Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Ignite Restaurant Group (NASDAQ:IRG)

Q4 2012 Earnings Call

March 20, 2013 5:00 p.m. ET

Executives

Ray Blanchette - Chief Executive Officer

Michael Dixon - President and Chief Financial Officer

Analysts

Matthew Difrisco - Lazard Capital Markets

David Tarantino - Robert W. Baird

Brian Elliott - Raymond James

Operator

Good afternoon everyone and welcome to Ignite Restaurant Group's fourth quarter earnings conference call. Today’s call is being recorded. A replay will be available starting today for those who cannot attend this live event.

Before I turn the call over to management, I would like to note for you that portions of this call deal with forward-looking information. These statements reflect management’s expectations for the future. The company’s actual results may differ materially from these expectations. Management refers all of you to today’s press release and the company’s recent filings with the SEC for a more detailed discussion of the risks that could impact future operating results and financial conditions.

On the call today we have Ray Blanchette, Chief Executive Officer of the company and Michael Dixon, President and Chief Financial Officer.

At this time for opening remarks, I would like to turn the call over to Mr. Michael Dixon, President and Chief Financial Officer of Ignite Restaurant Group. Please go ahead, sir.

Michael Dixon

Thank you, operator. Good afternoon and thanks to everyone for joining us today. By now everyone should have access to our press release which we issued this afternoon. The release which covers our fourth quarter and full year 2012 results can also be found our website under the investor relations section. Additionally I would encourage everyone to review our related 8-K and 10-K filings with the SEC which were just filed this afternoon for greater detail on the information included in our press release and on today's conference call.

Our agenda for the call will be as follows. Ray will provide an overview of our business and then I will discuss the financial results for the quarter and give a little insight on Q1 and the year. We will have time at the end of the call for questions. We’d like to finish this up in about 45 minutes to an hour. So with that, I'll turn the call over to Ray Blanchette, our Chief Executive Officer.

Ray Blanchette

Great. Thanks, Mike, and again thanks to everyone for being on the call today. The fourth quarter marks our 18th consecutive quarter of positive comparable restaurant sales growth on top of 7.3% in the fourth quarter of the prior year. For the full year 2012, our comparable restaurant sales increased 2.2% on top of 6.9% in 2011. Total revenue grew by 15% for the year and 11% for the quarter. I credit this growth to our focus on operational excellence, menu innovation, brand awareness, and providing a unique and authentic dining experience for our guests.

The consumer environment remains challenging but Ignites' history demonstrates our ability to execute despite headwinds. Looking ahead, I am very optimistic about Ignites' future with two and very soon to be three great brands, strong management team, and a robust development pipeline. Joe's continues to evolve in a way that positions us well in the growing college casual segment. I hope by now everyone has seen the new 100% Shore TV spot. And this campaign is driving the brand forward by focusing on our Gulf Coast roots. I mean we believe it showcases our elevated food quality and our unique dining experience.

I mean as a Gulf Coast based company, we have the opportunity to leverage the flavors and the spices that are unique to the region. And our new campaign not only plays off of that distinctiveness, it lays the foundation for our current and future menu innovation. We are also using new commercials to shift the guests perception of Joe's from a celebratory occasion use to everyday enjoyable moments which we believe will drive frequency over the longer term. We will be rolling out a new menu in April. This includes several of the strongest performers from both our current national campaign and our test markets.

Some of the items include, the new Joe's Stuffers, our Spicy Citrus Steampot, and a new golden breading process that we developed here in the not too distant past. It enhances the quality and flavor of all of our hand-breaded, fired seafood. We are also moving to a larger shrimp size which proved in the test markets to enhance overall satisfaction and very importantly the value of those items. So on the price side things we expect a modest 1% price increase. Shifting gears and moving to Brick House. The good news in the Brick House is ready to grow again. We expect two to three new units in 2013. We continue to be very pleased with the evolution of Brick House.

Our menu innovation and food quality are excellent. The service model has noticeably improved and the atmosphere which is unique and welcoming for a very broad range of guests. Based on this success of the current units, I believe that this next generation bar and grill concept will continue to market share from those more established brands. We expect the acquisition of Macaroni Grill to close early in the second quarter. We have begun work already on the menu and the marketing plan. In addition, our integration planning is well underway. We will be prepared to take over management of this business in April. I am confident in our ability to elevate the Mac Grill, achieve synergies and drive significant AUV and restaurant level profit growth over time.

