Noodles & Company Announces Third Quarter 2016 Financial Results

BROOMFIELD, Colo., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Noodles & Company (NASDAQ:NDLS) today announced financial results for its third quarter ended September 27, 2016.

Key highlights for the third quarter of 2016 versus the same quarter a year ago include:
  • Total revenue increased 4.6% to $122.7 million from $117.3 million.
  • Net loss was $9.8 million in each of the third quarters of 2016 and 2015, or $0.35 loss per diluted share. During the third quarter of 2016, the Company recorded $7.2 million of pre-tax charges related to a litigation settlement, severance costs, and expenses related to a reduction in new unit development. During the third quarter of 2015, the Company recorded a $16.2 million pre-tax impairment charge related to 25 restaurants.
  • Adjusted net loss (1)  was $1.1 million, or $0.04 loss per diluted share, compared to adjusted net income of $0.1 million, or $0.00 per diluted share.
  • Adjusted EBITDA (1) decreased to $6.2 million from $8.7 million.
  • Comparable restaurant sales decreased 0.7% system-wide, decreased 0.9% for company-owned restaurants, and increased 0.6% for franchise restaurants.
  • Fourteen new restaurants opened system-wide in the third quarter, including twelve company-owned restaurants and two franchise restaurants.

______________________(1) Adjusted net income (loss) and adjusted EBITDA are non-GAAP measures. A reconciliation of GAAP net income (loss) to each of these measures is included in the accompanying financial data. See "Non-GAAP Financial Measures."

Dave Boennighausen, Chief Financial Officer and interim Chief Executive Officer of Noodles & Company, stated, "Despite the results of the third quarter, I am convinced that we are making important progress, implementing strategies to increase operational consistency, enhance our menu, and improve our profitability. While the opportunity for substantial improvement in our financial performance will take time, we are seeing steady progress in our top-line results and are positioning the Company to improve long-term shareholder value."

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