Einstein Bros 2010 Annual Report Download - page 44

Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312511067286/d10k.htm[9/11/2014 10:09:09 AM]
Total liabilities and stockholders’ deficit $ 154,159 $ 154,159 $ 159,968 $ 159,968 $ 167,722 $ 167,722
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Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share and related share information)
(unaudited)
Thirteen weeks ended
April 1, 2008 July 1, 2008 September 30, 2008
As reported As restated As reported As restated As reported As restated
Revenues:
Company-owned restaurant sales $ 93,610 $ 93,610 $ 96,321 $ 96,321 $ 92,400 $ 92,400
Manufacturing and commissary revenues 8,088 8,088 7,640 7,640 6,991 6,991
Franchise and license related revenues 1,566 1,566 1,453 1,453 1,504 1,504
Total revenues 103,264 103,264 105,414 105,414 100,895 100,895
Cost of sales:
Company-owned restaurant costs 75,825 75,825 76,648 76,648 75,189 75,189
Manufacturing and commissary costs 7,860 7,860 7,224 7,224 6,523 6,523
Total cost of sales 83,685 83,685 83,872 83,872 81,712 81,712
Gross profit 19,579 19,579 21,542 21,542 19,183 19,183
Operating expenses:
General and administrative expenses 10,743 10,743 9,540 9,540 7,652 7,652
California wage and hour settlements — — — — 1,900 1,900
Depreciation and amortization 3,204 3,204 3,345 3,345 3,644 3,644
Loss on sale, disposal or abandonment of assets, net 69 69 63 63 (10) (10)
Impairment charges and other related costs — — 54 54 — —
Income from operations 5,563 5,563 8,540 8,540 5,997 5,997
Other expense:
Interest expense, net 1,579 1,579 1,328 1,328 1,250 1,250
Income before income taxes 3,984 3,984 7,212 7,212 4,747 4,747
Provision for income taxes 142 484 298 640 210 552
Net income $ 3,842 $ 3,500 $ 6,914 $ 6,572 $ 4,537 $ 4,195
Net income per common share—
Basic $ 0.24 $ 0.22 $ 0.43 $ 0.41 $ 0.28 $ 0.26
Net income per common share— Diluted $ 0.23 $ 0.21 $ 0.42 $ 0.40 $ 0.28 $ 0.26
Weighted average number of common shares outstanding:
Basic 15,890,879 15,890,879 15,925,876 15,925,876 15,948,180 15,948,180
Diluted 16,451,556 16,451,556 16,398,822 16,398,822 16,412,748 16,412,748
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Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
The following sets forth the effects of the restatement to the Company’ s Consolidated Balance Sheets as of March 31, 2009, June 30, 2009 and September 29, 2009 and to the Company’ s Consolidated
Statements of Operations for the quarterly periods then ended.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
(Unaudited)
March 31, 2009 June 30, 2009 September 29, 2009
As reported As restated As reported As restated As reported As restated
ASSETS
Current assets:
Cash and cash equivalents $ 21,359 $ 21,359 $ 3,215 $ 3,215 $ 11,103 $ 11,103
Restricted cash 472 472 386 386 447 447
Accounts receivable, net of allowance for doubtful accounts of $230, $179 and $181, respectively 6,461 6,461 6,212 6,212 6,177 6,177
Inventories 5,061 5,061 5,073 5,073 4,948 4,948
Current deferred income tax assets — — — — 8,221 8,221
Prepaid expenses and other current assets 4,927 4,927 5,293 5,293 5,366 5,366
Total current assets 38,280 38,280 20,179 20,179 36,262 36,262
Property, plant and equipment, net 58,564 58,564 57,827 57,827 57,070 57,070
Trademarks and other intangibles, net 63,831 63,831 63,831 63,831 63,831 63,831
Goodwill 4,981 4,981 4,981 4,981 4,981 4,981
Long-term deferred income tax assets, net — — — — 48,462 50,499
Debt issuance costs and other assets, net 2,982 2,982 3,285 3,285 3,186 3,186
Total assets $ 168,638 $ 168,638 $ 150,103 $ 150,103 $ 213,792 $ 215,829
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable $ 5,649 $ 5,649 $ 4,925 $ 4,925 $ 4,270 $ 4,270
Accrued expenses and other current liabilities 22,807 22,807 18,513 18,513 22,255 22,255
Current portion of long-term debt 5,752 5,752 6,786 6,786 6,407 6,407
Current portion of obligations under capital leases 42 42 27 27 24 24
Mandatorily redeemable, Series Z Preferred Stock, $.001 par value, $1,000 per share liquidation value; 57,000 shares
authorized; 57,000, 37,000 and 37,000 shares issued and outstanding, respectively 57,000 57,000 37,000 37,000 37,000 37,000
Total current liabilities 91,250 91,250 67,251 67,251 69,956 69,956
Long-term debt 74,485 74,485 73,226 73,226 73,605 73,605
Long-term deferred income tax liabilities — 16,711 — 17,091 — —
Long-term obligations under capital leases 35 35 30 30 24 24
Other liabilities 14,216 14,216 13,789 13,789 11,909 11,909
Total liabilities 179,986 196,697 154,296 171,387 155,494 155,494
Commitments and contingencies