The leadership changes that we announced in February 28 will allow us to lever the synergies of being a multi-concept company without distracting the operations teams from growing their respective brands and continually delivering an exceptional guest experience. I am very pleased with our organizational structure as it stands today. And with Mike heading up our shared services at the Ignite level, and Jim Mazany and Jim Kuhn leading the Joe's and Brick House brands respectively, I think that’s a very strong dynamic. And it's worth repeating that the growth and maturation of both Joe's and Brick House Tavern + Taps continues in the organization today without distraction or compromise, with seasoned, successful leadership at their respective helms.

We have also identified a great candidate to lead the Macaroni Grill brand and will be able to announce that hire upon the closing other acquisition. With this team in place, the focus to my efforts will be on driving companywide growth through increased sales and new restaurants across the Joe's and Brick House brands and of course Romano's Macaroni Grill for success in the future. While we have a lot of work of ahead of us, we firmly believe we have the experience, the team and the passion to deliver some very nice results across the portfolio.

So with that I will turn it over to Mike to walk you through the fourth quarter and full 2012 results. Mike?

Michael Dixon

Thanks, Ray. I will say from my perspective it's been an exciting 2.5 months for me at Ignite, rarely a dull moment. And I Ray's enthusiasm about our potential and look forward at the opportunities that the addition of Macaroni Grill brings to the table. Before I get into the financial results, let me point out that there is additional detail in our 10-K which as I mentioned earlier, was also filed today.

As many of you know, the fourth quarter at Joe's and as a result therefore Ignite's slowest season from an AUV standpoint. The fourth quarter also has 16 weeks rather than the 12 weeks of quarters one through three which results in higher fixed cost. So when combined with a seasonally softer sales, we have historically run at a loss in the fourth quarter. This is probably good time to mention our plans to adjust our quarterly calendar beginning in the first quarter of fiscal 2013.

We will move to a more traditional 13-week operating quarter. Our fiscal year will still end on the Monday nearest to December 31 but the quarter end dates will shift a little bit. So our first quarter for fiscal 2013 will end on Monday, April 1. So let me go back to the results for the quarter.

For the fourth quarter ended in December 31, 2012, total revenues increased by 11% to $112.6 million from $101.4 million in the same quarter last year. Comparable restaurant sales increased 0.8%, that excludes the 0.1% impact due to hurricane sandy and as Ray mentioned, marks the company's 18th consecutive quarter of positive comparable restaurant sales growth. This comparison is against the 7.3 comparable sales increase in Q4 2012 and a 2-year comp sales increase of approximately 14%.

The increase was driven by a 1.7% increase in pricing, partially offset by 0.9% combined decrease in mix and discounts. For the first quarter of fiscal 2013, we are currently tracking comparable sales at about a negative 1.4%. With the addition of the extra week from our change in our quarterly calendar, we will pick up Easter weekend in Q1 and we expect this to provide some benefit to comparable sales. So it's clear that our sales have been impacted by the macro pressures that have been noted by so many in the restaurant and retails industry, although we are only slightly negative for the quarter.

For the full year fiscal 2013, we are still projecting 1% comparable sales increase on our base Joe's and Brick House business. Looking at fourth quarter margins, COGS came in 50 basis points better than the prior year due to beneficial crab prices and a mix shift to more lobster items. Unfortunately this was offset by a 60 basis point increase in labor versus the prior year really due a couple of factors. The improvements we have talked about after the third quarter on the labor side are under way but we didn’t get as much traction in the fourth quarter as we would have liked, primarily because it's lower index in the sales quarter.

We do feel like we are seeing some of this labor improving in Q1 of 2013. In addition we did run some new menu items in the fourth quarter that were a little bit more kitchen labor intensive. On the occupancy line we saw a 20 basis point increase as a percent of sales due primarily to our increased in the north east with its slightly higher occupancy costs and some moderation from the very high opening volumes in a number of these locations.

Other operating expenses as a percentage of revenues decreased approximately 10 basis points to 18.6 from 18.7, driven primarily by a decrease in debit card fees and some favorable utility rate. Let me skip down to the pre-opening line for just a minute. These costs decreased by just over $1 million due to one opening in the fourth quarter of 2012 versus two openings in the fourth quarter of 2011. Note that both of these quarters are impacted by future openings in progress.

