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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312514073832/d629623d10k.htm[9/11/2014 10:05:27 AM]
Commitments and contingencies (Note 17)
Stockholders’ equity:
Series A junior participating preferred stock, 700,000 shares authorized; no shares issued and
outstanding — —
Common stock, $.001 par value; 25,000,000 shares authorized; 17,077,472 and 17,588,710 shares
issued and outstanding 17 18
Additional paid-in capital 277,951 283,624
Accumulated other comprehensive loss, net of income tax — (89)
Accumulated deficit (250,461) (244,594)
Total stockholders’ equity 27,507 38,959
Total liabilities and stockholders’ equity $ 213,613 $ 198,254
The accompanying notes are an integral part of these consolidated financial statements.
55
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except earnings per share and related share information)
Fiscal Year Ended
January 3,
2012
January 1,
2013
December 31,
2013
Revenues:
Company-owned restaurant sales $ 378,723 $ 384,783 $ 388,362
Manufacturing and commissary revenues 34,542 31,037 33,585
Franchise and license related revenues 10,330 11,186 12,534
Total revenues 423,595 427,006 434,481
Cost of sales (exclusive of depreciation and amortization shown separately below):
Company-owned restaurant costs
Cost of goods sold 112,002 106,925 109,122
Labor costs 110,467 111,784 113,849
Rent and related expenses 40,277 41,993 44,233
Other operating costs 39,092 40,320 42,962
Marketing costs 9,796 11,380 10,906
Total company-owned restaurant costs 311,634 312,402 321,072
Manufacturing and commissary costs 30,441 24,236 24,779
General and administrative expenses 36,774 39,569 40,350
Depreciation and amortization 19,259 19,707 18,203
Pre-opening expenses 265 1,115 1,075
Restructuring expenses 1,099 480 —
Strategic alternatives expense — 3,677 —
Other operating (income) expenses, net (395) 1,592 1,138
Total costs and expenses 399,077 402,778 406,617
Income from operations 24,518 24,228 27,864
Other expense:
Interest expense, net 3,357 3,384 5,970
Income before income taxes 21,161 20,844 21,894
Provision for income taxes 7,958 8,103 7,329
Net income $ 13,203 $ 12,741 $ 14,565
Unrealized loss on interest rate caps, net of tax (48) (3) (89)
Reclassification of losses included in net income, net of tax — 51 —
Comprehensive income $ 13,155 $ 12,789 $ 14,476
Net income available to common stockholders per share – Basic $ 0.79 $ 0.75 $ 0.84