Ignite Restaurant Group Announces Preliminary Fourth Quarter 2012 Revenues
Sixth graph of release should read: As a reminder, the Company continues
to expect the non-recurring fourth quarter impact from restatement costs
and debt amortization write-off associated with its debt refinancing to
Sixth graph of release should read: As a reminder, the Company continues to expect the non-recurring fourth quarter impact from restatement costs and debt amortization write-off associated with its debt refinancing to be in the $3.1 million to $3.3 million range (sted $4.2 million to $4.5 million range). The company recognized approximately $1.0 million debt write-off and restatement related costs in the third quarter of 2012. The corrected release reads: IGNITE RESTAURANT GROUP ANNOUNCES PRELIMINARY FOURTH QUARTER 2012 REVENUES -Ignite to Present at the 15 th Annual ICR XChange Investor Conference on January 16, 2013- Ignite Restaurant Group (NASDAQ: IRG) today announced preliminary, unaudited sales results for the fourth quarter and full year ended December 31, 2012. For the fourth quarter of 2012, the Company estimated total revenues to be $112.5 million, an increase of approximately 11% compared to revenues of $101.4 million in the fourth quarter of 2011. Fourth quarter 2012 revenues were negatively impacted by approximately $1.0 million, or 0.9%, as a result of lost operating days due to Hurricane Sandy. Comparable restaurant sales increased 0.8% during the fourth quarter, excluding a 0.1% impact from Hurricane Sandy, marking the Company’s 18 th consecutive quarter of comparable restaurant sales growth. Ray Blanchette, President and CEO of Ignite Restaurant Group, stated, “We delivered our 18 th straight quarter of comparable restaurant sales growth against a challenging external environment and a strong year-ago comparison. The initiatives that we put in place during the quarter, including increased media and the launch of our winter menu featuring new and innovative offerings were instrumental in driving sales. We continue to be pleased with the performance of our new unit openings and are confident in our ability to further expand our brands.” For the full year 2012, the Company estimated total revenues increased approximately 15% to $465.0 million compared to $405.2 million in 2011 and comparable restaurant sales increased 2.2%. Final financial results for the fourth quarter and full fiscal year 2012 are currently expected to be released in early March 2013 after the completion of the Company’s annual independent audit.