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.
Ignite Restaurant Group (NASDAQ: IRG) 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 18th consecutive quarter of comparable restaurant sales growth.
Ray Blanchette, President and CEO of Ignite Restaurant Group, stated, “We delivered our 18th 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.
The Company successfully opened one Joe’s Crab Shack during the fourth quarter and 11 for the full fiscal year. In 2013, the Company plans to open as many as 16 new restaurants.
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 $4.2 million to $4.5 million range.
The company will present at the 15th Annual ICR XChange Investor Conference on Wednesday, January 16, 2013 at The Fontainebleau Miami Beach Hotel in Florida. The presentation will begin at 8:25 a.m. Eastern Time and will be webcast live and archived on the Ignite website.
Ignite Restaurant Group, Inc. owns and operates 129 Joe's Crab Shacks and 15 Brick House Tavern + Taps. Each brand offers a variety of high-quality, chef-inspired food and beverages in a distinctive, casual, high-energy atmosphere. Joe's Crab Shack and Brick House Tavern + Tap operate in a diverse set of markets across the United States.
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