Einstein Bros 2005 Annual Report Download - page 32

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http://www.sec.gov/Archives/edgar/data/949373/000110465906016136/a06-3178_110k.htm[9/11/2014 10:13:03 AM]
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JANUARY 3, 2006, DECEMBER 28, 2004 AND DECEMBER 30, 2003
(in thousands)
January 3, December 28, December 30,
2006 2004 2003
OPERATING ACTIVITIES:
Net loss $ (14,018)
$ (17,405)
$ (73,521)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and amortization 26,316 27,848 34,013
Stock based compensation expense 69 68 —
Loss, net of gains, on disposal of assets 314 1,557 (558)
Impairment charges and other related costs 1,603 450 5,292
Charges (adjustments) of integration and reorganization costs 5 (869) 2,132
Provision for (recovery of) losses on accounts receivable, net (158) 177 1,815
Amortization of debt issuance and debt discount costs 1,848 1,849 3,138
Gain on investment in debt securities — — (374)
Cumulative change in fair value in derivatives — — (993)
Notes issued as paid in kind for interest on Bridge Loan — — 395
Issuance of standstill and step-up warrants — — 3,132
Greenlight interest — — 1,025
Loss on exchange of Series F Preferred Stock — — 23,007
Reduction in Bridge Loan — — (500)
Changes in operating assets and liabilities:
Franchise and other receivables 1,775 (1,593) (1,688)
Accounts payable and accrued expenses (12,565) (2,112) 8,516
Other assets and liabilities (3,114) 1,140 (2,816)
Net cash provided by operating activities 2,075 11,110 2,015
INVESTING ACTIVITIES:
Purchase of property and equipment (10,264) (9,393) (6,921)
Proceeds from the sale of equipment 180 543 558
Proceeds from investment in debt securities — — 374
Net cash used in investing activities (10,084) (8,850) (5,989)
FINANCING ACTIVITIES:
Proceeds from line of credit 5,455 18,120 6,020
Repayments of line of credit (5,470) (19,105) (11,020)
Repayment of other borrowings (312) (1,105) (1,131)
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 (81) — (8,571)
Proceeds upon warrant exercise 221 7 —
Net cash provided by (used in) financing activities (187) (2,083) 3,614
Net increase (decrease) in cash (8,196) 177 (360)
Cash and cash equivalents, beginning of period 9,752 9,575 9,935
Cash and cash equivalents, end of period $ 1,556
$ 9,752
$ 9,575
The accompanying notes are an integral part of these consolidated financial statements.
42
NEW WORLD RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION