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Ignite Restaurant Group, Inc. – ‘10-Q’ for 3/30/15 – ‘R8’

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

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  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

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

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

‘R8’   —   Note 2 – Sale of Macaroni Grill

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.1.9
Note 2 - Sale of Macaroni Grill
 3 Months Ended
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 2 — Sale of Macaroni Grill


On April 17, 2015, we completed the sale of Macaroni Grill for $7.3 million, net of directly related selling expenses. We recorded a $22.4 million impairment charge, which is included in loss from discontinued operations in our condensed consolidated statements of operations, during the thirteen weeks ended March 30, 2015 to write down the net assets of Macaroni Grill to their estimated fair value less cost to sell. The assets and associated liabilities of Macaroni Grill subject to the sale have been reclassified as held for sale as of March 30, 2015 and December 29, 2014. The operating results of Macaroni Grill for the current and prior periods have been aggregated and reclassified as discontinued operations in our condensed consolidated statements of operations for the thirteen weeks ended March 30, 2015 and March 31, 2014.


The following tables present the carrying amounts of the major classes of assets and liabilities associated with the held for sale business of Macaroni Grill (in thousands):


   

March 30,

2015

   

December 29,

2014

 

Assets held for sale

               

Accounts receivable, net

  $ 2,662     $ 4,721  

Inventories

    2,844       3,471  

Other current assets

    1,713       3,031  

Property and equipment, net

    40,775       43,012  

Intangible assets, net

    21,925       23,039  

Other assets

    4,465       5,191  

Total

    74,384       82,465  

Less: Impairment on assets held for sale

    22,420       -  
    $ 51,964     $ 82,465  
                 

Liabilities associated with assets held for sale

               

Accounts payable

  $ 9,751     $ 9,730  

Accrued liabilities

    21,011       22,507  

Current deferred tax liability

    3,347       -  

Deferred rent

    4,493       4,799  

Unfavorable leases

    5,151       5,385  

Noncurrent deferred tax liability

    -       4,450  

Other long-term liabilities

    918       1,115  
    $ 44,671     $ 47,986  

Significant items that comprise loss from discontinued operations, net of tax are presented below (in thousands):


   

Thirteen

Weeks Ended

March 30,

2015

   

Thirteen

Weeks Ended

March 31,

2014

 

Revenues

  $ 76,046     $ 91,764  

Cost of sales

  $ 19,850     $ 24,383  

Labor expenses

  $ 26,649     $ 31,099  

Occupancy expenses

  $ 8,510     $ 9,958  

Other operating expenses

  $ 15,775     $ 23,001  

General and administrative

  $ 2,177     $ 1,631  

Asset impairments and closures

  $ 22,801     $ 873  

Loss from discontinued operations before income taxes

  $ (18,673 )   $ (1,588 )

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:5/4/158-K
4/17/154,  8-K
For Period end:3/30/15
12/29/1410-K
3/31/1410-Q
 List all Filings 
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Filing Submission 0001437749-15-008806   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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