This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Einstein Noah Restaurant Group Reports Second Quarter 2012 Financial Results

Strategic alternatives expenses were $0.4 million in the second quarter of 2012 for which there was no comparable expense in the second quarter of 2011.

Adjusted EBITDA rose 13.7% to $11.0 million in the second quarter of 2012 compared to $9.7 million in the second quarter of 2011. (*)

Income from operations decreased by $0.4 million to $5.6 million in the second quarter of 2012. In the second quarter of 2011, the Company recorded a gain of $0.9 million on the sale of two restaurants to a franchisee and the receipt of insurance proceeds related to a fire at one Company-owned restaurant.

Net income was $3.0 million or $0.17 per diluted share, which included $0.02 per diluted share for charges related to the strategic alternatives review process. This compares to net income of $3.1 million, or $0.18 per diluted share, in the second quarter of 2011, which included a gain of $0.03 per diluted share related to the sale of two restaurants to a franchisee and the receipt of insurance proceeds related to a fire at one Company-owned restaurant.

* A reconciliation of the non-GAAP measure to the nearest GAAP measure can be found in the accompanying tables below.

Restaurant Development

As of July 3, 2012, there were 783 Einstein Bros.® Bagels, Noah's New York Bagels®, and Manhattan Bagel® branded restaurants in operation. During the second quarter of 2012, the Company added 10 restaurants to its operations and ended the quarter with 448 Company-owned and operated restaurants, while franchisees and licensees ended the period with 95 and 240 restaurants, respectively.

Fiscal Year 2012 Guidelines

The Company is providing the following updated guidelines for the 52-week period and as noted.
  • 60 to 80 system-wide openings, including 8 to 12 Company-owned restaurants, 12 to 14 franchise restaurants, and 40 to 54 license restaurants.
  • Capital expenditures of $24 million to $26 million.
  • Commodity inflation of 2% to 3%.
  • The Company has secured price protection on approximately 90% and 100% of its wheat and coffee requirements, respectively.
  • General and administrative expenses of $10 million to $11 million per quarter, which includes incentive compensation expenditures.
  • An annual effective tax rate of approximately 39%; however, the Company will continue to only pay minimal cash-taxes for the next several years.

Conference Call Today

The Company will host a conference call to discuss its second quarter 2012 financial results today at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). Hosting the call will be Jeff O’Neill, President and Chief Executive Officer, and Manny Hilario, Chief Financial Officer.

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs