvement in top line trends, menu innovation, food quality and service enhancements, all while driving meaningful improvements to the bottom line.”

Review of First Quarter 2014 Operating Results

Total revenues were $214.9 million in the first quarter of 2014, compared to $118.2 million in the first quarter of last year. The increase was driven by the acquisition of the Macaroni Grill restaurants and new restaurant development, partially offset by a 4.2% decrease in comparable restaurant sales associated with the Company’s legacy concepts. The severe winter weather throughout most of the country negatively impacted revenues at all of the Company’s brands, but primarily at Joe’s Crab Shack.
  • Revenues at Joe’s Crab Shack were $105.3 million during the first quarter of 2014 versus $106.6 million in the prior year. Comparable restaurant sales at Joe’s Crab Shack decreased 6.0%. The estimated negative impact as a result of the severe weather on Joe’s comparable sales was approximately 5% to 6%.
  • Revenues at Brick House Tavern + Tap were $17.8 million in the first quarter of 2014 compared to $11.6 million in the prior year. Comparable restaurant sales at Brick House Tavern + Tap increased 10.0%.
  • Revenues at Macaroni Grill were $91.8 million. Comparable restaurant sales at Macaroni Grill decreased 4.1%. The estimated negative impact as a result of the severe winter weather on Macaroni Grill’s comparable sales was approximately 2% to 3%.

Net loss for the first quarter of 2014 was $265,000, or $0.01 per diluted share. The Company’s net loss for the first quarter of 2014 included approximately $1.0 million of costs related to restaurant closures and losses on disposal of assets. Excluding the impact of these items, adjusted net income and adjusted net income per diluted share (which are non-GAAP financial measures) were $333,000 and $0.01, respectively, in the first quarter of 2014. Net income for the first quarter of 2013 was $2.2 million, or $0.09 per diluted share. The Company incurred approximately $1.0 million of charges in the first quarter of 2013 related to the acquisition of Romano's Macaroni Grill, partially offset by a gain on insurance settlements. Excluding the impact of these items, adjusted net income and adjusted net income per diluted share (which are non-GAAP financial measures) were $2.7 million and $0.11, respectively. Reconciliation between GAAP net income (loss) and adjusted net income is included in the accompanying financial data.

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