In addition, I think a very strong point is we have driven down our pre-opening cost per store from an average of $450,000 to somewhere between $350,000 and $375,000. Much of this was accomplished simply through better labor and travel management, but it's nice savings nonetheless. The other margin line items were impacted by a lot of noise in the fourth quarter of both years, so let me touch on just a few of the larger items as spelled out in our press release as part of the adjusted net income calculation.

In the fourth quarter of 2012 we had debt issuance cost write-off and restatement expenses of $2.2 million and $0.8 million respectively. These amounts are in line with the guidance we gave back in January. In addition, we reported $1 million loss related to property damage and other cleanup costs from hurricane sandy at our ocean side New York location. We also had $1.5 million charge related to some fixed asset write-offs. Most of this is due from one location in Fort Worth that was temporary closed in the prior year due to some building structure issues. We recently determined the structure issues could not be economically remediated so as a result this location will not be reopened.

In the fourth quarter of 2011 we had significant adjustments related to an insurance settlement gain on our Galveston location, and $2.2 million benefit from the release of our deferred tax asset valuation account. Adjusting for these items and truing up the weighted average shares outstanding results in an adjusted net loss per share of $0.15 in Q4 2012 compared to an adjusted net loss per share of $0.13 in Q4 2011. Let me remind all of you that this is a non-GAAP metric and that non-GAAP metric is much more fully explained in our 8-K and 10-K filings which again were made today.

On a go-forward basis our margin expectation for the base Joe's and Brick House business remained consistent with the guidance we gave back in February. So let me repeat that guidance for you here quickly. We expect COGS to be in the 31% to 31.5% range. Labor to be in the 27.3% to 27.5% range. Occupancy costs about 7.5% to 7.6%. Other expenses of about 17% to 17.2% and depreciation expenses of about 4.2%. As for Macaroni Grill, as Ray mentioned we are making good progress on our integration plans. We currently expect to close this transaction in the first half of April. Our previous revenue guidance back in February assumes sort of a late Q2 close on this.

So we will update our macro revenue expectations for fiscal 2012 during our first quarter conference call. At this point we are still comfortable with the macro margin guidance that we gave in February of an approximate 6% restaurant level profit. G&A costs are projected at about 6.1% to 6.3% of the combined revenue and preopening expenses are planned at about $5.7 million. On the capital side, we still have $45 million drawn on our existing revolver facility. As discussed in February, we are restructuring that credit agreement. We have got a $50 million term loan on top of the existing $100 million revolver to accommodate the Macaroni Grill acquisition.

The term loan requires scheduled payments including principal amortization over five years. As previously discussed, the revised facility bears interest between 1.25% and 4.25% over LIBOR with no LIBOR floor. We expect to have approximately $105 million outstanding against this facility upon close of the acquisition. We will access the revolver for additional capital as needed to support new store growth. Similar to what we mentioned in January, we are assuming an effective tax rate of 27.5% for fiscal 2013 and weighted average shares outstanding of approximately 25.6 million.

In addition, the purchase account asset valuation that we discussed in February is underway and we should have the results in the next several weeks. As a reminder, this valuation could have a meaningful impact on our results based on the deemed accounting value of the assets and leases we are acquiring relative to the $55 million we are paying. More to come on that topic as that valuation gets completed. The acquisition costs are currently tracking inline with our previously discussed estimated $8 million target. One last bit of housekeeping before we open the call for questions. We plan to release our first quarter earnings during the week of May 6 and we nail down a date as that gets a little bit closer.

So at this time I would like to open up the call to questions. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) Our first question will come from Matthew Difrisco with Lazard.

Matthew Difrisco - Lazard Capital Markets

I was curious if you could talk about sort of the volumes that you are experiencing or what are you thinking as far as when you look at those stores that you are going to open a little over dozen or so, both for the Joe's and the Brick House in the back half of 2013 here, as far as volumes that you are going to expect relative to the historical ones that you already have on the books. I know there is only a little over a dozen there on Brick House but what you would expect as far as, are they bigger DMAs, higher income areas? And then with respect to Joe's, are the tourist locations and similar to the Florida location or they going to be more north east and suburban high income areas? Maybe not as big of the grand openings that you have seen in Florida etcetera.

