Noodles & Company (NASDAQ: NDLS) reported Q3 EPS of ($0.01), $0.01 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $106 million versus the consensus estimate of $108.39 million.

“Noodles & Company’s off-premise capabilities and digital strength uniquely position the brand to meet the needs of today’s fast casual environment and take advantage of long-term consumer trends,” said Dave Boennighausen, Chief Executive Officer. “While we continue to navigate the current COVID-19 pandemic, our consistent sales recovery and return to positive comparable sales during the last month of the third quarter is evidence of our ability to serve great tasting healthy food conveniently when and where guests want it. Our operational strength has been a significant contributor to our sales recovery and I am proud and thankful for our incredible team members for their commitment to fulfill our mission to always nourish and inspire every team member, guest and community we serve.”

Boennighausen concluded, "Although there remains uncertainty around the duration and severity of COVID-19, we feel that Noodles & Company’s digital strengths, off-premise friendly menu, powerful economic model, and the strength of recent new restaurant openings give us confidence in our opportunity to thrive and accelerate growth in the years to come."

Liquidity Update and Outlook:

During the fiscal third quarter, the Company paid down a substantial portion of its outstanding revolving credit facility. As of September 29, 2020, the Company held $8.6 million of cash on hand and had borrowings of $44.0 million. The Company currently has $52.3 million available for borrowing under its revolving credit facility as of September 29, 2020. The Company’s strengthening financial position reflects our continued discipline around capital investments and non-essential costs.

For earnings history and earnings-related data on Noodles & Company (NDLS) click here.