Last C$1.69 CAD
Change Today +0.19 / 12.67%
Volume 744.4K
IRG On Other Exchanges
As of 3:59 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

imvescor restaurant group in (IRG) Snapshot

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05/7/14 - C$2.60
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imvescor restaurant group in (IRG) Details

Imvescor Restaurant Group Inc. operates franchised and corporate restaurants in Canada. The company’s franchise network operates in the family/mid-scale segment under the Pizza Delight brand in Atlantic Canada; family and casual dining, take-out, and delivery segments under the Mikes and Scores brands primarily in Quebec; and casual dining segment under the Baton Rouge brand in Quebec and Ontario. As of October 27, 2013, it operated 240 restaurants in Atlantic Canada, Quebec, Ontario, and Alberta. Imvescor Restaurant Group Inc. is headquartered in Moncton, Canada.

420 Employees
Last Reported Date: 01/24/14

imvescor restaurant group in (IRG) Top Compensated Officers

Chief Financial Officer
Total Annual Compensation: C$113.7K
Chief Compliance Officer of Pizza Delight and...
Total Annual Compensation: C$165.1K
Chief Information Officer
Total Annual Compensation: C$200.0K
Vice President of Operations -Scores
Total Annual Compensation: C$139.8K
Total Annual Compensation: C$253.1K
Compensation as of Fiscal Year 2013.

imvescor restaurant group in (IRG) Key Developments

Imvescor Restaurant Group Inc. Reports Financial Results for the 13 and 39 Weeks Ended July 27, 2014; Reports Impairment of Long-Lived Assets

Imvescor Restaurant Group Inc. reported financial results for the 13 and 39 weeks ended July 27, 2014. The company's total revenues of $11.8 million for the third quarter of 2014 were lower than $12.30 million for the third quarter of 2013. Net earnings were $1.78 million compared to net loss of $29,000 reported a year ago. EBITDA was $3.23 million compared to $1.45 million reported a year ago. Adjusted EBITDA was $4.20 million compared to $4.12 million reported a year ago. Same store sales were 3.1% lower than those of the 13 weeks ended July 28, 2013. For the year-to-date, revenues of $36.3 million increased from $34.01 million for the same period of 2013. Net earnings were $6.71 million compared to $1.70 million reported a year ago. EBITDA was $11.67 million compared to $7.13 million reported a year ago. Adjusted EBITDA was $12.73 million compared to $11.85 million reported a year ago. Sales of manufactured goods increased by $1.3 million and $3.5 million, respectively, for the third quarter and year-to-date 2014 compared to the same periods of 2013 from the sale of Commensal branded products. The adjusted EBITDA represents an increase of $880,000 from the first 39 weeks of 2013. This increase is primarily attributable to an increase in the manufacturing and retail operations of $1.6 million, partially offset by the decrease in franchised restaurants of $805,000. Same store sales were 2.8% lower than those of the 39 weeks ended July 28, 2013. Same store sales on a year-to-date basis have been impacted by adverse weather conditions experienced in the first quarter of 2014 by Atlantic Canada, Quebec and some parts of Ontario, which resulted in major declines in traffic count to the restaurants. Scores' sales have also been impacted by competitive entry and aggressive promotional offers by competitors in a number of locations, while Bâton Rouge's same store sales have been negatively impacted by competitive entry in several of its locations as well as a temporary closure due to a fire. For the quarter, the company reported impairment of long-lived assets of $0.50 million.

Imvescor Restaurant Group Inc. Announces Executive Changes

Imvescor Restaurant Group Inc. announced that it has concluded its previously announced review of strategic alternatives and appointed Mr. Frank Hennessey as President and Chief Executive Officer and as a director, effective Sept. 8, 2014. Mr. Hennessey is a restaurant professional with over 27 years of experience in both franchise and corporate environments in both Canada and the United States. Until its recent sale, he was the President & Chief Executive Officer of Bento Sushi. Prior to his tenure as President & Chief Executive Officer of Bento Sushi, Mr. Hennessey spent 11 years at Cara Operations Limited in different roles, including President of Harvey's Restaurants and Senior Vice-President of Guest Experience, and also worked for 11 years at Darden Restaurants. Mr. Yves Devin, who had been appointed as Chief Operating Officer in connection with the review process, will resign from his position in the near future following a short transition period.

Imvescor Restaurant Group Concludes Review of Strategic Alternatives

The Special Committee of Board of Directors of Imvescor Restaurant Group Inc. (TSX: IRG) concluded its previously announced review of strategic alternatives and reached at conclusion that none of them was suitable. The Board will review the capital allocation policy with the input of the new President and Chief Executive Officer, Frank Hennessey. The review will include the considering different alternatives to maximize and create value for shareholders, including the possible establishment of a dividend.


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