Ignite Restaurant (IRG) Q4 Revs Light
Tweet
Share
E-mailGet Alerts IRG Hot Sheet
Join SI Premium – FREE
Ignite Restaurant Group (NASDAQ: IRG) today 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.
(***Street estimates call for revenue of $114.51 million.)
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.
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.
(***Street estimates call for revenue of $114.51 million.)
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Equifax (EFX) shares tumble on weak Q1 revenue, guidance miss
- Elevance Health Inc. (ELV) Tops Q1 EPS by 16c, tops guidance
- Las Vegas Sands (LVS) stock slips despite earnings, revenue beat in Q1
Create E-mail Alert Related Categories
GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
