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Einstein Noah Restaurant Group Inc (BAGL) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Einstein Noah Restaurant Group Inc

CIK: 949373 Ticker: BAGL

Exhibit 99.1

FOR IMMEDIATE RELEASE:

Einstein Noah Restaurant Group Reports Fourth Quarter

and Fiscal Year 2013 Financial Results

LAKEWOOD, Colo. – February 27, 2014 – 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 fourth quarter and fiscal year ended December 31, 2013. The Company also provided guidelines for fiscal year 2014.

Highlights for the Fourth Quarter 2013 Compared to the Fourth Quarter 2012; and for Fiscal Year 2013 Compared to Fiscal Year 2012:

 

    System-wide comparable store sales for the fourth quarter increased 0.1% over the prior year while fiscal year system-wide comparable store sales decreased 0.3%.

 

    Total revenues for the fourth quarter increased $3.5 million, or 3.2%, to $114.2 million from $110.6 million. Total revenues for the fiscal year increased $7.5 million, or 1.8%, to $434.5 million from $427.0 million.

 

    For the fiscal year, adjusted EBITDA was $47.2 million compared to $49.7 million for the prior year. (*)

 

    Net income for the fourth quarter was $4.9 million or $0.27 per diluted share compared to net income of $3.2 million or $0.18 per diluted share.

 

    Net income for the fiscal year was $14.6 million or $0.82 per diluted share versus $12.7 million and $0.74 in the prior year. Interest expense increased $2.6 million to $6.0 million as a consequence of the recapitalization in December 2012 which impacted earnings per diluted share by $0.10.

 

    A record number of 61 stores were opened system-wide in the fiscal year, including 19 in the fourth quarter.

 

    The Company paid a total of $9.1 million of regular quarterly dividends.

Michael Arthur, Interim President and Chief Executive Officer, stated, “Despite the weather and holiday related headwinds the Company exceeded industry traffic trends over the 13-week timeframe and delivered our best traffic performance since the fourth quarter of 2010. We are further encouraged that through mid-February, Company-owned comparable store sales have trended positive despite unseasonably cold weather and weak consumer confidence.”

Arthur continued, “A lack of net pricing and a timing delay in implementing planned cost-saving initiatives yielded lower profitability compared to the year-ago period and each of these opportunities were addressed coming out of the year. In addition to driving transactions through our ongoing value emphasis, expanded Smart Choices menu, and growing catering business, we are also benefiting from our commitment to store level execution with overall satisfaction scores up sharply versus the industry. Looking ahead, our unique brand attributes of fresh-baked goodness combined with the speed and convenience of QSR, along with our enhanced in-store experience are key drivers in our plan to build a continued improvement in customer frequency.”

 

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The following information was filed by Einstein Noah Restaurant Group Inc (BAGL) on Thursday, February 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: BAGL
CIK: 949373
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-073832
Submitted to the SEC: Thu Feb 27 2014 8:04:32 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Retail Eating Places

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