Einstein Bros 2008 Annual Report Download - page 59

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Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312509042707/d10k.htm[9/11/2014 10:10:56 AM]
2006 2007 2008
(in thousands)
Expected tax provision (benefit) at 35% $(2,403) $ 4,565 $ 7,762
State tax provision (benefit), net of federal provision (benefit) (216) 1,157 1,381
Interest rate swap — — (865)
Other, net 74 421 824
Deferred taxes related to change in tax accounting method — 2,421 —
Expired tax carryforwards — 1,132 —
Effect of change in tax rate — (3,153) 1,197
Change in valuation allowance 2,545 (6,089) (9,199)
Total provision for taxes $— $ 454 $ 1,100
The income tax effects of temporary differences that give rise to significant portions of deferred tax assets as of January 2, 2007, January 1, 2008
and December 30, 2008 are as follows:
2006 2007 2008
(in thousands)
Deferred tax assets
Operating loss carryforwards $ 59,990 $ 59,228 $ 52,937
Interest rate swap — — 966
California wage and hour settlements — — 743
Senior management transition costs — — 326
Capital loss carryforwards 1,237 — —
Accrued expenses 1,999 493 (911)
§481(a) tax accounting method change — (1,733) (1,028)
Allowances for doubtful accounts 193 241 84
Deferred rent 4 272 809
Other assets — (209) (52)
Property, plant and equipment 17,727 16,517 11,449
Alternative minimum tax — 252 539
Total gross deferred tax asset 81,150 75,061 65,862
Less valuation allowance (81,150) (75,061) (65,862)
Total deferred tax asset $— $— $—
75
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
17. SUPPLEMENTAL CASH FLOW INFORMATION
52 weeks ended
January 2, January 1, December 30,
2007 2008 2008
(in thousands)
Cash paid during the year to date period ended:
Interest related to:
$160 Million Notes $ 3,293 $— $—
Term Loans 10,855 11,111 5,477
$25 Million Subordinated Note 1,412 825 —
Other 575 319 226
Prepayment penalty upon redemption of debt $ 4,800 $ 240 $—
Income taxes $ 184 $ 274 $ 1,092
Non-cash investing activities:
Non-cash purchase of equipment through capital leasing $ 205 $ 24 $ 36
Non-cash addition of leasehold improvements provided by lessor $— $ 1,672 $—
Change in accrued expenses for purchases of property and equipment $ 2,955 $ (2,125) $ (115)