SEC Info - Ignite Restaurant Group, Inc. - ‘10-Q’ for 3/30/15

Ignite Restaurant Group, Inc. – ‘10-Q’ for 3/30/15 – ‘R13’

On: Monday, 5/4/15, at 4:50pm ET · For: 3/30/15 · Accession #: 1437749-15-8806 · File #: 1-35549

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/04/15 Ignite Restaurant Group, Inc. 10-Q 3/30/15 51:4.7M RDG Filings/FA

Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 502K 2: EX-10.1 Material Contract HTML 34K 3: EX-10.2 Material Contract HTML 63K 4: EX-10.3 Material Contract HTML 64K 5: EX-31.1 Certification -- §302 - SOA'02 HTML 27K 6: EX-31.2 Certification -- §302 - SOA'02 HTML 27K 7: EX-32.1 Certification -- §906 - SOA'02 HTML 19K 8: EX-32.2 Certification -- §906 - SOA'02 HTML 19K 34: R1 Document And Entity Information HTML 43K 26: R2 Condensed Consolidated Balance Sheets (Current HTML 106K Period Unaudited) 32: R3 Condensed Consolidated Balance Sheets (Current HTML 37K Period Unaudited) (Parentheticals) 36: R4 Condensed Consolidated Statements of Operations HTML 89K (Unaudited) 47: R5 Condensed Consolidated Statements of Operations HTML 21K (Unaudited) (Parentheticals) 28: R6 Condensed Consolidated Statements of Cash Flows HTML 118K (Unaudited) 31: R7 Note 1 - Basis of Presentation HTML 32K 24: R8 Note 2 - Sale of Macaroni Grill HTML 97K 18: R9 Note 3 - Selected Balance Sheet Accounts HTML 100K 48: R10 Note 4 - Debt Obligations HTML 45K 38: R11 Note 5 - Net Income (Loss) per Share HTML 36K 37: R12 Note 6 - Commitments and Contingencies HTML 25K 42: R13 Note 7 - Income Taxes HTML 24K 43: R14 Note 8 - Segment Information HTML 102K 41: R15 Note 2 - Sale of Macaroni Grill (Tables) HTML 99K 44: R16 Note 3 - Selected Balance Sheet Accounts (Tables) HTML 103K 33: R17 Note 4 - Debt Obligations (Tables) HTML 37K 35: R18 Note 5 - Net Income (Loss) per Share (Tables) HTML 33K 40: R19 Note 8 - Segment Information (Tables) HTML 97K 51: R20 Note 1 - Basis of Presentation (Details) HTML 36K 45: R21 Note 2 - Sale of Macaroni Grill (Details) HTML 25K 29: R22 Note 2 - Sale of Macaroni Grill (Details) - HTML 98K Carrying Amount of Major Classes of Assets and Liabilities with Held for Sale Macaroni Grill 39: R23 Note 2 - Sale of Macaroni Grill (Details) - HTML 50K Significant Items That Comprise Loss from Discontinued Operations, Net of Tax 30: R24 Note 3 - Selected Balance Sheet Accounts (Details) HTML 37K - Components of Other Current Assets 17: R25 Note 3 - Selected Balance Sheet Accounts (Details) HTML 34K - Components of Intangible Assets 46: R26 Note 3 - Selected Balance Sheet Accounts (Details) HTML 56K - Components of Accrued Liabilities 49: R27 Note 4 - Debt Obligations (Details) HTML 139K 21: R28 Note 4 - Debt Obligations (Details) - Summary of HTML 35K Debt Obligations 20: R29 Note 5 - Net Income (Loss) per Share (Details) HTML 27K 22: R30 Note 5 - Net Income (Loss) per Share (Details) - HTML 27K Components to Determine Numerator and Denominators of Basic and Diluted Net Income (Loss) per Share 23: R31 Note 6 - Commitments and Contingencies (Details) HTML 21K 25: R32 Note 7 - Income Taxes (Details) HTML 28K 16: R33 Note 8 - Segment Information (Details) - HTML 71K Reportable Segments 50: XML IDEA XML File -- Filing Summary XML 68K 15: EXCEL IDEA Workbook of Financial Reports XLSX 78K 19: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 682K 9: EX-101.INS XBRL Instance -- irg-20150330 XML 811K 11: EX-101.CAL XBRL Calculations -- irg-20150330_cal XML 131K 12: EX-101.DEF XBRL Definitions -- irg-20150330_def XML 460K 13: EX-101.LAB XBRL Labels -- irg-20150330_lab XML 695K 14: EX-101.PRE XBRL Presentations -- irg-20150330_pre XML 444K 10: EX-101.SCH XBRL Schema -- irg-20150330 XSD 122K 27: ZIP XBRL Zipped Folder -- 0001437749-15-008806-xbrl Zip 95K

