Attached files
file | filename |
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8-K - FORM 8-K - Ignite Restaurant Group, Inc. | irg20150501_8k.htm |
EX-99.1 - EXHIBIT 99.1 - Ignite Restaurant Group, Inc. | ex99-1.htm |
Exhibit 99.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
The unaudited condensed consolidated statements of operations and the calculation of adjusted income (loss) from continuing operations have been prepared to illustrate the impact of the reclassification of Macaroni Grill’s results of operations to discontinued operations for fiscal years 2014 and 2013.
Quarter Ended |
Full Year |
Full Year |
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March 31, 2014 |
June 30, 2014 |
September 29, 2014 |
December 29, 2014 |
2014 |
2013 |
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Revenues |
$ | 123,095 | $ | 143,283 | $ | 139,272 | $ | 97,858 | $ | 503,508 | $ | 499,151 | ||||||||||||
Costs and expenses |
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Restaurant operating costs and expenses |
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Cost of sales |
39,035 | 47,116 | 45,410 | 31,846 | 163,407 | 153,820 | ||||||||||||||||||
Labor expenses |
35,748 | 39,117 | 37,500 | 30,297 | 142,662 | 137,286 | ||||||||||||||||||
Occupancy expenses |
9,500 | 9,719 | 10,120 | 10,062 | 39,401 | 35,471 | ||||||||||||||||||
Other operating expenses |
21,000 | 26,910 | 27,022 | 19,154 | 94,086 | 90,727 | ||||||||||||||||||
General and administrative |
10,643 | 9,400 | 9,614 | 9,012 | 38,669 | 42,321 | ||||||||||||||||||
Depreciation and amortization |
5,822 | 5,871 | 5,962 | 6,246 | 23,901 | 21,415 | ||||||||||||||||||
Pre-opening costs |
204 | 558 | 1,210 | 827 | 2,799 | 4,824 | ||||||||||||||||||
Asset impairments and closures |
84 | 65 | 1,805 | 26 | 1,980 | 169 | ||||||||||||||||||
Loss on disposal of assets |
172 | 227 | 432 | 509 | 1,340 | 2,067 | ||||||||||||||||||
Total costs and expenses |
122,208 | 138,983 | 139,075 | 107,979 | 508,245 | 488,100 | ||||||||||||||||||
Income (loss) from operations |
887 | 4,300 | 197 | (10,121 | ) | (4,737 | ) | 11,051 | ||||||||||||||||
Interest expense, net |
(1,878 | ) | (1,764 | ) | (5,040 | ) | (3,839 | ) | (12,521 | ) | (5,245 | ) | ||||||||||||
Gain (loss) on insurance settlements |
- | - | 89 | - | 89 | 1,161 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes |
(991 | ) | 2,536 | (4,754 | ) | (13,960 | ) | (17,169 | ) | 6,967 | ||||||||||||||
Income tax expense (benefit) |
(1,136 | ) | 202 | (2,380 | ) | 19,527 | 16,213 | (868 | ) | |||||||||||||||
Income (loss) from continuing operations |
145 | 2,334 | (2,374 | ) | (33,487 | ) | (33,382 | ) | 7,835 | |||||||||||||||
Loss from discontinued operations, net of tax |
(410 | ) | (567 | ) | (4,156 | ) | (15,034 | ) | (20,167 | ) | (14,420 | ) | ||||||||||||
Net income (loss) |
$ | (265 | ) | $ | 1,767 | $ | (6,530 | ) | $ | (48,521 | ) | $ | (53,549 | ) | $ | (6,585 | ) | |||||||
Net income (loss) per share |
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Basic and diluted |
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Income (loss) from continuing operations |
$ | 0.01 | $ | 0.09 | $ | (0.09 | ) | $ | (1.30 | ) | $ | (1.30 | ) | $ | 0.31 | |||||||||
Loss from discontinued operations |
$ | (0.02 | ) | $ | (0.02 | ) | $ | (0.16 | ) | $ | (0.59 | ) | $ | (0.79 | ) | $ | (0.56 | ) | ||||||
Net income (loss) |
$ | (0.01 | ) | $ | 0.07 | $ | (0.25 | ) | $ | (1.89 | ) | $ | (2.09 | ) | $ | (0.26 | ) | |||||||
Weighted average shares outstanding |
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Basic |
25,639 | 25,651 | 25,672 | 25,673 | 25,659 | 25,629 | ||||||||||||||||||
Diluted |
25,680 | 25,749 | 25,672 | 25,673 | 25,659 | 25,636 |
Non-GAAP Financial Measures
Quarter Ended |
Full Year |
Full Year |
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March 31, 2014 |
June 30, 2014 |
September 29, 2014 |
December 29, 2014 |
2014 |
2013 |
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Income (loss) from continuing operations |
$ | 145 | $ | 2,334 | $ | (2,374 | ) | $ | (33,487 | ) | $ | (33,382 | ) | $ | 7,835 | |||||||||
Adjustments - continuing operations: |
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Transaction costs |
- | 89 | 421 | - | 510 | - | ||||||||||||||||||
Proposed secondary offering expenses |
- | - | - | - | - | 759 | ||||||||||||||||||
Costs related to conversions, remodels and closures |
- | - | 127 | - | 127 | 677 | ||||||||||||||||||
Write-off of debt issuance costs |
- | - | 2,241 | - | 2,241 | 507 | ||||||||||||||||||
Asset impairments |
- | - | 1,770 | - | 1,770 | - | ||||||||||||||||||
Gain on insurance settlements |
- | - | (89 | ) | - | (89 | ) | (1,161 | ) | |||||||||||||||
Income tax effect of adjustments above |
- | (35 | ) | (1,761 | ) | - | (1,796 | ) | (308 | ) | ||||||||||||||
Valuation allowance |
- | - | - | 25,632 | 25,632 | - | ||||||||||||||||||
Adjusted income (loss) from continuing operations |
$ | 145 | $ | 2,388 | $ | 335 | $ | (7,855 | ) | $ | (4,987 | ) | $ | (8,309 | ) | |||||||||
Weighted average shares outstanding |
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Basic |
25,639 | 25,651 | 25,672 | 25,673 | 25,659 | 25,629 | ||||||||||||||||||
Diluted |
25,680 | 25,749 | 25,672 | 25,673 | 25,659 | 25,636 | ||||||||||||||||||
Income (loss) from continuing operations per share |
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Basic and diluted |
$ | 0.01 | $ | 0.09 | $ | (0.09 | ) | $ | (1.30 | ) | $ | (1.30 | ) | $ | 0.31 | |||||||||
Adjusted income (loss) from continuing operations per share |
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Basic and diluted |
$ | 0.01 | $ | 0.09 | $ | 0.01 | $ | (0.31 | ) | $ | (0.19 | ) | $ | 0.32 |