Einstein Bros 2009 Annual Report Download - page 59

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Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312510040721/d10k.htm[9/11/2014 10:09:50 AM]
Fiscal year 2009:
1st Quarter
(13 wks)
2nd Quarter
(13 wks)
3rd Quarter
(13 wks)
4th Quarter
(13 wks)
(in thousands, except earnings per share and
related share information)
Revenue $ 100,423 $ 104,358 $ 100,046 $ 103,735
Gross profit $ 16,429 $ 20,879 $ 18,627 $ 21,797
Income from operations $ 3,117 $ 8,015 $ 6,213 $ 7,572
Net income (b) $ 1,850 $ 6,466 $ 60,861 $ 2,818
Net income per common share – Basic $ 0.12 $ 0.40 $ 3.75 $ 0.17
Net income per common share – Diluted $ 0.11 $ 0.39 $ 3.65 $ 0.17
Weighted average number of common shares outstanding:
Basic 16,025,935 16,047,305 16,236,271 16,392,052
Diluted 16,216,152 16,412,363 16,693,843 16,730,940
74
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(a) In connection with the debt redemption and our amended credit facility, we wrote off $2.1 million of debt issuance costs and $0.5 million of
debt discount, and paid a redemption premium in the amount of $0.2 million during the second quarter ended 2007.
(b) In the third quarter of 2009, we reduced our $65.9 million valuation allowance by $61.0 million to $4.9 million and recorded a $56.8 deferred
income tax benefit.
19. SUBSEQUENT EVENTS
As of January 26, 2010, the Company and Fiera resolved their differences with regard to the matter described in Note 16 by executing
Minutes of Settlement that provide for dismissal of Fiera’ s lawsuit in the Ontario Court, a supply agreement, and a mutual full and final release.
75
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC.
Schedule II—Valuation and Qualifying Accounts
Balance at
beginning
of period Additions (a) Deductions (b)
Balance
at end
of period
(In thousands of dollars)
For the fiscal year ended January 1, 2008:
Allowance for doubtful accounts $ 505 502 (401) $ 606
Valuation allowance for deferred taxes $ 81,150 — (6,089) $75,061
For the fiscal year ended December 30, 2008:
Allowance for doubtful accounts $ 606 157 (547) $ 216
Valuation allowance for deferred taxes $ 75,061 — (9,199) $65,862
For the fiscal year ended December 29, 2009:
Allowance for doubtful accounts $ 216 206 (281) $ 141
Valuation allowance for deferred taxes $ 65,862 (60,953) $ 4,909
Notes:
(a) Amounts charged to costs and expenses.
(b) Bad debt write-offs and charges to reserves.