Noodles & Company Announces Second Quarter 2014 Financial Results

BROOMFIELD, Colo., Aug. 13, 2014 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq:NDLS) today announced financial results for its second quarter ended July 1, 2014.

Key highlights for the second quarter versus the same period a year ago include:
  • Total revenue increased 11.5% to $99.5 million from $89.2 million.
  • Comparable restaurant sales decreased 0.6% for company-owned restaurants, 1.2% for franchise restaurants and 0.7% system-wide.
  • Comparable restaurant sales, when adjusted for the Easter holiday shift, increased 0.3% for company-owned restaurants and 0.2% system-wide.
  • Quarter-to-date Q3 2014 (through August 12th) company-owned comparable restaurant sales increased 1.3%.
  • 16 new restaurants opened system-wide in Q2, including 12 company-owned and four franchise restaurants, bringing the year-to-date openings to 30 new restaurants system-wide, including 25 company-owned and five franchise restaurants.
  • GAAP net income increased to $3.5 million from $0.1 million.
  • Adjusted net income (1) decreased 7.5% to $3.7 million, from $4.0 million, and adjusted earnings per diluted share decreased slightly to $0.12 from $0.13.
  • Adjusted EBITDA (1) was unchanged at $12.6 million.

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(1) Adjusted net income and adjusted EBITDA are non-GAAP measures. A reconciliation of 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 "While our second quarter results fell short of our expectations, we made significant progress with regard to long-term investments in key initiatives, including catering and local relationship marketing. Our team's efforts and initiatives are resonating with guests, resulting in a solid finish to the second quarter and a positive start to the third quarter, as our comparable restaurants sales have increased to 1.3% quarter to date. We believe these ongoing initiatives, combined with the core strength of our brand have us well positioned to build on this momentum through the balance of 2014 and into 2015."

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