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Noodles & Company Announces Second Quarter 2013 Financial Results

2013 Outlook

Management currently anticipates adjusted diluted net income per share between $0.39 and $0.41 for the full year of 2013. This compares to adjusted diluted net income per share of $0.31 in 2012. This guidance is based, in part, on the following assumptions for fiscal year 2013:
  • 40 to 42 new company-owned restaurant openings, net of one closure in first quarter of 2013
  • Six to eight new franchise restaurant openings
  • Comparable restaurant sales growth of approximately 3.0%
  • An effective full year tax rate of 39.2%
  • Capital expenditures of approximately $44 million to $48 million
  • Annual weighted average adjusted diluted shares outstanding of 30.3 million to 30.7 million
  • Comparable adjustments to net income as discussed in "Reconciliations of Non-GAAP Measurements to US GAAP Results"

Key Definitions:

Comparable Restaurant Sales represent year-over-year sales comparisons for restaurants open for at least 18 full periods. 

Per Person Spend represents restaurant sales divided by traffic. Traffic represents the approximate number of entrees sold.

Restaurant Contribution Margin represents restaurant revenue less restaurant operating costs which are costs of sales, labor, occupancy and other restaurant operating costs.

Adjusted EBITDA represents net income before interest expense, provision (benefit) for income taxes, asset disposals, closure costs and restaurant impairments, depreciation and amortization, stock-based compensation, management fees and other non-recurring expenses. Adjusted EBITDA is presented because: (i) management believes it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash charges such as depreciation and amortization expenses and asset disposals, closure costs and restaurant impairments and (ii) management uses it internally as a benchmark for certain of our cash incentive plans and to evaluate our operating performance or compare performance to that of the competitors. See "Non-GAAP Financial Measures" below.

Adjusted Net Income represents net income plus a net savings in interest expense as a result of the pay down of debt using IPO proceeds, plus IPO related expenses and pre-IPO management fees, less incremental costs of being a public company and the tax effects of these adjustments. Adjusted net income is presented because management believes it helps convey supplemental information to investors regarding the Company's performance excluding the impact of the IPO and other special items that affect the comparability of results in past quarters and expected in future quarters. See "Non-GAAP Financial Measures" below.

Conference Call

Noodles & Company will host a conference call to discuss the second quarter financial results on Thursday, August 8, 2013 at 4:30 PM Eastern Time.

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