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Noodles & Company Announces Third Quarter 2013 Financial Results

(2) In the second quarter of 2013, we incurred $5.7 million of IPO related expenses: $2.0 million of stock-based compensation related to accelerated vesting of outstanding stock options, $1.2 million of stock-based compensation related to stock options granted to our Chief Executive Officer and President and Chief Operating Officer of which 50% were vested at grant, $1.7 million of transaction bonuses and related payroll taxes and $0.8 million in transaction payments to our Equity Sponsors. Additionally, the third quarter of 2012 and the first three quarters of 2013 and 2012 included $250,000, $500,000 and $750,000, respectively, of management fee expense in accordance with our management services agreement and through the Class C common stock dividend paid to the holder of the one outstanding share of our Class C common stock. In connection with our IPO, the management services agreement expired and the one share of Class C common stock was redeemed.

Noodles & Company
Consolidated Statements of Income as a Percentage of Revenue
(in thousands, unaudited)
         
  Fiscal Quarter Ended Three Fiscal Quarters Ended
  October 1, October 2, October 1, October 2,
  2013 2012 2013 2012
Revenue:        
Restaurant revenue 98.8% 99.0% 99.0% 99.0%
Franchising royalties and fees 1.2  1.0  1.0  1.0
Total revenue  100.0  100.0  100.0  100.0
Costs and Expenses:        
Restaurant Operating Costs (exclusive of depreciation and amortization shown separately below): (1)        
Cost of sales 26.3 26.5 26.3 26.5
Labor  30.0 30.2 30.2  30.0
Occupancy 10.1 9.8 10.1 9.8
 Other restaurant operating costs (2) 12.9 12.4 12.8 12.5
General and administrative (2) (3) 7.8 9.7 10.7 9.6
Depreciation and amortization 5.9 5.6 5.8 5.5
Pre-opening 1.3 1.1 1.1 0.9
Asset disposals, closure costs and restaurant impairments 0.4 0.3 0.3 0.3
Total costs and expenses 93.7 94.8 96.5 94.3
Income from operations 6.3 5.2 3.5 5.7
Debt extinguishment expense 3.4 1.2
Interest expense 0.1 1.5 0.8 1.8
Income before income taxes 6.1 0.3 2.7 2.8
Provision for income taxes 2.5 0.1  1.0 1.1
Net income 3.7% 0.2% 1.6% 1.6%

(1) As a percentage of restaurant revenue.

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