MONCTON, NB, March 5, 2014 /CNW/ - Imvescor Restaurant Group Inc. ("IRG" or the "Company") (TSX:IRG.TO - News) reported financial results today for the 13 weeks ended January 26, 2014 (or "first quarter"). The 2013 results are for the 13 weeks ended January 27, 2013.
Improved Financial Results
|
| (in thousands of dollars) |
Q1 2014 |
|
Q1 2013 |
|
13 weeks ended |
|
13 weeks ended |
|
January 26, 2014 |
|
January 27, 2013 |
|
| Total revenues |
$ |
12,431 |
|
$ |
10,197 |
|
|
|
|
|
|
| Net earnings |
|
2,797 |
|
|
1,011 |
|
|
|
|
|
|
| Interest on long-term debt |
|
607 |
|
|
968 |
| Interest income |
|
(13) |
|
|
(24) |
| Income tax expense |
|
1,130 |
|
|
897 |
| Depreciation and amortization |
|
231 |
|
|
187 |
| EBITDA (*) |
$ |
4,752 |
|
$ |
3,039 |
|
| Reorganization costs |
$ |
- |
|
$ |
43 |
| Loss on redemption of debentures |
|
- |
|
|
1,000 |
| Adjusted EBITDA (*) |
$ |
4,752 |
|
$ |
4,082 |
|
| Franchised restaurants |
$ |
3,300 |
|
$ |
3,657 |
| Company-owned restaurants |
|
(297) |
|
|
(322) |
| Manufacturing and retail |
|
1,749 |
|
|
747 |
| Adjusted EBITDA (*) |
$ |
4,752 |
|
$ |
4,082 |
| * Refer to non-GAAP measures |
The Company's total revenues increased by $2.2 million (22%) and adjusted EBITDA increased by $670 thousand (16%) for the first quarter of 2014 compared to the first quarter of 2013, primarily attributable to the increase in retail royalties. Retail royalties for the 13 weeks ended January 26, 2014 increased $959 thousand from the 13 weeks ended January 27, 2013 mostly from an increase in the sales of Bâton Rouge ribs and Mikes sauces as a result of the expansion of the sales of these products to provinces outside of Quebec in the third quarter of 2013. The sale of manufactured goods increased by $1.1 million for the 13 weeks ended January 26, 2014 from the 13 weeks ended January 27, 2013.