$NDLS
NOODLES & Co

2016 Q3 Form 10-Q Financial Statement

#000127515816000155 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $122.7M $117.3M
YoY Change 4.56% 0.0%
Cost Of Revenue $92.60M $85.60M
YoY Change 8.18% 26.07%
Gross Profit $30.10M $31.70M
YoY Change -5.05% 0.32%
Gross Profit Margin 24.54% 27.02%
Selling, General & Admin $29.90M $23.40M
YoY Change 27.78% 20.0%
% of Gross Profit 99.34% 73.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.006M $7.117M
YoY Change -1.56% 10.27%
% of Gross Profit 23.28% 22.45%
Operating Expenses $36.80M $30.50M
YoY Change 20.66% 20.08%
Operating Profit -$9.062M -$15.30M
YoY Change -40.78% 0.0%
Interest Expense $738.0K $391.0K
YoY Change 88.75% 249.11%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.800M -$15.69M
YoY Change -37.55% -418.12%
Income Tax $41.00K -$5.872M
% Of Pretax Income
Net Earnings -$9.841M -$9.821M
YoY Change 0.2% 0.0%
Net Earnings / Revenue -8.02% -8.37%
Basic Earnings Per Share -$0.35 -$0.35
Diluted Earnings Per Share -$0.35 -$0.35
COMMON SHARES
Basic Shares Outstanding 27.80M shares 28.25M shares
Diluted Shares Outstanding 27.80M shares 28.25M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000M $2.000M
YoY Change 0.0% 185.71%
Cash & Equivalents $1.966M $2.016M
Short-Term Investments
Other Short-Term Assets $8.500M $7.800M
YoY Change 8.97% 27.87%
Inventory $11.21M $10.38M
Prepaid Expenses
Receivables $4.801M $3.867M
Other Receivables $700.0K $0.00
Total Short-Term Assets $27.14M $24.10M
YoY Change 12.61% 9.53%
LONG-TERM ASSETS
Property, Plant & Equipment $202.3M $198.1M
YoY Change 2.12% 1.53%
Goodwill $6.400M $6.400M
YoY Change 0.0% -2.19%
Intangibles $1.738M $1.956M
YoY Change -11.15% 9.33%
Long-Term Investments
YoY Change
Other Assets $2.017M $2.314M
YoY Change -12.83% 11.3%
Total Long-Term Assets $212.5M $210.1M
YoY Change 1.13% 2.22%
TOTAL ASSETS
Total Short-Term Assets $27.14M $24.10M
Total Long-Term Assets $212.5M $210.1M
Total Assets $239.6M $234.2M
YoY Change 2.31% 2.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.298M $11.26M
YoY Change -17.45% -3.84%
Accrued Expenses $15.43M $10.18M
YoY Change 51.58% -21.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.46M $32.25M
YoY Change 9.95% 0.78%
LONG-TERM LIABILITIES
Long-Term Debt $83.99M $60.40M
YoY Change 39.05% 180.95%
Other Long-Term Liabilities $4.769M $3.512M
YoY Change 35.79% -23.97%
Total Long-Term Liabilities $88.76M $63.92M
YoY Change 38.87% 144.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.46M $32.25M
Total Long-Term Liabilities $88.76M $63.92M
Total Liabilities $168.8M $136.7M
YoY Change 23.47% 48.79%
SHAREHOLDERS EQUITY
Retained Earnings -$18.33M $12.23M
YoY Change -249.92% -32.83%
Common Stock $303.0K $301.0K
YoY Change 0.66% 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.00M $35.00M
YoY Change 0.0% -1328.93%
Treasury Stock Shares 2.424M shares 474.8K shares
Shareholders Equity $70.83M $97.50M
YoY Change
Total Liabilities & Shareholders Equity $239.6M $234.2M
YoY Change 2.31% 2.93%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$9.841M -$9.821M
YoY Change 0.2% 0.0%
Depreciation, Depletion And Amortization $7.006M $7.117M
YoY Change -1.56% 10.27%
Cash From Operating Activities $3.780M $15.23M
YoY Change -75.18% 72.09%
INVESTING ACTIVITIES
Capital Expenditures -$9.760M -$13.76M
YoY Change -29.07% 6.25%
Acquisitions
YoY Change
Other Investing Activities $500.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$9.260M -$13.75M
YoY Change -32.65% 6.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.640M -1.380M
YoY Change -508.7% -133.33%
NET CHANGE
Cash From Operating Activities 3.780M 15.23M
Cash From Investing Activities -9.260M -13.75M
Cash From Financing Activities 5.640M -1.380M
Net Change In Cash 160.0K 100.0K
YoY Change 60.0% 150.0%
FREE CASH FLOW
Cash From Operating Activities $3.780M $15.23M
Capital Expenditures -$9.760M -$13.76M
Free Cash Flow $13.54M $28.99M
YoY Change -53.29% 32.98%

