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.
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