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Cosi Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 17, 2012 05:23PM
Cosi Inc. (COSI) filed Quarterly Report for the period ended 2012-04-02.
Highlight of Business Operations:Basic and diluted loss per common share is calculated by dividing the net loss by the weighted average common shares outstanding during the period. As of April 2, 2012 and March 28, 2011, there were, respectively, 1,207,950 and 190,800 unvested restricted shares of common stock outstanding and 161,709 and 447,342 out-of-the-money stock options to purchase shares of common stock. There were no in-the-money stock options as of the end of first quarter of fiscal years 2012 and 2011. The unvested restricted shares and the out-of-the-money stock options meet the requirements for participating securities but were not included in the computation of basic and diluted earnings per share because we incurred a net loss in all periods presented and, hence, the impact would be anti-dilutive. There were no unvested restricted stock units as of April 2, 2012 and 255,000 as of March 28, 2011. The unvested stock units do not meet the requirements for participating securities and were not included in the computation of basic and diluted earnings per share.
In calculating comparable restaurant sales, we include a restaurant in the comparable restaurant base after it has been in operation for 15 full months. We remove from the comparable restaurant base for the period any restaurant that is temporarily shut down for remodeling during that period. At April 2, 2012 and March 28, 2011, there were 80 and 82 restaurants in our comparable restaurant base, respectively.
Our operating results for the three-month periods ended April 2, 2012 and March 28, 2011, expressed as a percentage of total revenues (except where otherwise noted), were as follows: