Einstein Bros 2010 Annual Report Download - page 17

Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312511067286/d10k.htm[9/11/2014 10:09:09 AM]
Reconciliation of Non-GAAP Measures to GAAP Measures
52 weeks ended
December 29,
2009
December 28,
2010
(As Restated)
(dollars in thousands)
Net income $ 90,363 $ 10,623
Adjustments to net income:
Interest expense, net 6,114 5,135
Provision (benefit) for income taxes (71,560) 9,918
Depreciation and amortization 16,627 17,769
Write-off of debt issuance costs upon redemption of term loan — 966
Adjustment for Series Z modification — 929
Restructuring expense — 477
Other operating expenses (income) 725 (531)
Adjusted EBITDA $ 42,269 $ 45,286
33
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC.
NON-GAAP FINANCIAL INFORMATION
52 weeks ended
December 29,
2009
December 28,
2010
(As Restated)
(in thousands, except earnings per share and
related share information)
Net income available to common stockholders $ 90,363 $ 11,308
Adjustments for:
Less: Change in tax valuation allowance (79,321) —
Add: Reversing effect of residual tax amount in other comprehensive income related to cash flow hedge — 500
Add: Write-off of debt issuance costs upon redemption of term loan — 966
Add: Restructuring expenses — 477
Less: Tax effects related to debt issuance costs and restructuring expenses — (564)
Add: Adjustment for Series Z modification — 929
Less: Accretion of premium on Series Z preferred stock — (1,072)
Less: Amortization of discount on Series Z preferred stock — 143
Adjusted net income $ 11,042 $ 12,687
Weighted average number of common shares outstanding:
Basic 16,175,391 16,532,420
Diluted 16,526,869 16,804,726
Net income per share available to common stockholders—Basic $ 5.59 $ 0.68
Adjustments for:
Less: Change in tax valuation allowance $ (4.91) $—
Add: Reversing effect of residual tax amount in other comprehensive income related to cash flow hedge $— $ 0.03
Add: Write-off of debt issuance costs upon redemption of term loan $— $ 0.06
Add: Restructuring expenses $— $ 0.02
Less: Tax effects related to debt issuance costs and restructuring expenses $— $ (0.03)
Add: Adjustment for Series Z modification $— $ 0.06
Less: Accretion of premium on Series Z preferred stock $— $ (0.06)
Less: Amortization of discount on Series Z preferred stock $— $ 0.01
Adjusted net income per common share—Basic $ 0.68 $ 0.77
Net income per share available to common stockholders—Diluted $ 5.47 $ 0.67
Adjustments for:
Less: Change in tax valuation allowance $ (4.80) $—
Add: Reversing effect of residual tax amount in other comprehensive income related to cash flow hedge $— $ 0.02
Add: Write-off of debt issuance costs upon redemption of term loan $— $ 0.06
Add: Restructuring expenses $— $ 0.02
Less: Tax effects related to debt issuance costs and restructuring expenses $— $ (0.04)
Add: Adjustment for Series Z modification $— $ 0.06
Less: Accretion of premium on Series Z preferred stock $— $ (0.05)
Less: Amortization of discount on Series Z preferred stock $— $ 0.01
Adjusted net income per common share—Diluted $ 0.67 $ 0.75
34
Table of Contents
Results of Operations for 2009 as compared to 2008
Consolidated Results
52 weeks ended
(dollars in thousands)
Increase/
(Decrease)
Percentage of
total revenues
December 30,
2008
December 29,
2009
2009
vs. 2008
December 30,
2008
December 29,
2009
(As Restated) (As Restated) (As Restated) (As Restated)
Revenues $ 413,450 $ 408,562 (1.2%)
Cost of sales 331,682 330,830 (0.3%) 80.2% 81.0%
Total gross profit 81,768 77,732 (4.9%) 19.8% 19.0%
Operating expenses 54,152 52,815 (2.5%) 13.1% 12.9%