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Analysis & Valuation Using Financial Statements Specialty Eateries – Einstein Noah Dennis Dai

Analysis & Valuation Using Financial Statements Specialty Eateries – Einstein Noah Dennis Dai. Agenda. Company Background Footnote Disclosures Expanded B/S Expanded I/S Issues. Company Background. Einstein Noah Restaurant Inc.

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Analysis & Valuation Using Financial Statements Specialty Eateries – Einstein Noah Dennis Dai

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  1. Analysis & Valuation Using Financial Statements Specialty Eateries – Einstein Noah Dennis Dai

  2. Agenda • Company Background • Footnote Disclosures • Expanded B/S • Expanded I/S • Issues

  3. Company Background • Einstein Noah Restaurant Inc. • largest owner/operator, franchisor and licensor of bagel specialty restaurants in the United States. • Business presence • it had 817 restaurants in 40 states and in the District of Columbia. • Business Emphasize • high-quality foods for breakfast, lunch and afternoon snacks in a bakery-café atmosphere • Brands • Einstein Bros. restaurants, • Noah’s restaurants in California • Manhattan Bagel restaurants

  4. Expanded B/S

  5. Expanded B/S (Cont’)

  6. Expanded B/S (Cont’)

  7. Deferred Income Tax Assets

  8. Prepaid Expenses

  9. Other (Current) Assets

  10. Property, Plant & Equipment

  11. Trademarks & Intangibles

  12. Accrued Expenses & Other Current Liabilities

  13. Other Liabilities

  14. Other Comprehensive Income

  15. Expanded I/S

  16. Expanded I/S (Cont’)

  17. Other Operating Income & Expenses

  18. Issue: Sales • Earnings conference call • Sales moderated • Focus on cost cutting • Focus on franchising • Value menu expansion • Analysts expectations • Hold/(Buy) • Moderate earnings growth projections for 2014-2016 • High: 6% Low: 1.2% Median: 2-3%

  19. Strategic Alternative Review • On May 3, 2012 • authorized a review of strategic alternatives to the Company, including a possible business combination or sale • On December 6, 2012 • completed its review and elected to recapitalize the Company by amending existing credit facility and declaring a one-time special cash dividend • Going concern? • Profitability?

  20. Thanks!Q&A

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