Income from operations increased by $1.4 million to $10.3 million.

* A reconciliation of the non-GAAP measure (Adjusted EBITDA) to the nearest GAAP measure can be found in the accompanying tables below.

Restaurant Development

As of January 3, 2012, there were 773 system-wide Einstein Bros.® Bagels, Noah's New York Bagels®, and Manhattan Bagel® branded restaurants in operation. During the fourth quarter of 2011, the Company added fifteen net restaurants to its operations including five locations in the Portland, Oregon area through its acquisition of Kettleman Bagel Company.

Fiscal Year 2012 Guidelines

The Company is providing the following guidelines for its fiscal year 2012, which is a 52-week period.
  • 60 to 80 system-wide openings, including eight to twelve Company-owned restaurants, twelve to fourteen franchise restaurants, and 40 to 54 license restaurants.
  • Restructuring expenses of $0.5 million to $0.8 million related to the closing of the four remaining commissaries.
  • Capital expenditures of $24 million to $26 million.
  • Commodity inflation of 2% to 3%.
  • To date, the Company has secured price protection on 88% and 93% of its wheat and coffee requirements, respectively.
  • An annual effective tax rate of 39%; however, the Company will continue to only pay minimal cash-taxes for the next several years.

Conference Call Today

The Company will host a conference call to discuss its fourth quarter and fiscal year 2011 financial results today at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). Hosting the call will be Jeff O’Neill, President and Chief Executive Officer, and Manny Hilario, Chief Financial Officer.

The dial-in numbers for the conference call are 877-874-1568 for domestic toll-free calls and 719-325-4764 for international. A telephone replay will be available through March 8, 2012, and may be accessed by dialing 877-870-5176 for domestic toll-free calls or 858-384-5517 for international. The conference ID is 9951400.

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