Last $14.40 USD
Change Today +0.22 / 1.55%
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As of 8:10 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

ignite restaurant group inc (IRG) Key Developments

Ignite Restaurant Group, Inc. Announces Executive Changes

The Board of Directors of Ignite Restaurant Group, Inc. appointed Tamara Polewik to the Board of Directors as a Class III director on March 27, 2014. Ms. Polewik was also appointed as a member of the company’s Corporate Governance and Nominating Committee. Tamara Polewik is a Managing Director of J.H. Whitney, where she has worked since 2010. On March 27, 2014, Brian Cherry notified the company that he would resign from its Board of Directors effective at the end of business on March 27, 2014.

Ignite Restaurant Group Appoints Robert S. Merritt as Independent Member of Board of Directors

Ignite Restaurant Group announced that Robert S. Merritt has been appointed as an independent member of its Board of Directors, effective March 4, 2014. Mr. Merritt will replace Zane Leshner, who resigned from the Board of Directors effective February 27, 2014. Mr. Merritt's career in the restaurant industry has spanned over three decades. He was an original member of the senior management team of Outback Steakhouse Inc. Mr. Merritt currently serves on the board of directors for Cosi, Inc. and for Ruth's Hospitality Group, Inc.

Ignite Restaurant Group, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended December 30, 2013; Announces Impairment Losses for the Fourth Quarter of 2013; Provides Earnings Guidance for 2014

Ignite Restaurant Group, Inc. reported consolidated earnings results for the fourth quarter and fiscal year ended December 30, 2013. For the quarter, the company reported revenues of $186,850,000 against $112,603,000 a year ago. Adjusting 2012 revenues to a comparable 13-week quarterly reporting period, total revenues in the fourth quarter of 2012 increased approximately $97.9 million, or 110.2%. The increase in revenue was primarily due to $88.3 million associated with Macaroni Grill and a 1.9% increase in comparable restaurant sales at Joe's and a 6.6% increase at Brick House. The increase was driven by the acquisition of the Macaroni Grill restaurants, new restaurant development and a 2.5% increase in comparable restaurant sales associated with the company's legacy concepts when comparing the thirteen weeks ending December 30, 2013 to the comparable thirteen week period in the prior year. Loss from operations was $11,779,000 against $6,005,000 a year ago. Loss before income taxes was $12,993,000 against $10,393,000 a year ago. Net loss was $4,371,000 or $0.17 per basic and diluted share against $7,582,000 or $0.30 per basic and diluted share a year ago. Adjusted net loss was $4,064,000 against $3,898,000 a year ago. Adjusted net loss per basic and diluted share was $0.16 against $0.15 a year ago. For the full year, the company reported revenues of $760,848,000 against $465,056,000 a year ago. Loss from operations was $14,893,000 against income from operations of $20,630,000 a year ago. Loss before income taxes was $18,978,000 against income before income taxes of $10,465,000 a year ago. Net loss was $6,585,000 or $0.26 per basic and diluted share against net income of $8,714,000 or $0.37 per basic and diluted share a year ago. Adjusted net loss was $1,317,000 against adjusted net income of $14,675,000 a year ago. Adjusted net loss per basic and diluted share was $0.05 for 2013. Adjusted pro forma net income per basic and diluted share was $0.57 for 2012. Beginning with the first quarter of fiscal 2013, the company adjusted its quarterly reporting calendar to four 13-week 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. As a result, financial results for the 13-week quarter ended December 30, 2013 may not be directly comparable to those of the corresponding 16-week quarter ended December 31, 2012. The company announced that net loss for the fourth quarter of 2013 included approximately $1.1 million related to asset impairments and losses on disposal of assets, partially offset by a $0.6 million gain on an insurance settlement. The company reported asset impairments and closures of $18,000 for the sixteen weeks ended December 31, 2012. Full year revenues are projected to be in the $860 million to $890 million range. This includes about an $85 million to $95 million increase from first quarter Mac Grill sales as company did not own Mac Grill in the first quarter of 2013. Effective income tax rate should actually be about a 30% benefit for 2014, due primarily to the impact of the FICA tip credit.

Ignite Restaurant Group Announces Executive Appointments

Ignite Restaurant Group announced new leadership for two of its popular brands. John Gilbert has been named President of Romano's Macaroni Grill. A former member of the Ignite Restaurant Group Board of Directors, Gilbert was most recently Chief Executive Officer of Minnetonka. Gilbert previously served in marketing roles with Dunkin Brands Group, Inc., Yum! Brands Inc. and Carlson Restaurants Worldwide/TGI Friday's, Inc. He served on the Ignite Board of Directors from January 2008 through June 2013. David Catalano has been named President of Brick House Tavern + Tap. Catalano served as President of Macaroni Grill during the transition period following the brand's acquisition by Ignite Restaurant Group last year. He has 25 years of experience in the casual dining and hospitality industry, serving as Chief Operating Officer for Rave Cinemas.

Ignite Restaurant Group, Inc. Presents at Raymond James 35th Annual Institutional Investors Conference, Mar-05-2014 11:35 AM

Ignite Restaurant Group, Inc. Presents at Raymond James 35th Annual Institutional Investors Conference, Mar-05-2014 11:35 AM. Venue: JW Marriott Grande Lakes, 4040 Central Florida Parkway, Orlando, Florida, United States. Speakers: Michael J. Dixon, President and Chief Financial Officer, Raymond A. Blanchette, III, Chief Executive Officer and Director.

 

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