Facts In Submission

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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
717000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
945000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1315000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1585000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3182000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
512000 USD
ndls Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
4480000 USD
ndls Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
5027000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
121000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1538000 USD
ndls Increase Decrease In Accrued Liabilities And Other Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities
6078000 USD
ndls Increase Decrease In Accrued Liabilities And Other Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities
5182000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
16064000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
37886000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33784000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35616000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
628000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
500000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33284000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-36244000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
314181000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
328008000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
297916000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
295104000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1065000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
-2029000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
32152000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-98000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-163000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17232000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1440000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
42000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-92000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
54000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
110000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1912000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1906000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1966000 USD
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2016000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
348091000 USD
CY2016Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
35 state
us-gaap Fiscal Period
FiscalPeriod
Fiscal Year<span 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 31. Fiscal year </span><span style="font-family:inherit;font-size:10pt;">2016</span><span style="font-family:inherit;font-size:10pt;">, which ends on </span><span style="font-family:inherit;font-size:10pt;">January 3, 2017</span><span style="font-family:inherit;font-size:10pt;">, contains 53 weeks, and fiscal year </span><span style="font-family:inherit;font-size:10pt;">2015</span><span style="font-family:inherit;font-size:10pt;">, which ended on </span><span style="font-family:inherit;font-size:10pt;">December 29, 2015</span><span style="font-family:inherit;font-size:10pt;">, contained 52 weeks. The Company???s 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???s fiscal quarter that ended </span><span style="font-family:inherit;font-size:10pt;">September 27,</span><span style="font-family:inherit;font-size:10pt;"> 2016 is referred to as the </span><span style="font-family:inherit;font-size:10pt;">third</span><span style="font-family:inherit;font-size:10pt;"> quarter of 2016, and the fiscal quarter ended </span><span style="font-family:inherit;font-size:10pt;">September 29,</span><span style="font-family:inherit;font-size:10pt;"> 2015 is referred to as the </span><span style="font-family:inherit;font-size:10pt;">third</span> quarter of 2015.
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
362207000 USD
CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
159903000 USD
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
144378000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
202304000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
203713000 USD
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
100000000.0 USD
CY2016Q3 us-gaap Line Of Credit
LineOfCredit
84500000 USD
CY2016Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2700000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
41000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5872000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1124000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5911000 USD
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.374
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.045
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.383
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1100000 USD
CY2016Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
79000 USD
CY2015Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
16213000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
10620000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
22157000 USD
CY2016Q3 ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
642000 USD
CY2015Q3 ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
16000 USD
ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
1729000 USD
ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
52000 USD
CY2016Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1562000 USD
CY2015Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-250000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-2198000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-606000 USD
CY2016Q3 ndls Asset Disposals Closure Costsand Restaurant Impairments
AssetDisposalsClosureCostsandRestaurantImpairments
2283000 USD
CY2015Q3 ndls Asset Disposals Closure Costsand Restaurant Impairments
AssetDisposalsClosureCostsandRestaurantImpairments
16479000 USD
ndls Asset Disposals Closure Costsand Restaurant Impairments
AssetDisposalsClosureCostsandRestaurantImpairments
14547000 USD
ndls Asset Disposals Closure Costsand Restaurant Impairments
AssetDisposalsClosureCostsandRestaurantImpairments
22815000 USD
ndls Costof Capitalized Laborand Overhead
CostofCapitalizedLaborandOverhead
1100000 USD
ndls Gain Losson Insurance Proceedsfor Property Damage
GainLossonInsuranceProceedsforPropertyDamage
400000 USD
ndls Numberof Restaurants Impaired Duringthe Comparable Periods
NumberofRestaurantsImpairedDuringtheComparablePeriods
12 restaurant
ndls Numberof Restaurants Impaired Duringthe Comparable Periods
NumberofRestaurantsImpairedDuringtheComparablePeriods
33 restaurant
CY2016Q3 ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
600000 USD
ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
1700000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-9841000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-9821000 USD
us-gaap Net Income Loss
NetIncomeLoss
-26301000 USD
us-gaap Net Income Loss
NetIncomeLoss
-9511000 USD
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27802020 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28253859 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27786827 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29349061 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27802020 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28253859 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27786827 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29349061 shares
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.95
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.95
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2813079 shares
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2837962 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1494700 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2837962 shares
us-gaap Interest Paid Net
InterestPaidNet
1983000 USD
us-gaap Interest Paid Net
InterestPaidNet
445000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-121000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
379000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2014000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
115000 USD
CY2016Q3 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
3000000.0 USD

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