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September 01, 2015 7:05 AM ET

Hotels, Restaurants and Leisure

Company Overview of Ignite Restaurant Group, Inc.

Company Overview

Ignite Restaurant Group, Inc., a diversified restaurant company, operates a portfolio of restaurants in the United States. The company operates three restaurants under the Joe's Crab Shack, Brick House Tavern + Tap, and Romano's Macaroni Grill brands. Its restaurant offers a range of food and beverages. As of December 29, 2014, the company owned and operated 139 Joe's Crab Shacks, 21 Brick House Tavern + Taps, and 153 Romano's Macaroni Grills in 36 states. It also franchises 26 Macaroni Grills in 4 states and 10 international markets. The company was formerly known as Joe's Crab Shack Holdings, Inc. and changed its name to Ignite Restaurant Group, Inc. in July 2009. Ignite Restaurant Group, ...

9900 Westpark Drive

Suite 300

Houston, TX 77063

United States

Founded in 1991

18,600 Employees

Phone:

713-366-7500

Key Executives for Ignite Restaurant Group, Inc.

Chief Executive Officer, President and Director
Age: 48
Total Annual Compensation: $661.9K
Chief Operating Officer and Senior Vice President
Age: 58
Total Annual Compensation: $300.0K
Compensation as of Fiscal Year 2014.

Ignite Restaurant Group, Inc. Key Developments

Ignite Restaurant Group, Inc. Plans to Open New Restaurants

In 2016, Ignite Restaurant Group intend to get back to opening six to ten new restaurants a year, with the majority of those being new Brick Houses.

Ignite Restaurant Group, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 29, 2015; Provides Earnings Guidance for the Year 2015

Ignite Restaurant Group, Inc. reported consolidated earnings results for the second quarter and six months ended June 29, 2015. The company reported revenue of $143,170,000, income from operations of $6,289,000, income from continuing operations before income taxes of $2,440,000, net income of $86,000 or $0.0 per basic and diluted share against revenue of $47,116,000, income from operations of $4,300,000, income from continuing operations before income taxes of $2,536,000, net income of $1,767,000 or $0.07 per basic and diluted share a year ago. Adjusted income from continuing operations was $2,346,000 against $2,388,000 a year ago. Adjusted income from continuing operations per share was $0.09 against $0.09 a year ago. The sales at Joe's decreased $3.1 million to $122.4 million versus $125.5 million in the comparable period of the prior year. This reduction was driven primarily by the decrease in comparable restaurant sales, partially offset by an increase in operating weeks from the prior year. The decrease in comparable restaurant sales is comprised of a 5.4% decrease in traffic, a 1.1% decrease in mix, partially offset by a 2.5% increase in pricing. For the six months, the company reported revenue of $265,389,000, income from operations of $7,489,000, loss from continuing operations before income taxes of $236,000, net loss of $22,149,000 or $0.86 per basic and diluted share against revenue of $266,378,000, income from operations of $5,187,000, income from continuing operations before income taxes of $1,545,000, net income of $1,502,000 or $0.06 per basic and diluted share a year ago. Adjusted income from continuing operations was $1,306,000 against $2,533,000 a year ago. Adjusted income from continuing operations per share was $0.05 against $0.10 a year ago. For the year 2015, the company is expecting revenues for 2015 to range between $485 million and $505 million. That assumes full year comp sales of Brick House of approximately 3% to 4%, and between negative 3% and negative 6% at Joe's. The company still expect restaurant level profit to fall somewhere between 11.5% and 13.5% of sales. G&A is projected to be 6.0% of revenues. Depreciation expense should increase slightly from 4.85% to 5.0% as a result of the lower revenue projections. Interest expense for the full year is expected to be approximately $15.6 million. Effective tax rate for the full year is projected to be a benefit of somewhere between 55% and 65% if exclude the impact of the valuation allowance.

Ignite Restaurant Group, Inc. to Report Q2, 2015 Results on Aug 06, 2015

Ignite Restaurant Group, Inc. announced that they will report Q2, 2015 results at 8:00 PM, GMT Standard Time on Aug 06, 2015

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