Ignite Restaurant Group Announces Preliminary Fourth Quarter 2013 Revenues

2014-01-13
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  • The Company successfully opened four Brick House restaurants in the fourth quarter; one new location, one converted from a Joe’s Crab Shack and two converted from Macaroni Grills. For the year, the Company opened 14 restaurants; nine Joe’s Crab Shacks and five Brick Houses.

    Ignite Restaurant Group (NASDAQ:IRG) today announced preliminary, unaudited revenue results for the fourth quarter and full year ended December 30, 2013.

    Preliminary unaudited revenues and comparable sales by brand for the fourth quarter and full year ended December 30, 2013 were as follows (in millions, except percent data):

             

    Revenues – 13 weeks ended

               

    December 30, 2013

         

    December 31, 2012(2)

    Increase

    Comparable Sales

    Joe’s Crab Shack 83.6 77.4 8.0% 1.9%
    Romano’s Macaroni Grill(1) 88.1 N/A N/A (9.0%)
    Brick House Tavern + Tap 15.0 11.5 30.4% 6.6%
    Ignite Restaurant Group 186.7 88.9

    110.0%

    (3.9%)
     
             

    Revenues – 52 weeks ended

               

    December 30, 2013

         

    December 31, 2012

    Increase

    Comparable Sales

    Joe’s Crab Shack 447.8 418.9 6.9% 1.0%
    Romano’s Macaroni Grill(1) 261.5 N/A N/A (6.5%)
    Brick House Tavern + Tap 51.4 46.2 11.3% 5.3%
    Ignite Restaurant Group 760.7 465.1 63.6% (1.8%)
     

    “We’re pleased with our continued top-line momentum at Joe’s Crab Shack, as the brand has delivered positive comparable sales in 21 of the last 22 quarters. This is all the more impressive given the significant winter weather that negatively impacted sales in a large portion of the country in early December, in addition to the shift of New Year’s Eve out of the quarter. Brick House Tavern + Tap also continued to drive consistent sales growth with its eighth consecutive quarter of comparable sales gains. Both of these brands have performed well in a challenging casual dining environment,” said Ray Blanchette, CEO of Ignite Restaurant Group. “Macaroni Grill’s comparable sales for the quarter were impacted by our decision to not chase unprofitable sales through discounts and promotions as had been done in the fourth quarter of 2012, prior to our acquisition. We believe we are making solid progress with our menu innovation, margin management and brand positioning at Macaroni Grill and remain optimistic about its potential.”

    The Company successfully opened four Brick House restaurants in the fourth quarter; one new location, one converted from a Joe’s Crab Shack and two converted from Macaroni Grills. For the year, the Company opened 14 restaurants; nine Joe’s Crab Shacks and five Brick Houses.

    The Company will present at the 16th Annual ICR XChange Investor Conference on Tuesday, January 14, 2014 at the Grande Lakes Orlando Resort in Florida. The presentation will begin at 2:00 p.m. Eastern Time and will be webcast live and archived on the Ignite website. To access the presentation, please visit www.igniterestaurants.com under the “Investors” section or directly through ICR XChange website at www.icrxchange.com.

    About Ignite Restaurant Group

    Ignite Restaurant Group, Inc. owns and operates three unique casual dining concepts; Joe's Crab Shack, Romano's Macaroni Grill and Brick House Tavern + Tap. Ignite also franchises Romano's Macaroni Grill in the United States and throughout the U.S. territories and foreign countries. Each brand offers a variety of high-quality, chef-inspired food and beverages in a distinctive, casual, high-energy atmosphere.



    Logos, product and company names mentioned are the property of their respective owners.

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