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November 2014
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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, Noahs 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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Einstein Noah Restaurant Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Einstein Noah Restaurant Group Inc provided additional information to their SEC Filing as exhibits
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