Einstein Bros 2011 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2011 Einstein Bros annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

Form 10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312512092597/d260635d10k.htm[9/11/2014 10:08:30 AM]
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Segments
Fiscal 2011:
Company-
owned
restaurants
Manufacturing
and commissary
Franchise
and license
Corporate
support Consolidated
(in thousands)
Revenues:
Company-owned restaurant sales $378,723 $— $— $— $ 378,723
Manufacturing and commissary revenues — 34,542 — — 34,542
Franchise and license related revenues — — 10,330 — 10,330
Total revenues 378,723 34,542 10,330 — 423,595
Cost of sales:
Company-owned restaurant costs 311,887 — — — 311,887
Manufacturing and commissary costs — 30,441 — — 30,441
Franchise and license related costs — — — — —
Total cost of sales 311,887 30,441 — — 342,328
Operating expenses — — — 56,749 56,749
Other expenses — — — 3,357 3,357
Provision for income taxes — — — 7,958 7,958
Net income (loss) $ 66,836 $ 4,101 $ 10,330 $ (68,064) $ 13,203
Total assets $— $— $— $204,732 $ 204,732
20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following table summarizes the unaudited consolidated quarterly results of operations for fiscal years 2010 and 2011:
Fiscal year 2010:
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 $ 100,812 $ 103,473 $ 101,361 $ 106,065
Income from operations 4,458 7,166 7,044 8,902
Net income (a) 620 3,248 3,400 3,354
Less: Additional redemption on temporary equity (50) (191) (124) (22)
Less: Beneficial conversion feature on temporary equity — — 169 (169)
Add: Accretion of premium on Series Z preferred stock — 499 138 435
Net income available to common stockholders $ 570 $ 3,556 $ 3,583 $ 3,598
Net income available to common stockholders per share—
Basic $ 0.03 $ 0.22 $ 0.22 $ 0.22
Net income available to common stockholders per share—
Diluted $ 0.03 $ 0.21 $ 0.21 $ 0.21
Cash dividend declared $— $— $— $ 0.125
Weighted average number of common shares outstanding:
Basic 16,467,072 16,496,118 16,565,771 16,600,719
Diluted 16,765,609 16,813,355 16,791,275 16,853,782
(a) In connection with the debt redemption and the entrance into the Senior Credit Facility, the Company wrote off $1.0 million of debt issuance
costs during the fourth quarter.
83
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC. AND SUBSIDIARIES