Lakewood / CO. (enr) Einstein Noah Restaurant Group, a leader in the U.S. quick-casual segment of the restaurant industry, reported financial results for the second quarter ended June 29, 2010. Selected highlights for the quarter compared to Q2/2009:
Total revenues of 103,5 million USD compared to 104,4 million USD.
Total gross margin of 20,0 percent in line with the second quarter of 2009.
Adjusted Ebitda of 11,7 million USD compared to 11,9 million USD.
Free cash flow for Q2/2010 increased by 2,7 million USD to 4,7 million USD.
Redeemed 6,0 million USD in Series Z Preferred Stock in the second quarter.
Jeff O´Neill, Chief Executive Officer and President of Einstein Noah: «Despite intensifying competition in the breakfast daypart, we invested in temporary price incentives in an effort to build traffic. Similar to prior quarters, we focused on various marketing initiatives, and promotional activity to expand our customer base through the launch of healthy innovation, fresh baked goodness and a strong line-up of new products. In addition, we continued to successfully execute on our cost control strategies at both the store-level and in our manufacturing business. This focus on driving traffic and, top-line momentum in a disciplined cost environment, is a key tenet of our strategy, and is intended to deliver consistent and reliable earnings growth over the long run».
O´Neill continued, «As part of our ´asset-light´ business strategy, we intend to maximize shareholder value through significant cash flow generation, and are therefore particularly pleased to have increased our free cash flow by 2,7 million USD compared to the year-ago quarter. We are also strengthening our capital structure by meeting or exceeding all of our financial obligations, including the disciplined redemption of Series Z Preferred Stock. Finally, we are focused on unit expansion with our ´franchise first´ model, and we look forward to surpassing 700+ stores across the portfolio this year».
Info: The complete news release «Einstein Noah Restaurant Group Reports Second Quarter 2010 Financial Results» is available on the group´s web server.
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