Broomfield, Colo.-based Noodles & Company issued on Thursday its first earnings report as a public company following its initial public offering on July 2, which raised about $100 million.
Revenue rose 18.2 percent in the second quarter, driven by positive same-store sales and the opening of 58 net new restaurants in the past 12 months.
The company reported that adjusted net income increased 35.6 percent to $4 million, or 13 cents per share, for the second quarter ended July 2. In the same quarter a year ago, Noodles & Company earned $2.9 million. Adjusted net income includes the net savings of debt extinguishment from the proceeds of the company’s IPO.
The company’s true net income fell from $2.2 million a year ago to $100,000 in this most recent quarter. The result included $5.7 million in IPO-related expenses.
NET INCOME
Result: $0.1 million% Decrease: 95.5% (from $2.2 million)
REVENUE
Result: $89.2 million% Increase: 18.2% (from $75.5 million)
SAME-STORE SALES
% Increase systemwide: 4.4%
% Increase at company units: 4.7%
% Increase at franchised units: 2.3%
Source: Company report
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Contact Lisa Jennings at [email protected].
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