Einstein Bros 2011 Annual Report Download - page 20

Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312512092597/d260635d10k.htm[9/11/2014 10:08:30 AM]
Manufacturing and commissary costs 24,792 28,566 26,573 25,566 30,441
General and administrative expenses 40,635 36,356 35,463 38,502 36,786
California wage and hour settlements — 1,900 — — —
Senior management transition costs — 1,335 — — —
Restructuring expenses — — — 477 1,099
Depreciation and amortization 11,192 14,100 16,627 17,769 19,259
Loss/(gain) on sale, disposal or abandonment of assets,
net of gains 601 198 (93) (531) (395)
Impairment charges and other related costs 236 263 818 — —
Income from operations 28,266 27,616 24,917 27,571 24,518
Interest expense, net (1) 12,387 5,439 6,114 5,135 3,357
Write-off of debt issuance costs upon redemption of
term loan 2,071 — — 966 —
Adjustment for Series Z Modification — — — 929 —
Income before income taxes 13,040 22,177 18,803 20,541 21,161
Provision (benefit) for income taxes 2,499 2,468 (71,560) 9,918 7,958
Net income $ 10,541 $ 19,709 $ 90,363 $ 10,623 $ 13,203
Net income $ 10,541 $ 19,709 $ 90,363 $ 10,623 $ 13,203
Less: Additional redemption on temporary equity — — — (387) —
Add: Accretion of premium on Series Z preferred stock — — — 1,072 —
Net income available to common stockholders $ 10,541 $ 19,709 $ 90,363 $ 11,308 $ 13,203
Per share data:
Weighted average number of common shares
outstanding -
Basic 13,497,841 15,934,796 16,175,391 16,532,420 16,629,098
Diluted 14,235,625 16,378,965 16,526,869 16,804,726 16,880,321
Net income available to common stockholders per share
-
Basic $ 0.78 $ 1.24 $ 5.59 $ 0.68 $ 0.79
Diluted $ 0.74 $ 1.20 $ 5.47 $ 0.67 $ 0.78
Cash dividend declared per common share $ — $ — $ — $ 0.125 $ 0.375
Other Data:
Capital expenditures (2) $ 25,869 $ 26,690 $ 16,898 $ 16,597 $ 18,242
Percent increase (decrease) in system-wide comparable
store sales (3) 4.0% 1.4% (2.4%) 0.3% 0.4%
Percent increase (decrease) in company-owned
restaurant comparable store sales (3) 3.7% (0.1%) (3.4%) (0.4%) 0.0%
(1) Net interest expense can be comprised of interest paid or payable in cash, Series Z additional redemption amounts, and non-cash interest expense resulting from the amortization of
debt discounts, notes paid-in-kind, debt issuance costs and the amortization of warrants issued in connection with debt financings and interest income from our money market cash
accounts.
(2) Excludes fixed asset purchases for which payment had not occurred as of each year end.
(3) Comparable store sales represent sales at restaurants open for six fiscal quarters that have not been closed during the current year. System-wide comparable store sales represent all
eligible stores that are company-owned, franchised or licensed. Company-owned restaurant comparable store sales only include company-owned restaurants.
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As of:
January 1,
2008
December 30,
2008
December 29,
2009
December 28,
2010
January 3,
2012
(in thousands, except “other data” as indicated)
Selected Balance Sheet Data:
Cash and cash equivalents $ 9,436 $ 24,216 $ 9,885 $ 11,768 $ 8,652
Property, plant and equipment, net 47,714 59,747 58,682 56,663 59,017
Total assets 148,562 172,929 213,258 205,067 204,732
Short-term debt and current portion of long-term debt 955 8,088 5,234 7,500 7,500
Mandatorily redeemable Series Z preferred stock, $.001 par
value, $1,000 per share liquidation value 57,000 57,000 32,194 — —
Senior notes and other long-term debt, net of discount 88,875 79,787 74,553 80,200 66,700
Total stockholders’ (deficit) equity (48,570) (29,982) 64,323 77,386 87,813
Other Data:
Number of locations at end of period 612 649 683 733 773
Franchised and licensed 196 223 255 302 333
Company-owned and operated 416 426 428 431 440
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General