Ray Blanchette

Talking about the Joe's first, I think the majority, and Mike correct me if I am wrong, I think the majority of our openings are in the north east.

Michael Dixon

That’s right.

Ray Blanchette

We had a handful or very small handful of tourist type locations but it's predominantly a north east focus this year. I mean my best guess, Matt, is it's probably consistent with what we have seen in the years past.

Matthew Difrisco - Lazard Capital Markets

From a volume?

Ray Blanchette

Just [looking at] it from a volume perspective, yeah, I think it's going to be consistent with what we have seen. I mean our strategy hasn’t changed in Joe's so there is no real reason for us to believe that it's going to be any material change.

Matthew Difrisco - Lazard Capital Markets

Okay. And then I think you said the quarter to date, you said it kind of fast, I took down in my notes, but it was down. Did you imply that quarter to date trends were down 1.4?

Michael Dixon

Yes. I guess I didn’t say it fast enough if you got it down.

Ray Blanchette

Yeah. Quarter to date and really we only have a couple of weeks left in the quarter. We are at a negative 1.4% on comp sales through this date in the quarter. As I did mention though, with the change in our calendar quarters, fiscal quarters rather, we will pick up the Easter weekend in Q1 which under the previous fiscal quarters would have moved into Q2. So we will get a little bit of a benefit and not enough to offset the 1.4 but we will see a little bit benefit from that.

Matthew Difrisco - Lazard Capital Markets

Okay. And then I guess is it also then considered an adverse effect at the conclusion of Easter and the [lenting] season would hurt you in the beginning of 2Q.

Michael Dixon

No, historically that’s not the case, Matt. In our business it seems like an early lent is always a benefit, because by the time you come out of the Easter season, in majority of our larger markets patio season is well in full swing at spring time and volumes are starting to go up anyway. So an early lent is usually positive for us.

Matthew Difrisco - Lazard Capital Markets

Okay. Can you attribute any of that 1.4 to weather or the very -- I am sitting in New York here and it doesn’t feel like spring is a day away or so, it feels like we are in the middle of winter still. Can you attribute any of that -- has it been a little choppier on those colder days or has it been pretty much steady down 1.4 just throughout the whole quarter.

Michael Dixon

I don’t want to get into too much by period of the quarter but I think clearly we along with, from what I have heard, most of the other restaurant and retail out there experienced some of the macro effects from January, February with the payroll tax increase and the delayed tax refunds etcetera. So in fairness I think more of the softness for us was in the first part of the quarter.

Ray Blanchette

Yeah. I mean clearly, we had no winter last year to speak off in really any of the markets that we do business in. In addition to the two factors that Mike mentioned, we also had the gas price impact and this issues as well. So, yeah, clearly there were some headwinds in Q1 and just obviously a little more than what we could overcome. I will tell you that we are very excited about the campaign that started that you saw, hopefully you have seen by now. This new positioning does seem to be cutting through and the campaign does seem to be working well for us. And I think that’s one of the reasons we are able to perform significantly better than that track in these most recent periods. But all-in-all it's still a disappointment to us.

Matthew Difrisco - Lazard Capital Markets

Understood. And then I guess just lastly, you mentioned you are going to change around the fiscal timing of the reporting periods. Is there also when you do acquire Joe's, would we expect to see segmentation of the brands or you are going to sort of still keep them as one reported revenue line of restaurant revenue.

Ray Blanchette

I think you mean when we acquired Mac Grill.

Matthew Difrisco - Lazard Capital Markets

I am sorry, yeah.

Ray Blanchette

We talked about on the call post the Mac Grill acquisition announcement was that, post the acquisition we will guidance around revenue by brand. You know growth, revenue, comp etcetera, but below the revenue line we will continue to keep it combined.

Operator

(Operator Instructions) And we will move next to David Tarantino with Baird.

David Tarantino - Robert W. Baird

Just a quick question on the impact of pulling the timing of the Macaroni Grill acquisition forward. Mike, I think you have sort of given a rough framework to what the dilution of that could look like, and I am just wondering if maybe you could give us a more, I guess a framework to think about the dilution for this year. And then I think you had talked about potential earnings growth rate next year, at least the benefit that you will see as you do the synergies and I guess is pulling the timing forward changes any of that outlook or pulls any of that forward. So any help you could offer there will be helpful.

