Einstein Bros 2004 Annual Report Download - page 34

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http://www.sec.gov/Archives/edgar/data/949373/000104746905006202/a2153240z10-k.htm[9/11/2014 10:13:29 AM]
OPERATING ACTIVITIES:
Net loss $ (17,405) $ (73,521) $ (44,894)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization 27,848 34,013 35,047
Stock based compensation expense 68 — 117
Loss, net of gains, on disposal of assets and impairment charges 1,872 4,734
Gain on investment in debt securities — (374) (2,537)
Charges (adjustments) of integration and reorganization costs (869) 2,132 4,194
Provision for (recovery of) losses on accounts receivable 177 1,815 639
Cumulative change in fair value of derivatives — (993) (233)
Amortization of debt issuance and debt discount costs 1,849 3,138 10,605
Notes issued as paid in kind for interest on Bridge Loan — 395 3,526
Issuance of standstill and step-up warrants — 3,132 —
Greenlight interest — 1,025 1,784
Loss on exchange of Series F Preferred Stock due to Equity Recap — 23,007 —
Reduction in Bridge Loan due to Equity Recap — (500) —
Changes in operating assets and liabilities:
Franchise and other receivables (1,458) (1,688) 3,394
Accounts payable and accrued expenses (2,112) 8,516 (14,272)
Other assets and liabilities 1,140 (2,816) (4,040)
Net cash provided by (used in) operating activities 11,110 2,015 (6,670)
INVESTING ACTIVITIES:
Purchase of property and equipment (9,393) (6,921) (5,172)
Proceeds from the sale of equipment 543 558 —
Proceeds from the sale of assets held for sale — — 1,397
Proceeds from investment in debt securities — 374 36,711
Net cash provided by (used in) investing activities (8,850) (5,989) 32,936
FINANCING ACTIVITIES:
Proceeds (repayments) of line of credit, net (985) (5,000) 6,000
Repayment of notes payable (1,105) (1,131) (37,039)
Proceeds from issuance of $160 Million Indenture — 160,000 —
Repayment of $140 Million Facility — (140,000) —
Advance funding of NJEDA (restricted cash) — (1,684) —
Debt issuance costs — (8,571) —
Common stock issued upon warrant exercise 7 — —
Net cash provided by (used in) financing activities (2,083) 3,614 (31,039)
Net increase (decrease) in cash 177 (360) (4,773)
Cash and cash equivalents, beginning of period 9,575 9,935 14,708
Cash and cash equivalents, end of period $ 9,752 $ 9,575 $ 9,935
The accompanying notes are an integral part of these consolidated financial statements.
40
NEW WORLD RESTAURANT GROUP, INC. AND SUBSIDIARIES