Einstein Bros 2012 Annual Report Download - page 44

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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312513085036/d445565d10k.htm[9/11/2014 10:07:50 AM]
income tax
—
—
—
51
—
51
Dividends declared — — — — (77,310) (77,310)
Balance, January 1, 2013 17,077,472 $ 17 $277,951 $— $ (250,461) $ 27,507
The accompanying notes are an integral part of these consolidated financial statements.
54
Table of Contents
EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal year ended
December 28,
2010
January 3,
2012
January 1,
2013
OPERATING ACTIVITIES:
Net income $ 10,623 $ 13,203 $ 12,741
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 17,769 19,259 19,707
Deferred income tax expense 9,724 6,918 7,900
Stock-based compensation expense 1,532 2,312 2,421
(Gain) loss on disposal of assets (531) (820) 270
Realized losses on interest rate caps, net of tax — — 51
Adjustment for Series Z modification 929 — —
Provision for losses on accounts receivable 167 69 78
Amortization of debt issuance and debt discount costs 530 449 459
Write-off of debt issuance costs 966 — —
Changes in operating assets and liabilities, net of acquisitions:
Restricted cash (201) (180) (109)
Accounts receivable (212) (2,002) (1,328)
Accounts payable and accrued expenses 3,008 956 7,151
Other assets and liabilities (535) (1,054) (830)
Net cash provided by operating activities 43,769 39,110 48,511
INVESTING ACTIVITIES:
Purchase of property and equipment (16,597) (18,242) (24,046)
Proceeds from the sale and disposal of property, plant and equipment 860 1,392 359
Acquisition of restaurant assets, net of cash acquired — (6,835) (2,174)
Net cash used in investing activities (15,737) (23,685) (25,861)
FINANCING ACTIVITIES:
Proceeds from line of credit 23,700 2,000 30,000
Repayments on line of credit (11,000) (8,000) —
Repayment of prior term loan (79,787) — —
Term loan borrowings 75,000 — 38,125
Term loan repayments — (7,500) (5,625)
Redemptions under mandatorily redeemable Series Z Preferred Stock (32,194) — —
Additional redemption payments on Series Z Preferred Stock (568) — —
Debt issuance costs (2,315) — (1,562)
Dividends paid — (6,273) (76,557)
Proceeds upon stock option exercises 1,026 1,253 1,794
Payments under capital lease obligations (11) (21) (45)
Net cash used in financing activities (26,149) (18,541) (13,870)
Net increase (decrease) in cash and cash equivalents 1,883 (3,116) 8,780
Cash and cash equivalents, beginning of period 9,885 11,768 8,652
Cash and cash equivalents, end of period $ 11,768 $ 8,652 $ 17,432