Einstein Noah Restaurant Group Reports Fourth Quarter And Fiscal 2011 Financial Results

Einstein Noah Restaurant Group, Inc. (NASDAQ: BAGL), a leader in the quick-casual segment of the restaurant industry operating under the Einstein Bros.® Bagels, Noah's New York Bagels®, and Manhattan Bagel® brands, today reported financial results for the 14-week fourth quarter and 53-week fiscal year ended January 3, 2012.

Highlights for the 14-Week Fourth Quarter 2011 Compared to the 13-Week Fourth Quarter 2010:
  • Total revenues increased 8.6% to $115.1 million from $106.1 million, including $7.3 million for the 14 th week in the fourth quarter of 2011.
  • System-wide comparable store sales increased 1.2%.
  • Adjusted EBITDA of $16.8 million compared to $14.0 million. (*)
  • Net income available to common stockholders of $6.1 million; or $0.36 per diluted share, which included $0.03 per diluted share for restructuring expenses, compared to $3.6 million, or $0.21 per diluted share, which included $0.01 per diluted share for restructuring expenses.
  • The impact of the 14 th week in the fourth quarter of 2011 was approximately $0.03 per diluted share.

Highlights for the 53-Week Fiscal Year 2011 Compared to the 52-Week Fiscal Year 2010:
  • Total revenues increased 2.9% to $423.6 million from $411.7 million, including $7.3 million for the 53 rd week in fiscal year 2011.
  • System-wide comparable store sales increased 0.4%.
  • Adjusted EBITDA of $44.5 million compared to $45.3 million. (*)
  • Net income available to common stockholders of $13.2 million; or $0.78 per diluted share, which included $0.04 per diluted share for restructuring expenses, compared to $11.3 million, or $0.67 per diluted share, which included $0.01 per diluted share for restructuring expenses.
  • The impact of the 53 rd week in fiscal year 2011 was approximately $0.03 per diluted share.
  • Paid $6.3 million in common dividends.

Jeff O’Neill, President and Chief Executive Officer, stated, “We delivered strong results in the fourth quarter characterized by revenue growth and positive comparable store sales along with substantial improvements in our adjusted EBITDA and net income. Although higher commodity costs pressured store-level margins, we effectively controlled other expenses and completed phase one of our cost efficiency program, delivering $2.7 million in savings. We also expanded our system by 55 restaurants in 2011, primarily through franchising and licensing, reduced our debt, and returned capital to our shareholders through our ongoing dividend program.”

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