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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312514073832/d629623d10k.htm[9/11/2014 10:05:27 AM]
57
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Year Ended
January 3.
2012
January 1,
2013
December 31,
2013
OPERATING ACTIVITIES:
Net income $ 13,203 $ 12,741 $ 14,565
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 19,259 19,707 18,203
Deferred income tax expense 6,918 7,900 6,914
Stock-based compensation expense 2,312 2,421 1,813
(Gains) losses on disposal of assets (820) 270 1,123
Realized losses on interest rate caps — 51 —
Gains on refranchising of restaurants — — (1,319)
Provision for losses on accounts receivable 69 78 149
Amortization of debt issuance and debt discount costs 449 459 604
Changes in operating assets and liabilities, net of acquisitions:
Restricted cash (180) (109) (289)
Accounts receivable (2,002) (1,328) (1,017)
Accounts payable and accrued expenses 956 7,151 747
Other assets and liabilities (1,054) (830) 1,132
Net cash provided by operating activities 39,110 48,511 42,625
INVESTING ACTIVITIES:
Purchase of property and equipment (18,242) (24,046) (19,592)
Proceeds from the sale and disposal of property and equipment 1,392 359 9
Proceeds from refranchising of restaurants — — 2,056
Acquisition of restaurant assets, net of cash acquired (6,835) (2,174) (981)
Net cash used in investing activities (23,685) (25,861) (18,508)
FINANCING ACTIVITIES:
Proceeds from line of credit 2,000 30,000 4,000
Repayments on line of credit (8,000) — (28,700)
Term loan borrowings — 38,125 —
Term loan repayments (7,500) (5,625) (5,000)
Debt issuance costs — (1,562) (631)
Dividends paid (6,273) (76,557) (9,060)
Proceeds upon stock option exercises 1,253 1,794 3,861
Payments under capital lease obligations (21) (45) (37)
Net cash used in financing activities (18,541) (13,870) (35,567)
Net (decrease) increase in cash and cash equivalents (3,116) 8,780 (11,450)
Cash and cash equivalents, beginning of period 11,768 8,652 17,432
Cash and cash equivalents, end of period $ 8,652 $ 17,432 $ 5,982
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents