Buffalo Wild Wings 2005 Annual Report Download - page 30
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We received net proceeds, after expenses, from the IPO of $49.7 million.
Offering expenses related to the IPO included an underwriting discount of $3.9
million and other offering expenses of $1.6 million. We used $10.6 million of
the net proceeds for the repayment of capital leases and bank notes. The
remaining proceeds are expected to be used for general corporate purposes,
including opening new restaurants and renovation and maintenance of existing
restaurants, acquiring existing restaurants from franchisees, research and
development, working capital, and capital expenditures. We invest our cash
balances in short−term investment instruments with the focus on protection of
principal, adequate liquidity and maximization of after−tax returns. These
investments include, but are not limited to high quality money market funds,
commercial paper, U.S. government−backed instruments, repurchase agreements,
municipal securities, and asset−backed securities.
We have experienced positive same store sales and solid financial
performance in both 2004 and 2005 with cash flow from operations of $21.4 and
$24.7 million, respectively. These amounts were adequate to fund expansion of
new company−owned restaurants.
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