Michael Dixon

Yeah, David, I don’t really think the change is much of what we provided before. I think the guidance that -- when we did the release around the Mac Grill we made an assumption that we were going to have about 7 months worth of revenue in the fiscal year. You know as it is now, we will be 8 months, maybe a little bit more than 8 months. I don’t really think that changes any of the other assumptions around the business. Again, our caveat is by saying that, we are doing our diligence, we are doing integration but there is still a lot about this business that we need to learn and how we can benefit it. You know whether that extra month is going to make a difference this year, I doubt it. So really not a whole lot more that I can say about it. I don’t know if it...

David Tarantino - Robert W. Baird

Okay. Great.

Michael Dixon

As I mentioned, I will give more revenue information once we kind of have control of the business and have more visibility about certain areas.

David Tarantino - Robert W. Baird

Okay. That’s helpful. And then I guess bigger picture, as you think about the three brands and the new business that you will have going forward. Can you talk about, once you get the integration done, how you are thinking about the growth of the total business going forward? And I know you will have some synergies coming in in 2014, but what I am really asking about is really 2015 and beyond, what does the business look like in terms of top line and bottom line growth once you get sort of the brand portfolio on place?

Michael Dixon

I think in the near term we don’t see any growth of Macaroni Grill on an absolute basis, right. I mean that will probably get a little bit smaller before it gets bigger. As we change the trajectory of brand and position it where we want it and then a build a platform for growth. So I think our Joe's and Brick House plans that we have articulated will probably remain at very similar to what you already have. And it really depends on how quickly the Macaroni Grill brand is ready to grow before we come back and kind of revise those overall growth projections.

Ray Blanchette

David, I will just add on to that. I think our expectation for growth at the Joe's and Brick House from a numbers perspective, it's not that dissimilar from what we are projecting for 2013. Somewhere between 14 to 17 new restaurants a year, maybe a conversion in there as well. But you know from a Greenfield growth perspective, there is a fair number of -- the majority of those will be Greenfield new locations. And as we learn more about Mac Grill and their real estate portfolio and the opportunity, it make accelerate some of that growth because we can do more conversions on a slightly quicker basis.

Operator

(Operator Instructions) And we will move next to Brian Elliott with Raymond James

Brian Elliott - Raymond James

Just a couple of questions. First, Ken, can we expect Mike to get some pro formas on a 13-week basis for fiscal '12 so we can have an apples to apples to model out the quarters.

Michael Dixon

Brian, if it's helpful, I would give you that information right now.

Brian Elliott - Raymond James

Okay. You start reading to me.

Michael Dixon

Yeah, I wasn’t going to but I think in order to get that information out is probably a good idea since we didn’t put it in the release. But I will give you, these are for 2012, these are the revenue numbers by quarter under this 13-week calendar that we are going to. Q1 would $112.7 million. Q2 would be $132.6 million. Q3 would be $130 million and Q4 would be $89.8 million.

Ray Blanchette

That gets you to the total of $465.1 million for the full year.

Brian Elliott - Raymond James

Okay. And then can you give the COGS, the non-labor -- no, I am kidding. Ken, do you expect to maybe give us something below the line, maybe store level margin and G&A numbers and key line items adjusted in an 8-K something.

Michael Dixon

You know, Brian, I don’t know, that wasn’t my plan. I really don’t think that below the revenue line that you would really see any significant margin change. You know if you think about it, in Q1 we are moving it by one week, Q2 it ends up moving two weeks and Q3, three weeks, and then Q4 you are right back to the same end date. But, obviously, fewer weeks in the quarter. I don’t know that there is really a significant margin impact as a result of that. We will look at it and if we feel there is than we would publish something.

Brian Elliott - Raymond James

Okay. All right. And a bigger picture question, I guess probably for Ray, but the statement that you are pleased with the progress at Brick House and it's ready to grow again. Can you give all of us out here some quantification or some more specificity on some hard numbers that would support that statement and give us some greater visibility?

