Revenue Update on Ignite Restaurant Group Inc(NASDAQ:IRG)

Ignite Restaurant Group Inc(NASDAQ:IRG) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Aug 3, 2016. Company reported revenue of $130.76M. Analysts estimated a revenue of $137.44M. Earnings per share were $-0.04. Analysts had estimated an EPS of $0.05.

Ignite Restaurant Group Inc (IRG) shares turned negative on Fridays trading session with the shares closing down -0.09 points or -7.50% at a volume of 23,692. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $1.29. The peak price level was also seen at $1.29 while the days lowest was $1.11. Finally the shares closed at $1.11. The 52-week high of the shares is $5.98 while the 52-week low is $1.11. According to the latest information available, the market cap of the company is $29 M.

Several Insider Transactions has been reported to the SEC. On Jun 3, 2015, David G Catalano (COO) purchased 25,000 shares at $4.48 per share price.Also, On Jun 1, 2015, Raymond A. Iii Blanchette (CEO) purchased 12,630 shares at $3.82 per share price.

Ignite Restaurant Group Inc. is a diversified restaurant company. The Company operates two restaurant brands: Joe’s Crab Shack (Joe’s) and Brick House Tavern + Tap (Brick House). The Company’s restaurant brands offers food and beverages. It owns and operates approximately 139 Joe’s and approximately 21 Brick House in 36 states. Joe’s is a family restaurant and these restaurants average 8000 square feet with over 200 seats. Joes’ restaurants offer an outdoor patio for guests to eat and drink and a children’s playground. The Company’s Brick House is a bar and grill. Its Brick House restaurant is of approximately 8500 square feet and averages approximately 250 seats. In addition to a traditional dining room and bar area Brick House also offers communal tables and a section of leather recliners positioned in front of high definition televisions (HD TVs) where guests receive their own television tray for dining. Brick House offers over 70 varieties of beer and specialty cocktails.

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