Einstein Noah Restaurant Group Inc. (BAGL, Financial) filed Annual Report for the period ended 2012-01-03.
Einstein Noah has a market cap of $247.2 million; its shares were traded at around $14.47 with a P/E ratio of 20.7 and P/S ratio of 0.6. The dividend yield of Einstein Noah stocks is 3.4%.
Our bagel thin sandwich offerings, which were introduced in the second quarter of 2010, comprised 4.9% of our total mix for fiscal 2011, compared to 2.6% for fiscal 2010. Catering sales, which comprised approximately 6.2% of our total sales for fiscal 2011, increased 16.3% from fiscal 2010.
Manufacturing and commissary revenues for fiscal 2011 increased $4.1 million compared to fiscal 2010, driven mainly by higher frozen dough sales to third parties from our manufacturing facilities and $0.5 million contributed by the extra 53rd week in fiscal 2011. Manufacturing and commissary gross margin decreased 15.3% primarily due to higher commodity costs and a shift in sales volume to lower margin export customers. On a year to date basis, gross margin as a percentage of manufacturing and commissary revenue was 11.9%, down from 15.9% in 2010.
Overall, franchise and license revenue improvement of 21.3% from 2009 was driven by strong royalty streams that were a result of the net opening of 32 license locations and 15 franchise locations over the last twelve months. For fiscal 2010, franchise and license comparable store sales were +2.7%.
Net cash generated by operating activities was $39.1 million for fiscal 2011 compared to $43.8 million for fiscal 2010, a 10.6% decrease. The decrease can be attributed to timing differences within our accrued liabilities and accounts receivable. Our accrued expenses increased due to an increase in deferred revenue for gift card sales and for amounts still owed for our acquisitions of restaurant assets. Our accounts receivable increased due to an increase in franchise and license billings for purchases from our commissaries as well as vendor rebates and credits.
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Einstein Noah has a market cap of $247.2 million; its shares were traded at around $14.47 with a P/E ratio of 20.7 and P/S ratio of 0.6. The dividend yield of Einstein Noah stocks is 3.4%.
Highlight of Business Operations:
EPS increased to $0.78 per share on a dilutive basis in fiscal 2011 compared to $0.67 per share on a dilutive basis in fiscal 2010. This increase was primarily due to $0.03 in additional EPS contributed by the extra 53rd week, interest rate savings and a lower effective tax rate on our earnings. Restructuring charges incurred in fiscal 2011 reduced our EPS by approximately $0.04 per diluted share.Our bagel thin sandwich offerings, which were introduced in the second quarter of 2010, comprised 4.9% of our total mix for fiscal 2011, compared to 2.6% for fiscal 2010. Catering sales, which comprised approximately 6.2% of our total sales for fiscal 2011, increased 16.3% from fiscal 2010.
Manufacturing and commissary revenues for fiscal 2011 increased $4.1 million compared to fiscal 2010, driven mainly by higher frozen dough sales to third parties from our manufacturing facilities and $0.5 million contributed by the extra 53rd week in fiscal 2011. Manufacturing and commissary gross margin decreased 15.3% primarily due to higher commodity costs and a shift in sales volume to lower margin export customers. On a year to date basis, gross margin as a percentage of manufacturing and commissary revenue was 11.9%, down from 15.9% in 2010.
Overall, franchise and license revenue improvement of 21.3% from 2009 was driven by strong royalty streams that were a result of the net opening of 32 license locations and 15 franchise locations over the last twelve months. For fiscal 2010, franchise and license comparable store sales were +2.7%.
Net cash generated by operating activities was $39.1 million for fiscal 2011 compared to $43.8 million for fiscal 2010, a 10.6% decrease. The decrease can be attributed to timing differences within our accrued liabilities and accounts receivable. Our accrued expenses increased due to an increase in deferred revenue for gift card sales and for amounts still owed for our acquisitions of restaurant assets. Our accounts receivable increased due to an increase in franchise and license billings for purchases from our commissaries as well as vendor rebates and credits.
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