Ray Blanchette

Well, I don’t know if we have numbers that we can share given that we don’t, currently don’t break that out. Obviously, you will see some of that performance when we do. I think a lot of the stuff is more the, sort of intangibles. I mean we are looking at our guest satisfaction numbers, we are looking at the improvements made to the menu, we are looking at a lot of those high level long term indicators of brand health. We really feel very comfortable with the positioning of this business, with the segment that it's competing in and the potential for that segment. As we continue to learn more about this brand and refine, and went through the process of refining its position, we are now must convinced that this brand is in a space that has enormous potential for growth. And when you look at the performance that we have, that we are looking at it, it certainly points us in a direction to want to start being more aggressive with it.

Brian Elliott - Raymond James

All right. I guess where I am coming from I am sure I will get a lot of questions about it, all right. So at the IPO stage Brick House is kind of a work in progress, we have had 16 units on the books for a while here so most of those are in the comp phase. The comp here in the quarter was relatively modest and we are down a little quarter to date. Obviously, the whole industry is down more than that. But have we seen -- so it doesn’t look like we have seen a lot of change in the top line of the Brick House business relative to where we were say a year ago. Has there been a material change in the bottom line given some of the changes that you have implemented. I guess there is maybe a bit of a -- there is nothing that we can see from the outside that would indicate there has been material change there. It seems like there needed to be material change before it became a high ROI concept and justified growth. So help me with that.

Ray Blanchette

Well, I don’t think that’s necessarily and entirely true statement, Brian. I mean Brick House, when we brought the company public, Brick House was in a holding pattern that was planned from 2008 when Brick House was created. Right. I mean one of the things that I went to our board when we were private and said, after we had opened a couple of them, said, I feel like we have a tiger by the tail here, I want to learn as much we can as fast as we can about this brand. Let's go out and build 15 of them around the country in different DMAs, different type locations. And then we will stop, we will asses, we will refine and we will prepare for a more aggressive national launch. And that was pure coincidence that we were in that place as we were taking the company public. And once we got the menu worked on, I mean to be perfectly frank with you, Brian, the brand wasn’t living to my pit of vision, okay. I had vision on that -- when this thing was still on the white board in my office, there was a vision around where it's going to compete, how it's going to win. And I didn’t feel like we were delivering against that. It wasn’t about the dollars and cents per say, it was more about the longer term implications around how this brand needs to compete and where it needs to compete in order to win.

And so coincidently we were there as we were going public. We completed that work. I am much more satisfied with the quality of food, drink, atmosphere, the service model, everything to the point that now I think we are well positioned to compete exactly where we should in what I think is going to be an enormous segment in the future.

Brian Elliott - Raymond James

Mike, of the 16 existing units, how many are in the comp base?

Michael Dixon

All of them are in the comp base.

Brian Elliott - Raymond James

All of them are. Okay. All right. Fine. Thank you.

Ray Blanchette

Actually, I think 13 out of 15 are in the comp base. Yeah.

Operator

And we will move to the next question. It comes from Nicole Miller Regan with Piper Jaffray.

Unidentified Analyst

This is [Josh] on for Nicole. I had two quick ones. Mike, I might have missed this but what's the implied inflation assumption in that COGS range you gave us? And then, Ray, on the repositioning of Joe's the seafood shack, is that something we are going to see at the restaurant level as well or is that more of just a consumer facing marketing side.

Michael Dixon

I will let Ray answer the second one first.

Ray Blanchette

No, the seafood shack, it's because years ago there was a settlement made for three counties in Southern Florida. Because of Joe's Stone Crab we can't use the Joe's Crab Shack brand name. And so we modified the brand name in order to satisfy that. So in those three southern most counties in Florida, any growth would be under the Joe's Seafood Shack name.

Unidentified Analyst

Got it. Understood.

Michael Dixon

And then on the -- I don’t think we gave an implied inflation on the COGS, but my recollection is no more than a percent or so.

Operator

And having no further questions I will now turn the conference back over to management for any further remarks.

Ray Blanchette

Well, that’s great. Thanks again for joining us. As you can see, obviously we are very excited about the business and the opportunities that provides to add shareholder value over time. And we look forward to speaking with everyone again in the very near future. Thank you.

Michael Dixon

Thank you.

Operator

And that concludes today's presentation. Thank you for your participation.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Ignite Restaurant Group's CEO Discusses Q4 2012 Results - Earnings Call Transcript
This Transcript
All Transcripts