Einstein Bros 2005 Annual Report Download - page 15

http://www.sec.gov/Archives/edgar/data/949373/000110465906016136/a06-3178_110k.htm[9/11/2014 10:13:03 AM]
Second Quarter
$ 4.35
$ 2.00
Third Quarter $ 3.50 $ 1.50
Fourth Quarter $ 6.03 $ 2.50
Year ended December 28, 2004: High Low
First Quarter
$ 8.00 $ 3.00
Second Quarter $ 4.99 $ 2.50
Third Quarter $ 2.98 $ 1.75
Fourth Quarter $ 3.10 $ 1.60
As of March 6, 2006, there were 385 holders of record of our common stock. This number does not include individual stockholders who own
common stock registered in the name of a nominee under nominee security listings.
We have not declared or paid any cash dividends on our common stock since our inception. We do not intend to pay any cash dividends in the
foreseeable future, and we are precluded from paying cash dividends on our common stock under our financing agreements.
Sales of Unregistered Securities
During the fiscal year of 2005, we received consideration of $221,000 and issued 216,359 shares of our common stock upon the exercise of
certain warrants granted by us subject to registration rights agreements. We issued these warrants to the warrant holders in private financing
transactions related to our issuance of increasing rate notes that were repaid in July 2003. Securities issued were offered and sold in reliance upon
the exemption from registration under Section 4(2) of the Securities Act, relating to sales by an issuer not involving a public offering. The sales of
securities were made without the use of an underwriter. The recipients of the securities represented their intention to acquire the securities for
investment only and not with a view to or for sale in connection with any distribution thereof in the absence of an effective registration statement
and restrictive legends were affixed to the share certificates issued. We have filed a registration statement for the resale of shares underlying the
warrants.
18
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data for each fiscal year was extracted or derived from our consolidated financial statements which have been
audited by Grant Thornton LLP, our independent registered public accounting firm.
Fiscal years ended(1):
Jan 3, 2006 Dec 28, 2004 Dec 30, 2003 Dec 31, 2002 Jan 1, 2002
(53 wks) (52 wks) (52 wks) (52 wks) (52 wks)
(in thousands of dollars, except per share amounts)
Results of Operations
Revenues $ 389,093 $ 373,860 $ 383,306 $ 398,650 $ 234,175
Cost of sales 315,391 306,661 317,690 321,506 189,403
Gross margin
73,702 67,199 65,616 77,144 44,772
Gross margin as percent of sales 18.9% 18.0% 17.1% 19.4% 19.1%
General and administrative expenses 36,096 32,755 41,794 42,640 28,647
Depreciation and amortization 26,316 27,848 34,013 35,047 18,260
Loss (gain) on sale, disposal or abandonment
of assets, net 314 1,557 (558) — —
Charges for integration and
reorganization costs 5 (869) 2,132 4,194 4,432
Impairment charge 1,603 450 5,292 — 3,259
Income (loss) from operations
9,368 5,458 (17,057) (4,737) (9,826)
Interest expense, net(2) 23,698 23,196 34,184 42,883 47,104
Cumulative change in the fair value
of derivatives — — (993) (233) (57,680)
Gain on sale of debt securities — — (374) (2,537) (241)
Loss on exchange of Series F due to
Equity Recap — — 23,007 — —
Loss on extinguishment of Greenlight
obligation — — — — 16,641
Permanent impairment in the value of
investment in debt securities — — — — 5,805