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Noodles & Company Announces Third Quarter 2013 Financial Results

Stocks in this article: NDLS

2013 Previously Reported:

  Fiscal Quarter Ended
  July 2, April 2,
  2013 2013
  Reported   Revised Reported   Revised
Other restaurant operating costs 11,575  (1,008) 10,567 11,060 20 11,080
General and administrative 12,646 1,008 13,654 7,235  (20) 7,215

2012 Previously Reported:

  Fiscal Quarter Ended
  January 1, October 2, July 3, April 3,
  2013 2012 2012 2012
  Reported   Revised Reported   Revised Reported   Revised Reported   Revised
Other restaurant operating costs 9,688  (757) 8,931 10,290  (802) 9,488 9,711  (682) 9,029 9,553  (621) 8,932
General and administrative 6,899 757 7,656 6,662 802 7,464 6,217 682 6,899 6,442 621 7,063

Reconciliations of Non-GAAP Measurements to US GAAP Results

Noodles & Company
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
(in thousands, unaudited)
         
  Fiscal Quarter Ended Three Fiscal Quarters Ended
  October 1, October 2, October 1, October 2,
  2013 2012 2013 2012
  (in thousands, unaudited)
Net income  $ 3,265  $ 133  $ 4,257  $ 3,604
Depreciation and amortization 5,238 4,334 15,074 12,165
Interest expense 132 1,118 2,199 3,894
Provision for income taxes 2,183 107 2,633 2,540
EBITDA  $ 10,818  $ 5,692  $ 24,163  $ 22,203
Debt extinguishment expense 2,646 2,646
Asset disposals, closure costs and restaurant impairment 339 201 837 663
Management fees (a) 250 500 750
Stock-based compensation expense 131 315 873 921
IPO related expenses (b) 5,667
Adjusted EBITDA  $ 11,288  $ 9,104  $ 32,040  $ 27,183

EBITDA and adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered as alternatives to net income or cash flow from operations, as determined by US GAAP, and our calculation thereof may not be comparable to that reported by other companies. These measures are presented because we believe that investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for evaluating our ongoing results of operations.

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