Einstein Bros 2003 Annual Report Download - page 59

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http://www.sec.gov/Archives/edgar/data/949373/000104746904009609/a2132006z10-k.htm[9/11/2014 10:13:55 AM]
(i) We were obligated under a mortgage payable of $208,000 on a former plant in South Carolina. The mortgage bore interest at prime plus
1.25% and was scheduled to mature in March 2010. The mortgage was secured by the associated real estate. This property was sold and the
mortgage repaid in full during 2003.
Scheduled debt maturities are as follows:
Year
December 30, 2003
(amounts in thousands)
2004 $ 2,105
2005 280
2006 280
2007 280
2008 160,280
Thereafter —
$ 163,225
7. Accrued Expenses
Accrued expenses consist of the following:
December 30,
2003
December 31,
2002
(amounts in thousands)
Accrued payroll and related bonuses $ 11,664 $ 13,949
Accrued reorganization 4,073 2,768
Accrued vendor payments 5,979 4,210
Accrued taxes 2,140 2,310
Accrued interest 10,039 4,342
Gift certificate liability 2,301 1,789
Accrued utilities 959 1,115
Other 716 505
Total $ 37,871 $ 30,988
F-29
8. Mandatorily Redeemable Series Z Preferred Stock
On September 24, 2003, our shareholders approved the conversion of the Halpern Denny Interests into 57,000 shares of Mandatorily
Redeemable Series Z Preferred Stock ("Series Z") pursuant to the terms of the Equity Recap (Note 1). The major provisions of the Series Z are:
•2,000,000 shares authorized;
•par value of $0.001 per share;
•mandatory redemption is the earlier of a merger or change of control or June 30, 2009;
•shares are non-voting (except for certain limited voting rights with respect to specified events);
•liquidation value is $1,000.00 per share;
•