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| BAGL > SEC Filings for BAGL > Form 8-K on 6-Nov-2009 | All Recent SEC Filings |
6-Nov-2009
Regulation FD Disclosure
The Company held a conference call on November 5, 2009, which is archived on the
Company's website at
http://www.einsteinnoah.com/index.cfm?fuseaction=financialsMedia.content&content_id=16.
The following points were discussed during the call:
• System-wide comparable store sales for October were at similar levels as the third quarter of 2009.
• We believe that our fourth quarter 2009 gross profit margins will be the same as they were in the prior year.
• We plan to open the following locations in fiscal 2010:
• 10 - 12 company-owned restaurants
• 12 - 16 franchised locations
• 30 - 45 licensed locations
• The following table reconciles U.S. generally accepted accounting principles ("GAAP") income and GAAP earnings per share ("EPS") to the adjusted net income and adjusted earnings per share discussed on the conference call:
13 weeks ended 39 weeks ended
September 30, September 29, September 30, September 29,
2008 2009 2008 2009
Net income $ 4,537 $ 60,861 $ 15,293 $ 69,177
Adjustments to net income:
California wage and hour
settlements 1,900 - 1,900 -
Deferred income tax benefit - (56,772 ) - (56,772 )
Adjusted net income $ 6,437 $ 4,089 $ 17,193 $ 12,405
Net income per common share -
Basic $ 0.28 $ 3.75 $ 0.96 $ 4.30
Adjustments to Basic EPS:
California wage and hour
settlements 0.12 - 0.12 -
Deferred income tax benefit - (3.50 ) - (3.53 )
Adjusted net income per common
share - Basic $ 0.40 $ 0.25 $ 1.08 $ 0.77
Net income per common share -
Diluted $ 0.28 $ 3.65 $ 0.93 $ 4.21
Adjustments to Diluted EPS:
California wage and hour
settlements 0.11 - 0.12 -
Deferred income tax benefit - (3.41 ) - (3.46 )
Adjusted net income per common
share - Diluted $ 0.39 $ 0.24 $ 1.05 $ 0.75
Weighted average number of
common shares outstanding:
Basic 15,948,180 16,236,271 15,921,645 16,103,170
Diluted 16,412,748 16,693,843 16,425,235 16,446,532
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In addition to the results reported in accordance with GAAP included in this filing, the Company has provided certain non-GAAP financial information, which is adjusted net income and adjusted earnings per share. Management believes that the presentation of this non-GAAP financial information provides useful information to investors because this information may allow investors to better evaluate ongoing business performance and certain components of the Company's results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results. The Company has reconciled the non-GAAP financial information included in this release to the nearest GAAP measure in context.
The table above reconciles our net income and earnings per share as reported under GAAP in the United States with those financial measures as adjusted by the items detailed above and presented in the associated teleconference. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. We believe that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis.
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