Einstein Bros 2002 Annual Report Download - page 43

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http://www.sec.gov/Archives/edgar/data/949373/000104746903027186/a2116520z10-ka.htm[9/11/2014 10:14:22 AM]
CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors
New World Restaurant Group, Inc.
We have audited the accompanying consolidated balance sheets of New World Restaurant Group, Inc. and Subsidiaries as of December 31,
2002, January 1, 2002, and December 31, 2000, and the related consolidated statements of operations, changes in stockholders' equity and cash
flows for each of the three years in the period ended December 31, 2002. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above, present fairly, in all material respects, the consolidated financial position of New
World Restaurant Group, Inc. and Subsidiaries as of December 31, 2002, January 1, 2002, and December 31, 2000, and the consolidated results of
their operations and their cash flows for each of the three years in the period ended December 31, 2002, in conformity with accounting principles
generally accepted in the United States of America.
As discussed in Note 1—Goodwill, Trademarks and Other Intangibles, the Company adopted Statement of Financial Accounting Standards
No. 142, Goodwill and other Intangibles on January 2, 2002.
As discussed in Note 3, the Company restated their consolidated financial statements for the years ended January 1, 2002 and December 31,
2000, previously audited by other independent accountants who have ceased operations.
We have also audited Schedule II for each of the three years in the period ended December 31, 2002. In our opinion, this schedule, when
considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information therein.
/s/ Grant Thornton LLP
Denver, Colorado
March 26, 2003 (except for Note 19, as to which the date is July 8, 2003)
F-2
NEW WORLD RESTAURANT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2002, JANUARY 1, 2002 AND DECEMBER 31, 2000
(in thousands, except share and per share information)
As Restated
December 31,
2002
January 1,
2002
December 31,
2000
ASSETS
Current Assets:
Cash and cash equivalents $ 10,705 $ 15,478 $ 2,271
Franchise and other receivables, net 5,775 5,520 2,257
Due from bankruptcy estate — 3,918 —
Current maturities of notes receivable 194 234 231
Inventories 5,005 5,206 1,436
Prepaid expenses and other current assets 3,180 1,812 459
Investment in debt securities — 34,174 9,146
Assets held for resale — 1,397 5,196