Einstein Noah (BAGL)

Einstein Noah reported preliminary results for the 13-week period ending December 29, 2009. Total revenues were virtually flat at approximately $103.7 million compared to $103.9 million in the fourth quarter of 2008. System-wide comparable store sales showed sequential improvement in the latest quarter. Comparable store sales decreased 1.5%, with a 1.1% decline in transactions, while Company-owned comparable store sales decreased 1.8%, including a 1.6% decline in transactions. Based upon these top-line results, as well as the Company's expectations for an improvement in gross margins, the Company expects fourth quarter 2009 EBITDA of between $12.6 and $12.9 million. Excluding any possible impairments, the Company expects diluted EPS of between $0.22 and $0.23.
Jeff O'Neill, CEO and President of Einstein Noah, stated, "We were pleased to end 2009 on a 'high note' with what we consider to be strong preliminary quarterly results, including our best comparable store sales and transaction performance of the year in what continues to be a challenging consumer spending environment. We are proud of our ability to increase our cash flow generation and our commitment to deploying capital in a manner that can lead to long term value creation. As we move into 2010, we look forward to building upon our accomplishments as we position ourselves for an even brighter future."

Jan 12 · 7:07:00 AM · Source: Company Press Release
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by Rich Pike