Nelson Heumann, Chairman of the Board, said, “Today’s announcement is the culmination of a thorough examination of strategic alternatives and represents an important milestone for Einstein Noah. We are pleased to have been able to recapitalize the business through our existing bank facility on such favorable terms and maintain modest leverage. We view this one-time special dividend as a clear demonstration of our commitment to returning capital to shareholders, as well as our confidence in the strong results and momentum of the business. As always, we are determined to create and unlock value for the benefit of all shareholders by further strengthening our business model and realizing our substantial expansion opportunities.”
Pursuant to the rules of The NASDAQ Stock Market, when a dividend is declared in a per share amount that is 25% or greater than a Company's stock price, the date on which that company's shares will begin to trade without the right to receive the dividend, or ex-dividend, is the first business day following the payment date, rather than the second business day prior to the record date.
About Einstein Noah Restaurant Group
Einstein Noah Restaurant Group, Inc. is a leading company in the quick casual restaurant industry that operates and licenses locations primarily under the Einstein Bros.® and Noah's New York Bagels® brands and primarily franchises locations under the Manhattan Bagel® brand. The Company's retail system consists of over 800 restaurants in 39 states and the District of Columbia. It also operates a dough production facility. The Company's stock is traded on the NASDAQ under the symbol BAGL. Visit www.einsteinnoah.com for additional information.Forward Looking Statement Disclosure Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating), or achievements to differ materially from the future results, performance (financial or operating), or achievements expressed or implied by such forward-looking statements. These and other risks are more fully discussed in the Company's SEC filings.