Ignite Restaurant gets more time from lenders, Nasdaq to file 10-Q

By Toni Weeks

San Diego, Oct. 19 - Ignite Restaurant Group, Inc. has received a waiver through Nov. 15 from the lenders under its senior secured credit facility related to the filing with the Securities and Exchange Commission of the company's Quarterly Reports on Form 10-Q for the second quarter ended June 18.

According to a press release, the waiver will give the company more time to complete the review of its historical accounting for fixed assets and related depreciation expense in prior periods as a private company.

In addition, Nasdaq has granted the company's request for an exception to Listing Rule 5250(c)(1) in connection with the delay in the filing of the 10-Q. The Nasdaq exception is conditioned on the company filing the 10-Q by Nov. 16.

The company previously announced that following an internal assessment of its lease accounting policies, it found it necessary to correct non-cash related errors for the accounting treatment of some leases.

Ignite said it will host a conference call on Oct. 30 at 5 p.m. ET to discuss the completion of the accounting review and the restatement of its previously issued financial statements. The company will also go over second and third quarter 2012 results in the call.

Houston-based Ignite owns and operates two restaurant brands: Joe's Crab Shack and Brick House Tavern + Tap.

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