Einstein Bros 2013 Annual Report Download - page 42

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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312514073832/d629623d10k.htm[9/11/2014 10:05:27 AM]
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’ s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013,
based on criteria established in the 1992 Internal Control—Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated
financial statements of the Company as of and for the year ended December 31, 2013, and our report dated February 27, 2014, expressed an
unqualified opinion on those financial statements.
/s/ GRANT THORNTON LLP
Denver, Colorado
February 27, 2014
54
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
January 1,
2013
December 31,
2013
ASSETS
Current assets:
Cash and cash equivalents $ 17,432 $ 5,982
Restricted cash 998 1,287
Accounts receivable, net of $106 and $183 of allowances 9,024 9,875
Inventories 5,382 5,634
Current deferred income tax assets, net 8,190 9,920
Prepaid expenses 7,059 7,252
Other current assets 661 682
Total current assets 48,746 40,632
Property, plant and equipment, net 63,013 64,229
Trademarks and other intangibles, net 64,260 64,486
Goodwill 10,775 10,775
Long-term deferred income tax assets, net 22,726 14,140
Other assets 4,093 3,992
Total assets $ 213,613 $ 198,254
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 10,243 $ 13,485
Accrued expenses and other current liabilities 28,104 25,773
Current portion of long-term debt 5,000 3,750
Total current liabilities 43,347 43,008
Long-term debt 131,700 103,250
Other liabilities 11,059 13,037
Mandatorily redeemable, Series Z Preferred Stock, $.001 par value, $1,000 per share liquidation value;
57,000 shares authorized; 0 shares outstanding — —
Total liabilities 186,106 159,295