Einstein Bros 2003 Annual Report Download - page 41

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http://www.sec.gov/Archives/edgar/data/949373/000104746904009609/a2132006z10-k.htm[9/11/2014 10:13:55 AM]
Proceeds from notes payable 160,000 — 171,700
Repayment of notes payable (141,131) (37,039) (14,436)
Debt issuance costs (8,571) — (7,965)
Proceeds from issuance of Series F Preferred Stock, net of fees — — 46,370
Advanced refunding of NJEDA (restricted cash) (2,028) — —
Repayment of Advanced refunding of NJEDA (restricted cash) 344 — —
Net cash provided by (used in) financing activities 3,614 (31,039) 195,669
Net increase (decrease) in cash (360) (4,773) 13,207
Cash and cash equivalents, beginning of period 9,935 14,708 1,501
Cash and cash equivalents, end of period $ 9,575 $ 9,935 $ 14,708
F-6
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 17,284 $ 24,874 $ 11,180
Income taxes $ 630 $ 366 $ 167
Non-cash investing and financing activities:
Non-cash dividends and accretion on preferred stock $ 14,423 $ 27,594 $ 58,520
Temporary increase (decrease) in fair value of investment in debt securities $ — $ — $ 4,742
Conversion of Series D preferred stock to Mandatorily Redeemable Series F
preferred stock $ — $ — $ 16,398
Conversion of Bridge Loan and Greenlight obligation to Mandatorily
Redeemable Series F preferred stock $ 18,588 $ — $ —
Conversion of Mandatorily Redeemable Series F to Mandatorily Redeemable
Series Z preferred stock $ 57,000 $ — $ —
Conversion of Mandatorily Redeemable Series F to common stock $ 61,706 $ — $ —
Non-cash warrant issuance $ 1,854 $ 6,321 $ 34,003
DETAILS OF ACQUISITION:
Tangible assets acquired — — $ 111,907
Intangible assets acquired — — 97,784
Notes receivable extinguished — — —
Estimated accruals and liabilities assumed — — (46,354)
Cash paid for acquisition — — 163,337
Less cash acquired — — 1,846
Net cash paid for acquisition — — $ 161,491
The accompanying notes are an integral part of these consolidated financial statements.
F-7
NEW WORLD RESTAURANT GROUP, INC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Nature of Business, Organization and Significant Accounting Policies
Nature of Business and Organization
We are a leader in the quick casual segment of the restaurant industry with 736 locations in 32 states plus the District of Columbia as of
December 30, 2003. We specialize in high-quality foods for breakfast and lunch in a café atmosphere with a neighborhood emphasis. Our product
offerings include fresh baked goods, made-to-order sandwiches on a variety of breads and bagels, soups, salads, desserts, premium coffees and
other café beverages. As of December 30, 2003, our retail system consisted of 464 company-operated, 231 franchised and 41 licensed locations.
We also operate a dough production and a coffee roasting facility.
We operate as a single business segment with a focus on our company-operated restaurants. Our manufacturing and franchise operations are
either supportive or ancillary to our main business focus. In October 2003, we appointed a new senior management team. This team is assessing