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Einstein Noah Restaurant Group Reports Third Quarter 2013 Financial Results

  Einstein Noah Restaurant Group Reports Third Quarter 2013 Financial Results

Business Wire

LAKEWOOD, Colo. -- October 31, 2013

Einstein Noah Restaurant Group, Inc. (NASDAQ:BAGL), a leader in the
quick-casual segment of the restaurant industry operating under the Einstein
Bros.® Bagels, Noah's New York Bagels®, and Manhattan Bagel® brands, today
reported financial results for the third quarter ended October 1, 2013.

Highlights for the Third Quarter 2013 Compared to the Third Quarter 2012:

  *Total revenues increased 0.9% to $106.4 million from $105.5 million while
    system-wide comparable store sales decreased 1.4%.
  *Net income increased 17.8% to $4.0 million, or $0.22 per diluted share,
    compared to $3.4 million, or $0.20 per diluted share.
  *Income from operations increased 2.8% to $6.5 million from $6.3 million.
  *Adjusted EBITDA was $11.2 million, down from $11.7 million (*).
  *The Company opened 24 units across its system in the third quarter
    resulting in a record 42 units year to date compared with 35 for the same
    period in the prior year.

The Company also reduced its outstanding indebtedness by $8.25 million during
the third quarter of 2013 and is now less than 2.5 times levered on a trailing
four quarter adjusted EBITDA basis.

Jeff O’Neill, President and Chief Executive Officer, stated, “While industry
headwinds and a timing shift on pricing resulted in a comparable store sales
decline in the third quarter, we were still able to hold restaurant gross
margin steady and delivered an increase in diluted EPS compared to the
year-ago period. We are confident that our ‘everyday value’ strategy coupled
with our ongoing operational focus on guest experience is the right strategy
to drive transactions and that we can build momentum as consumer restaurant
spending improves. As always, we continue to accentuate those brand attributes
that set us apart in a competitive landscape including fresh-baked goodness,
real fruit smoothies, and our growing focus on specialty hot beverages as well
as iced and frozen blended coffees and teas.”

O’Neill continued, “We have opened 62 units to our system over the past four
quarters, which is more than at any other comparable timeframe in our history,
and our current franchise and license commitments provide us with great
visibility with respect to asset-light growth over the next several years.
Both Company-operated and franchised unit openings are exceeding system
averages for weekly sales year to date and our licensed partners are adding
more high-volume airport stores in 2013 than they have ever done before. Most
importantly, our Company, franchise, and license expansion is being marked by
an improvement in real estate site quality which will provide a multitude of
benefits to our business going forward.”

Third Quarter 2013 Financial Results

Total revenues increased 0.9% to $106.4 million from $105.5 million, and
consisted of a 0.2% increase in Company-owned restaurant sales, a 5.4%
increase in manufacturing revenues, and an 11.7% increase in franchise and
license related revenues, compared to the same period last year. For the third
quarter ended October 1, 2013, system-wide comparable store sales decreased
1.4%, reflecting 1.5% growth in average check that was offset by a decrease in
transactions.

Despite a decrease in comparable store sales at Company-owned restaurants,
restaurant gross margin, in dollars and as a percentage of sales, was
relatively flat on a year over year basis. Marketing costs were favorable to
the third quarter of 2012 while rent and other operating expenses were higher
than the year-ago period primarily due to 18 Company-operated openings over
the last four quarters and sales deleveraging.

Manufacturing revenues increased $0.4 million, or 5.4%, to $7.9 million due to
incremental sales to third-party customers. However, manufacturing gross
margin as a percentage of manufacturing revenues decreased 130 basis points to
22.3% from 23.6% driven by short-term operating inefficiencies related to an
increase in sales of partially-baked product, which is more labor-intensive
than frozen dough.

Overall, total gross margin was $21.3 million in the third quarter of 2013
compared to $21.0 million in the third quarter of 2012, and as a percentage of
total revenues, gross margin increased 10 basis points to 20.0% from 19.9% in
the year-ago period.

General and administrative expenses increased to $9.8 million in the third
quarter of 2013 from $9.1 million in the third quarter of 2012. This change
largely reflects unfilled vacancies in the prior year during the strategic
alternatives evaluation process that have now been filled.

Income from operations increased 2.8% to $6.5 million from $6.3 million.

Adjusted EBITDA* was $11.2 million in the third quarter of 2013 compared to
$11.7 million in the third quarter of 2012.

Interest expense increased to $1.4 million in the third quarter of 2013 from
$0.7 million in the third quarter of 2012 as a result of the higher level of
debt resulting from the recapitalization of the Company in the fourth quarter
of 2012.

Net income in the third quarter of 2013 was $4.0 million, or $0.22 per diluted
share, compared to net income in the third quarter of 2012 of $3.4 million, or
$0.20 per diluted share.

* A reconciliation of the non-GAAP measure to the nearest GAAP measure can be
found in the accompanying tables below.

Restaurant Development

As of October 1, 2013, there were 844 Einstein Bros.® Bagels, Noah's New York
Bagels®, and Manhattan Bagel® branded restaurants in operation. During the
third quarter of 2013, the Company opened 24 restaurants consisting of four
Company-owned restaurants, two franchised restaurants, and 18 licensed
restaurants. The Company ended the third quarter of 2013 with 457
Company-owned and operated restaurants, 109 franchised restaurants and 278
licensed restaurants.

Fiscal 2013 Guidelines

The Company is providing the following updated guidelines for the 2013 fiscal
year.

  *65 to 75 system-wide openings.
  *Capital expenditures of $18 million to $20 million.
  *Cost of goods inflation of approximately 2% to 3% that are expected to be
    fully offset through efficiency initiatives.
  *Pre-opening expense of $65,000 to $75,000 per new Company-owned
    restaurant.
  *Interest expense of $5.8 million to $6.3 million.
  *An annual effective tax rate not to exceed 36% including trueups to
    deferred tax assets; however, the Company expects to only pay minimal
    cash-taxes for the next several years.

For fiscal year 2014, the Company has secured price protection for
approximately 75% of its wheat, 50% of its butter, and 100% of its coffee
requirements. Cost of good inflation is now estimated at approximately 1.0% to
2.0%.

Conference Call Today

The Company will host a conference call to discuss its third quarter 2013
financial results today at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time).
Hosting the call will be Jeff O’Neill, Chief Executive Officer and President,
Manny Hilario, Chief Operations Officer, and John Coletta, Chief Financial
Officer.

The conference call will be webcast live from Einstein Noah’s website at
www.einsteinnoah.com and will be archived there as well.

The dial-in numbers for the conference call are 888-572-7025 for domestic
toll-free calls and 719-325-2463 for international. A telephone replay will be
available through November 7, 2013, and may be accessed by dialing
877-870-5176 for domestic toll-free calls or 858-384-5517 for international.
The conference ID is 6721133.

About Einstein Noah Restaurant Group

Einstein Noah Restaurant Group, Inc. is a leading company in the quick-casual
segment of the restaurant industry that operates, franchises and licenses
locations under the Einstein Bros.®, Noah's New York Bagels® and Manhattan
Bagel® brands. The Company's retail system consists of over 840 restaurants in
41 states and the District of Columbia. It also operates a dough production
facility. The Company's stock is traded on the NASDAQ under the symbol BAGL.
Visit www.einsteinnoah.com for additional information.

