$NDLS
NOODLES & Co

2016 Q2 Form 10-Q Financial Statement

#000127515816000148 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $121.4M $115.2M
YoY Change 5.36% 8.96%
Cost Of Revenue $90.10M $80.20M
YoY Change 12.34% 26.7%
Gross Profit $31.30M $35.10M
YoY Change -10.83% 33.46%
Gross Profit Margin 25.78% 30.46%
Selling, General & Admin $24.30M $22.90M
YoY Change 6.11% 27.22%
% of Gross Profit 77.64% 65.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.071M $6.923M
YoY Change 2.14% 23.4%
% of Gross Profit 22.59% 19.72%
Operating Expenses $31.40M $29.70M
YoY Change 5.72% 25.85%
Operating Profit -$11.31M $5.016M
YoY Change -325.52% -216.16%
Interest Expense $598.0K $198.0K
YoY Change 202.02% 890.0%
% of Operating Profit 3.95%
Other Income/Expense, Net
YoY Change
Pretax Income -$11.91M $4.818M
YoY Change -347.2% 97.78%
Income Tax $2.177M $1.756M
% Of Pretax Income 36.45%
Net Earnings -$14.09M $3.062M
YoY Change -560.06% -211.26%
Net Earnings / Revenue -11.6% 2.66%
Basic Earnings Per Share -$0.51 $0.10
Diluted Earnings Per Share -$0.51 $0.10
COMMON SHARES
Basic Shares Outstanding 27.78M shares 29.95M shares
Diluted Shares Outstanding 27.78M shares 30.72M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.900M $2.000M
YoY Change -5.0% 185.71%
Cash & Equivalents $1.893M $2.001M
Short-Term Investments
Other Short-Term Assets $3.000M $7.000M
YoY Change -57.14% 27.27%
Inventory $10.80M $9.909M
Prepaid Expenses
Receivables $5.446M $4.311M
Other Receivables $800.0K $0.00
Total Short-Term Assets $21.94M $23.18M
YoY Change -5.32% 30.02%
LONG-TERM ASSETS
Property, Plant & Equipment $201.8M $208.8M
YoY Change -3.33% 21.16%
Goodwill $6.400M $6.400M
YoY Change 0.0%
Intangibles $1.761M $1.971M
YoY Change -10.65%
Long-Term Investments
YoY Change
Other Assets $1.958M $2.360M
YoY Change -17.03% 8.71%
Total Long-Term Assets $212.0M $219.5M
YoY Change -3.44% 25.8%
TOTAL ASSETS
Total Short-Term Assets $21.94M $23.18M
Total Long-Term Assets $212.0M $219.5M
Total Assets $233.9M $242.7M
YoY Change -3.62% 26.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.584M $11.36M
YoY Change -15.66% 32.32%
Accrued Expenses $11.35M $10.35M
YoY Change 9.68% 22.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.09M $28.83M
YoY Change -2.58% 17.62%
LONG-TERM LIABILITIES
Long-Term Debt $78.50M $29.92M
YoY Change 162.36% 353.36%
Other Long-Term Liabilities $5.161M $3.532M
YoY Change 46.12% -16.6%
Total Long-Term Liabilities $83.66M $33.45M
YoY Change 150.09% 208.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.09M $28.83M
Total Long-Term Liabilities $83.66M $33.45M
Total Liabilities $154.6M $106.1M
YoY Change 45.76% 61.71%
SHAREHOLDERS EQUITY
Retained Earnings -$8.489M $22.05M
YoY Change -138.51% 87.91%
Common Stock $302.0K $300.0K
YoY Change 0.67% 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.00M $9.131M
YoY Change 283.31% 220.61%
Treasury Stock Shares 2.424M shares 474.8K shares
Shareholders Equity $79.29M $136.6M
YoY Change
Total Liabilities & Shareholders Equity $233.9M $242.7M
YoY Change -3.62% 26.19%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$14.09M $3.062M
YoY Change -560.06% -211.26%
Depreciation, Depletion And Amortization $7.071M $6.923M
YoY Change 2.14% 23.4%
Cash From Operating Activities $6.600M $9.330M
YoY Change -29.26% -9.04%
INVESTING ACTIVITIES
Capital Expenditures -$11.70M -$12.08M
YoY Change -3.15% -204.95%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$630.0K
YoY Change -100.0%
Cash From Investing Activities -$11.70M -$12.71M
YoY Change -7.95% 10.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.060M 3.750M
YoY Change 34.93% 293.49%
NET CHANGE
Cash From Operating Activities 6.600M 9.330M
Cash From Investing Activities -11.70M -12.71M
Cash From Financing Activities 5.060M 3.750M
Net Change In Cash -40.00K 370.0K
YoY Change -110.81% -223.33%
FREE CASH FLOW
Cash From Operating Activities $6.600M $9.330M
Capital Expenditures -$11.70M -$12.08M
Free Cash Flow $18.30M $21.41M
YoY Change -14.53% -1808.7%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
22656000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12281000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-14087000 USD
us-gaap Net Income Loss
NetIncomeLoss
-16460000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2016Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
35 state
CY2015Q2 us-gaap Occupancy Net
OccupancyNet
12480000 USD
us-gaap Occupancy Net
OccupancyNet
24698000 USD
CY2016Q2 us-gaap Occupancy Net
OccupancyNet
13688000 USD
us-gaap Occupancy Net
OccupancyNet
27002000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5016000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
698000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-11312000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-14151000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1974000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1958000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-1000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-12000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
22000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
127000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
1000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
12000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-22000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-127000 USD
CY2015Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
15158000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
29875000 USD
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
18596000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
35488000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5946000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5161000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
628000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21861000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24016000 USD
CY2015Q2 us-gaap Pre Opening Costs
PreOpeningCosts
1162000 USD
us-gaap Pre Opening Costs
PreOpeningCosts
2042000 USD
CY2016Q2 us-gaap Pre Opening Costs
PreOpeningCosts
796000 USD
us-gaap Pre Opening Costs
PreOpeningCosts
1833000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7185000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3030000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
182326000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
205620000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-138000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
348091000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
355230000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
203713000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
201831000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
179904000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
194905000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
7971000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8489000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
115233000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
220994000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
121407000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
235393000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
625000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
849000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
93772000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
79288000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2423871 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
2423871 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
35000000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
35000000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30720102 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30792278 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27776094 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27754615 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29950122 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29896663 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27776094 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27754615 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December&#160;31. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, which ends on </font><font style="font-family:inherit;font-size:10pt;">January&#160;3, 2017</font><font style="font-family:inherit;font-size:10pt;">, contains 53 weeks and fiscal year </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, which ended on </font><font style="font-family:inherit;font-size:10pt;">December&#160;29, 2015</font><font style="font-family:inherit;font-size:10pt;">, contained 52&#160;weeks. Our fiscal quarters each contain 13 operating weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains 14 operating weeks. The Company&#8217;s fiscal quarter that ended June 28, 2016 is referred to as the second quarter of 2016, and the fiscal quarter ended June 30, 2015 is referred to as the second quarter of 2015.</font></div></div>

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