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| BAGL > SEC Filings for BAGL > Form 8-K on 3-Mar-2009 | All Recent SEC Filings |
3-Mar-2009
Regulation FD Disclosure
The Company held a conference call which is archived on the Company's website at http://www.einsteinnoah.com/index.cfm?fuseaction=financialsMedia.content&content_id=20. The following points were discussed during the call:
• In 2004, the average Company-operated restaurant generated $767,000 in sales and delivered $134,000 in restaurant-level contribution margin, yielding a 17.5% margin return. Since then, the Company has more than doubled the number of restaurants that generate in excess of $1 million in annual volumes, while the number of locations that operate below the $600,000 level has been reduced by 80%. Across the entire system, 2008 average unit volumes were just north of $900,000, with restaurant-level contribution margin of $183,000, for a 20.2% margin return.
• The data shows that when a restaurant's revenues exceed $1 million, the resulting margins exceed 20%. The Company believes that it can raise our average unit volumes to $1 million over the next three years and generate overall margins that could reach the 21%-22% range by 2012.
• At a capital cost of approximately $80,000, upgraded restaurants show an average sales lift of approximately 3.2% as well as an approximate 50 basis point reduction in our cost of sales driven largely by investment in new technology to enhance the customers' experience while delivering a cash on cash return in excess of 30%.
• The fourth quarter 3.3% decrease in comparable store sales for company-owned restaurants consisted of a 7.6% reduction in traffic partially offset by a 4.6% increase in average check.
• Total store weeks for 2008 was 21,701, and the weekly per store sales average for Company-owned restaurants in the fourth quarter was $17,212, while the average check was $7.46.
• We have not taken all of our wheat coverage yet for the fourth quarter of 2009. For each dollar drop in the price of a bushel of wheat equates to $1.5 million in annualized savings.
• Our catering revenues were approximately 4% of our total company-owned restaurant revenues.
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