Breaking

Russian International Reserves Fall $15.7 Billion in Week to Dec. 19
Tweet TWEET

Ignite Restaurant Group Announces Preliminary Fourth Quarter 2013 Revenues

  Ignite Restaurant Group Announces Preliminary Fourth Quarter 2013 Revenues

  -Ignite to Present at the 16^th Annual ICR XChange Investor Conference on
                              January 14, 2014-

ICR XChange 2014

Business Wire

HOUSTON -- January 13, 2014

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       December                      Comparable
                       30, 2013    31,            Increase       Sales
                                      2012^(2)
Joe’s Crab             83.6           77.4           8.0%           1.9%
Shack
Romano’s
Macaroni               88.1           N/A            N/A            (9.0%)
Grill^(1)
Brick House            15.0           11.5           30.4%          6.6%
Tavern + Tap
Ignite
Restaurant             186.7          88.9           110.0%         (3.9%)
Group
                                                                    

                  Revenues – 52 weeks                   
                       ended
                       December    December       Increase       Comparable
                       30, 2013       31, 2012                      Sales
Joe’s Crab             447.8          418.9          6.9%           1.0%
Shack
Romano’s
Macaroni               261.5          N/A            N/A            (6.5%)
Grill^(1)
Brick House            51.4           46.2           11.3%          5.3%
Tavern + Tap
Ignite
Restaurant             760.7          465.1          63.6%          (1.8%)
Group
                                                                    

  (1)   Ignite Restaurant Group acquired Romano’s Macaroni Grill on April
            9, 2013.
            Beginning with the first quarter of fiscal 2013, the Company
            adjusted its quarterly reporting calendar to four 13-week
    (2)     operating periods. Previously, the first three quarters of the
            Company’s fiscal year consisted of 12 weeks each and the fourth
            quarter consisted of 16 weeks. Revenues for the fourth quarter of
            2012 have been recast to reflect a comparable 13-week period.

“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 16^th 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 GrillandBrick House Tavern +
Tap. Ignite also franchisesRomano's Macaroni Grillinthe United Statesand
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.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of
the federal securities laws. Forward-looking statements are subject to known
and unknown risks and uncertainties, many of which may be beyond the Company’s
control. The Company cautions you that the forward-looking information
presented in this press release is not a guarantee of future events, and that
actual events and results may differ materially from those made in or
suggested by the forward-looking information contained in this press release.
In addition, forward-looking statements generally can be identified by the use
of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable
with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or
“continue” or the negative thereof or variations thereon or similar
terminology. Examples of forward-looking statements and beliefs in this press
release include those related to our planned new restaurant openings and
conversions, our vision for the Romano’s Macaroni Grill Concept, and our
efforts to demonstrate progress in improving our results of operations during
the remainder of the year.

A number of important factors could cause actual events and results to differ
materially from those contained in or implied by the forward-looking
statements included in this press release, including the risk factors
discussed in the Company’s Form 10-K for the year ended December 31, 2012 as
supplemented by the risk factors included in the Company’s Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2013 (which can both be
found at the SEC’s website www.sec.gov) and each such risk factor is
specifically incorporated into this press release. Any forward-looking
information presented herein is made only as of the date of this press
release, and the Company does not undertake any obligation to update or revise
any forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise. Further, we have not yet
completed closing procedures for the fourth quarter of 2013 and the full year
2013, and our independent registered public accounting firm has not yet
reviewed or audited the results. Accordingly, these preliminary results are
subject to change pending finalization, and actual results could differ
materially as we finalize such results.

Contact:

ICR
Investor Relations:
Fitzhugh Taylor, 203-682-8261
fitzhugh.taylor@icrinc.com
 
Press spacebar to pause and continue. Press esc to stop.