Ignite Restaurant Group Reports Fourth Quarter 2013 Financial Results

Ignite Restaurant Group (NASDAQ:IRG) today reported financial results for the fourth quarter and fiscal year ended December 30, 2013.

Highlights for the fourth quarter of 2013 were as follows:
  • Total revenues were $186.9 million, including $88.3 million associated with Macaroni Grill, which was acquired on April 9, 2013;
  • On a comparable 13-week basis, system-wide comparable restaurant sales increased 1.9% at Joe’s Crab Shack and increased 6.6% at Brick House Tavern + Tap. Comparable sales decreased 9.0% at Macaroni Grill;
  • Net loss and net loss per diluted share were $4.4 million and $0.17, respectively;
  • Adjusted net loss and adjusted net loss per diluted share (which are non-GAAP financial measures) were $4.1 million and $0.16 respectively; and
  • Four new Brick House Tavern + Taps restaurants opened during the fourth quarter of 2013, including three conversions of existing units

Highlights for the fiscal year of 2013 were as follows:
  • Total revenues were $760.8 million, including $261.7 million associated with Macaroni Grill;
  • On a comparable 52-week basis, system-wide comparable restaurant sales increased 1.0% at Joe’s Crab Shack and increased 5.3% at Brick House Tavern + Tap. Comparable sales decreased 6.5% at Macaroni Grill from the April 9, 2013 acquisition date;
  • Net loss and net loss per diluted share were $6.6 million and $0.26, respectively;
  • Adjusted net loss and adjusted net loss per diluted share (which are non-GAAP financial measures) were $1.3 million and $0.05 respectively; and
  • A total of 14 new restaurants opened during 2013 and nine locations closed, three of which were converted to Brick Houses.

Beginning with the first quarter of fiscal 2013, the Company adjusted its quarterly reporting calendar to four 13-week operating periods. Previously, the first three quarters of the Company’s fiscal year consisted of 12 weeks each and the fourth quarter consisted of 16 weeks. As a result, financial results for the 13-week quarter ended December 30, 2013 may not be directly comparable to those of the corresponding 16-week quarter ended December 31, 2012. We are able to recast revenues for the fourth quarter of 2012 on a 13-week basis. Each of the full fiscal year periods of 2013 and 2012 consist of 52 weeks.

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