Note 7 - Income Taxes

3 Months Ended

Mar. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 7 — Income Taxes

Our effective tax rate from continuing operations is generally the combined federal and state statutory rate reduced by the effect of tax credits primarily due to the tax benefit of FICA tax credits for employee reported tip income. The effective tax rate from continuing operations for the thirteen weeks ended March 30, 2015 was an expense of 19.4%, while the effective tax rate from continuing operations for the thirteen weeks ended March 31, 2014 was a benefit of 114.6%. The change in the effective tax rate is primarily due to the valuation allowance in the current quarter and the change in FICA tax credits being generated in the current quarter compared to the prior year quarter proportionate to the loss before income taxes.

Income taxes for the thirteen weeks ended March 30, 2015 and March 31, 2014 were estimated using the discrete method, which was based on actual year-to-date loss before income taxes and estimated tax credits generated primarily related to FICA and Medicare taxes paid on employee tip income. We believe that this method yields a more reliable income tax calculation for the interim periods. The estimated annual effective tax rate method was not reasonable due to its sensitivity to small changes in forecasted annual earnings before income taxes, which would result in significant variations in the customary relationship between income tax expense and earnings before income taxes for interim periods.

We evaluate our deferred tax assets on a quarterly basis to determine whether a valuation allowance is required. We assess whether a valuation allowance should be established based on our determination of whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and prior to the expiration of our credit carryforwards which begin to expire in 2031. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. According to ASC Topic No. 740, Income Taxes, cumulative losses in recent years represent significant negative evidence in considering whether deferred tax assets are realizable. Therefore, during the first quarter of 2015, we recorded a valuation allowance of $10.4 million against primarily all our deferred tax assets, of which approximately $2.1 million was for continuing operations and approximately $8.3 million was for discontinued operations. If we are able to generate sufficient taxable income in the future and it becomes more likely than not that we will be able to fully utilize the net deferred tax assets on which a valuation allowance was recorded, our effective tax rate may decrease if the valuation allowance is reversed.

This ‘10-Q’ Filing

Date

Other Filings

Filed on:

5/4/15

8-K

For Period end:

3/30/15

3/31/14

10-Q

List all Filings

Ignite Restaurant Group, Inc. – ‘10-Q’ for 3/30/15 – ‘R13’

On: Monday, 5/4/15, at 4:50pm ET · For: 3/30/15 · Accession #: 1437749-15-8806 · File #: 1-35549

Previous ‘10-Q’: ‘10-Q’ on 10/30/14 for 9/29/14 · Next: ‘10-Q’ on 8/6/15 for 6/29/15 · Latest: ‘10-Q’ on 5/16/17 for 4/3/17

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘R13’ — Note 7 – Income Taxes

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Ignite Restaurant Group, Inc. – ‘10-Q’ for 3/30/15 – ‘R13’

On: Monday, 5/4/15, at 4:50pm ET · For: 3/30/15 · Accession #: 1437749-15-8806 · File #: 1-35549

Previous ‘10-Q’: ‘10-Q’ on 10/30/14 for 9/29/14 · Next: ‘10-Q’ on 8/6/15 for 6/29/15 · Latest: ‘10-Q’ on 5/16/17 for 4/3/17

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘R13’ — Note 7 – Income Taxes

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents