Einstein Bros 2002 Annual Report Download - page 23

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http://www.sec.gov/Archives/edgar/data/949373/000104746903027186/a2116520z10-ka.htm[9/11/2014 10:14:22 AM]
dates through 2021. As a result of ownership changes, which resulted from the issuance of warrants in connection with the sale of Series F
preferred stock and the acquisition of Manhattan Bagel Company, our ability to utilize the loss carryforwards is subject to limitations as defined in
Section 382 of the Internal Revenue Code, as amended.
At December 31, 2002, January 1, 2002 and December 31, 2000, we have recorded full valuation allowances against our deferred tax assets.
The valuation allowances are based upon management's current assessment of our ability to realize the related tax benefits considering the
limitations imposed by Section 382 of the Internal Revenue Code, the status of our integration of the operations of Einstein, and our history of
operating losses.
26
Supplemental Unaudited Pro Forma Analysis
The following table sets forth our audited financial and unaudited operating data for fiscal 2002 and our unaudited pro forma combined
financial and operating data for fiscal 2001 and fiscal 2000. The pro forma combined financial data for fiscal 2000 and fiscal 2001 presented below
is unaudited and gives effect to the Einstein Acquisition as if it had occurred at the beginning of fiscal 2000. See Footnote 4 to the Notes to the
Consolidated Financial Statements included in this Form 10-K.
Fiscal Year Ended
December 31,
2002
January 1,
2002(1)
December 31,
2000(2)
(Dollars in millions)
Income Statement Data:
Revenues:
Einstein Bros. and Noah's $ 375.8 $ 365.6 $ 375.7
New World(3) 22.9 38.2 43.1
Total revenues $ 398.7 $ 403.8 $ 418.8
Cost of sales 321.5 333.1 345.4
General and administrative 46.9 42.9 47.1
Depreciation and amortization 30.6 28.9 31.3
Provision for reorganization — 10.3 18.3
Non cash charge in connection with realization of assets — 3.3 1.1
Loss from operations $ (0.3) $ (14.7) $ (24.4)
Other Operating Data:
Company-operated locations:(4)
Einstein Bros. and Noah's 452 453 458
New World(3) 8 30 44
Total Company-operated locations 460 483 502
Licensed/franchised locations:(4)
Einstein Bros. and Noah's 26 9 5
New World(3) 265 278 307
Total licensed/franchised locations 291 287 312
Increase in company-operated same store sales(5) 1.9% 2.5% 4.6%
(1) Effective fiscal year 2001, we changed our fiscal year end to the Tuesday closest to December 31.
(2) Fiscal year 2000 was a 53-week year.
(3) Includes Manhattan, Chesapeake, New World Coffee and Willoughby's brands.
(4) Number of locations is determined as of the end of the relevant period.