Ignite Restaurant Group (IRG: Quote) announced preliminary, unaudited sales results for the fourth quarter and full year ended December 31, 2012.
For the fourth quarter of 2012, the company estimated total revenues to be $112.5 million, an increase of approximately 11% compared to revenues of $101.4 million in the fourth quarter of 2011. Fourth quarter 2012 revenues were negatively impacted by approximately $1.0 million, or 0.9%, as a result of lost operating days due to Hurricane Sandy.
Analysts polled by Thomson Reuters expect the company to report earnings revenues of $114.51 million for the fourth-quarter. Analysts’ estimates typically exclude special items.
Comparable restaurant sales increased 0.8% during the fourth quarter, excluding a 0.1% impact from Hurricane Sandy, marking the Company’s 18th consecutive quarter of comparable restaurant sales growth.
For the full year 2012, the company estimated total revenues increased approximately 15% to $465.0 million compared to $405.2 million in 2011 and comparable restaurant sales increased 2.2%.
Analysts expect the company to report earnings revenues of $466.99 million for fiscal 2012.
Final financial results for the fourth quarter and full fiscal year 2012 are currently expected to be released in early March 2013 after the completion of the company’s annual independent audit.
In 2013, the company said it plans to open as many as 16 new restaurants. As a reminder, the Company continues to expect the non-recurring fourth quarter impact from restatement costs and debt amortization write-off associated with its debt refinancing to be in the $4.2 million to $4.5 million range.
To receive FREE breaking news email alerts for Ignite Restaurant Group, Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comBusiness News