Einstein Bros 2010 Annual Report Download - page 45

Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312511067286/d10k.htm[9/11/2014 10:09:09 AM]
Stockholders’ deficit:
Series A junior participating preferred stock, 700,000 shares authorized; no shares issued and outstanding
Common stock, $.001 par value; 25,000,000 shares authorized; 16,032,943, 16,057,595 and 16,355,679 shares issued and
outstanding, respectively 16 16 16 16 16 16
Additional paid-in capital 264,434 264,434 264,777 264,777 266,268 266,268
Accumulated other comprehensive loss (2,272) (2,272) (1,926) (1,926) (1,787) (1,787)
Accumulated deficit (273,526) (290,237) (267,060) (284,151) (206,199) (204,162)
Total stockholders’ (deficit)/equity (11,348) (28,059) (4,193) (21,284) 58,298 60,335
Total liabilities and stockholders’ deficit $ 168,638 $ 168,638 $ 150,103 $ 150,103 $ 213,792 $ 215,829
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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
March 31, 2009 June 30, 2009 September 29, 2009
As reported As restated As reported As restated As reported As restated
Revenues:
Company-owned restaurant sales $ 90,454 $ 90,454 $ 95,052 $ 95,052 $ 91,237 $ 91,237
Manufacturing and commissary revenues 8,127 8,127 7,613 7,613 7,050 7,050
Franchise and license related revenues 1,842 1,842 1,693 1,693 1,759 1,759
Total revenues 100,423 100,423 104,358 104,358 100,046 100,046
Cost of sales:
Company-owned restaurant costs 76,997 76,997 76,844 76,844 75,232 75,232
Manufacturing and commissary costs 6,997 6,997 6,635 6,635 6,187 6,187
Total cost of sales 83,994 83,994 83,479 83,479 81,419 81,419
Gross profit 16,429 16,429 20,879 20,879 18,627 18,627
Operating expenses:
General and administrative expenses 9,280 9,280 8,993 8,993 8,100 8,100
Depreciation and amortization 4,033 4,033 4,106 4,106 4,222 4,222
Net loss (gain) on disposal of assets (1) (1) (235) (235) 92 92
Income from operations 3,117 3,117 8,015 8,015 6,213 6,213
Other expense:
Interest expense, net 1,190 1,190 1,156 1,156 1,894 1,894
Income before income taxes 1,927 1,927 6,859 6,859 4,319 4,319
Provision (benefit) for income tax 77 457 393 773 (56,542) (75,670)
Net income $ 1,850 $ 1,470 $ 6,466 $ 6,086 $ 60,861 $ 79,989
Net income per common share—Basic $ 0.12 $ 0.10 $ 0.40 $ 0.38 $ 3.75 $ 4.93
Net income per common share—Diluted $ 0.11 $ 0.09 $ 0.39 $ 0.37 $ 3.65 $ 4.80
Weighted average number of common shares outstanding:
Basic 16,025,935 16,025,935 16,047,305 16,047,305 16,236,271 16,236,271
Diluted 16,216,152 16,216,152 16,412,363 16,412,363 16,693,843 16,693,843
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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 30, 2010, June 29, 2010 and September 28, 2010.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
(Unaudited)
March 30, 2010 June 29, 2010 September 28, 2010
As reported As restated As reported As restated reported As restated
ASSETS
Current assets:
Cash and cash equivalents $ 10,766 $ 10,766 $ 9,363 $ 9,363 $ 12,447 $ 12,447
Restricted cash 547 547 446 446 586 586
Accounts receivable 5,674 5,674 4,422 4,422 6,114 6,114
Inventories 5,003 5,003 5,117 5,117 5,231 5,231
Current deferred income tax assets 7,029 7,304 5,856 6,094 4,814 5,017
Prepaid expenses 6,903 6,903 6,331 6,331 6,632 6,632
Other current assets 73 73 122 122 66 66
Total current assets 35,995 36,270 31,657 31,895 35,890 36,093
Property, plant and equipment, net 58,616 58,616 58,071 58,071 55,757 55,757
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 45,209 46,971 43,983 45,782 43,608 45,442
Debt issuance costs and other assets, net 2,900 2,900 2,844 2,844 2,701 2,701
Total assets $ 211,532 $ 213,569 $ 205,367 $ 207,404 $ 206,768 $ 208,805
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 6,138 $ 6,138 $ 5,994 $ 5,994 $ 6,581 $ 6,581
Accrued expenses and other current liabilities 23,170 23,170 18,207 18,207 21,675 21,675
Current portion of long-term debt 11,900 11,900 11,900 11,900 11,900 11,900
Current portion of obligations under capital leases 20 20 18 18 20 20
Mandatorily redeemable, Series Z Preferred Stock, $.001 par value, $1,000 per share liquidation value; 57,000 shares authorized; 9,495, 6,481 and 0 shares outstanding 9,352 9,352 6,404 6,404 — —
Total current liabilities 50,580 50,580 42,523 42,523 40,176 40,176
Long-term debt 74,328 74,328 74,103 74,103 73,878 73,878
Long-term obligations under capital leases 15 15 12 12 16 16
Other liabilities 12,328 12,328 12,565 12,565 12,252 12,252
Total liabilities 137,251 137,251 129,203 129,203 126,322 126,322