Forward Looking Statement Disclosure

Certain statements in this press release, including statements under the
heading “Fiscal 2013 Guidelines”, constitute forward-looking statements or
statements which may be deemed or construed to be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
The words “guideline,” “forecast,” “estimate,” “project,” “plan to,” “is
designed to,” “look forward,” “expects,” “prospects,” “intend,” “indications,”
“expect,” “should,” “would,” “believe,” “target,” “trend,” “contemplate,”
“anticipates” and similar expressions and all statements which are not
historical facts are intended to identify forward-looking statements. These
forward-looking statements involve and are subject to known and unknown risks,
uncertainties and other factors which could cause the Company's actual
results, performance (financial or operating), or achievements to differ
materially from the future results, performance (financial or operating), or
achievements expressed or implied by such forward-looking statements. These
unknown risks, uncertainties and other factors include but are not limited to
(i) the results for the 2013 third quarter and year-over-year revenue and
other financial results, comparable store sales, and margin performance are
not necessarily indicative of future results, and our expectations for 2013
results are subject to shifting consumer preferences, new product execution,
economic conditions, weather, competition, seasonal factors and cost
containment initiatives, among other factors; (ii) our ability to improve
transactions and our long-term growth are dependent upon consumer acceptance
of our products and marketing initiatives, general economic and market
conditions, among other factors; (iii) our ability to continue to improve
store level margins and contain costs are dependent upon successfully
executing plans for productivity improvements, labor efficiencies and food
cost management; (iv) the ability to develop and open new Company-owned,
franchised and licensed restaurants and upgrade Company-owned restaurants is
dependent upon the availability of capital, securing acceptable financing and
lease terms for desired locations, as well as the availability of contractors
and materials, and securing necessary permits and licenses; (v) our ability to
expand our development pipeline and ultimately expand our royalty stream is
dependent upon the factors listed in (iv), above, and our ability to attract
franchisees and licensees and negotiate favorable agreements; (vi) our ability
to obtain lower costs for agricultural commodities is dependent upon weather,
crop yield and production, the market, economic conditions, including market
and inflationary pressures; (vii) our ability to build brand equity and create
long-term value for our shareholders is dependent upon the success of our
initiatives, financial results and the factors listed above, among other
factors. These and other risks are more fully discussed in the Company’s SEC
filings, including the Company’s Annual Report on Form 10-K for the fiscal
year ended January 1, 2013 and on the Company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended April 2, 2013. Any forward-looking statements by
the Company, with respect to earnings guidance or otherwise, are intended to
speak only as of the date such statements are made. Except as required by
applicable law, including the securities laws of the United States and the
rules and regulations of the Securities and Exchange Commission, the Company
does not undertake to publicly update any forward-looking statements in this
news release or with respect to matters described herein, whether as a result
of any new information, future events or otherwise.

Use of Non-GAAP Financial Information

In addition to the results reported in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) included in this
filing, the Company has provided certain non-GAAP financial information,
including adjusted earnings before interest, taxes, depreciation and
amortization, restructuring expenses, strategic alternative expenses,
write-off of debt issuance costs and other operating expenses/income
(“Adjusted EBITDA”) and “Free Cash Flow,” which the Company defines as net
cash provided by operating activities less net cash used in investing
activities.Management believes that the presentation of this non-GAAP
financial information provides useful information to investors because this
information may allow investors to better evaluate our ongoing business
performance and certain components of our results. In addition, the Company’s
Board of Directors uses this non-GAAP financial information to evaluate the
performance of the Company and its management team. This information should be
considered in addition to the results presented in accordance with GAAP, and
should not be considered a substitute for the GAAP results. The Company has
reconciled the non-GAAP financial information to the nearest GAAP measures.

The Company includes in this report information on system-wide comparable
store sales percentages. System-wide comparable store sales percentages refer
to changes in sales of our restaurants, whether operated by the company or by
franchisees and licensees, in operation for six fiscal quarters including
those restaurants temporarily closed for an immaterial amount of time. Some of
the reasons restaurants may be temporarily closed include remodeling, road
construction, rebuilding related to site-specific catastrophes and natural
disasters. Franchise and license comparable store sales percentages are based
on sales offranchised and licensed restaurants, as reported by franchisees
and licensees. Management reviews the increase or decrease in comparable sales
to assess business trends.Comparable store sales exclude permanently closed
locations. When the Company intends to relocate a restaurant, it considers
that restaurant to be temporarily closed for up to twelve months after it
ceases operations. If a suitable relocation site has not been identified by
the end of twelve months, we consider the restaurant to be permanently closed.
Until that time, the Company includes the restaurant in our open store count,
but excludes its sales from our comparable store sales.As of October 1, 2013
there are eight stores that the Company intends to relocate, and are thus
considered to be temporarily closed.

The Company uses company-owned comparable store sales, franchise and license
sales and the resulting system-wide sales information internally in connection
with restaurant development decisions, planning, and budgeting analyses. The
Company believes system-wide comparable store sales information is useful in
assessing consumer acceptance of our brands; facilitates an understanding of
our financial performance and the overall direction and trends of sales and
operating income; helps us evaluate the effectiveness of our advertising and
marketing initiatives; and provides information that is relevant for
comparison within the industry.

Comparable store sales percentages are non-GAAP financial measures, which
should not be considered in isolation or as a substitute for other measures of
performance prepared in accordance with GAAP, and may not be equivalent to
comparable store sales as defined or used by other companies.The Company does
not record franchise or license restaurant sales as revenues. However, royalty
revenues are calculated based on a percentage of franchise and license
restaurant sales, as reported by the franchisees or licensees.

EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share and related share information)
(unaudited)
                                                                
                                    13 weeks ended                  Increase/
                                    (in thousands)                  (Decrease)
                                    October 2,       October 1,     2013
                                    2012             2013           vs. 2012
                                                                    
Revenues:
     Company-owned restaurant       $  95,418        $ 95,625       0.2     %
     sales
     Manufacturing and                 7,507           7,914        5.4     %
     commissary revenues
     Franchise and license            2,569          2,869        11.7    %
     related revenues
Total revenues                         105,494         106,408      0.9     %
                                                                    
Cost of sales (exclusive of depreciation and
amortization shown separately below):
     Company-owned restaurant
     costs
     Cost of goods sold                26,668          26,723       0.2     %
     Labor costs                       27,842          27,711       (0.5    %)
     Rent and related expenses         10,621          11,001       3.6     %
     Other operating costs             10,637          11,156       4.9     %
     Marketing costs                  2,997          2,385        (20.4   %)
     Total company-owned               78,765          78,976       0.3     %
     restaurant costs
                                                                    
     Manufacturing and                5,738          6,152        7.2     %
     commissary costs
Total cost of sales                    84,503          85,128       0.7     %
                                                                    
Gross margin:
     Company-owned restaurant          16,653          16,649       (0.0    %)
     Manufacturing and                 1,769           1,762        (0.4    %)
     commissary
     Franchise and license            2,569          2,869        11.7    %
Total gross margin                     20,991          21,280       1.4     %
                                                                    
Operating expenses:
     General and administrative        9,085           9,758        7.4     %
     expenses
     Depreciation and                  5,014           4,420        (11.8   %)
     amortization
     Pre-opening expenses              250             343          37.2    %
     Strategic alternatives            250             -            (100.0  %)
     expense
     Other operating expenses,        60             249          **
     net
Income from operations                 6,332           6,510        2.8     %
                                                                    
Interest expense, net                 744            1,366        83.6    %
Income before income taxes             5,588           5,144        (7.9    %)
     Provision for income taxes       2,174          1,124        (48.3   %)
Net income                          $  3,414         $ 4,020        17.8    %
                                                                    
Net income – Basic                  $  0.20          $ 0.23         15.0    %
Net income – Diluted                $  0.20          $ 0.22         10.0    %
Cash dividend declared per          $  0.125         $ 0.125        0.0     %
common share
                                                                    
Weighted average number of
common shares outstanding:
Basic                                  16,961,298      17,451,544   2.9     %
Diluted                                17,292,305      17,936,939   3.7     %
                                                                    
**   Not meaningful

EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
PERCENTAGE RELATIONSHIP TO TOTAL REVENUES
(unaudited)
                                                                
                                                 13 weeks ended
                                                 (percent of total revenue)
                                                 October 2,         October 1,
                                                 2012               2013
                                                                    
Revenues:
     Company-owned restaurant sales              90.5       %       89.9    %
     Manufacturing and commissary revenues       7.1        %       7.4     %
     Franchise and license related               2.4        %       2.7     %
     revenues
Total revenues                                   100.0      %       100.0   %
                                                                    
Cost of sales (exclusive of depreciation and amortization shown
separately below):
     Company-owned restaurant costs (1)
     Cost of goods sold                          28.0       %       27.9    %
     Labor costs                                 29.2       %       29.0    %
     Rent and related expenses                   11.1       %       11.5    %
     Other operating costs                       11.1       %       11.7    %
     Marketing costs                             3.1        %       2.5     %
     Total company-owned restaurant costs        82.5       %       82.6    %
                                                                    
     Manufacturing and commissary costs          76.4       %       77.7    %
     (2)
Total cost of sales                              80.1       %       80.0    %
                                                                    
Gross margin:
     Company-owned restaurant (1)                17.5       %       17.4    %
     Manufacturing and commissary (2)            23.6       %       22.3    %
     Franchise and license                       100.0      %       100.0   %
Total gross margin                               19.9       %       20.0    %
                                                                    
Operating expenses:
     General and administrative expenses         8.6        %       9.2     %
     Depreciation and amortization               4.8        %       4.2     %
     Pre-opening expenses                        0.2        %       0.3     %
     Strategic alternatives expense              0.2        %       0.0     %
     Other operating expenses, net               0.1        %       0.2     %
Income from operations                           6.0        %       6.1     %
                                                                    
Interest expense, net                            0.7        %       1.3     %
Income before income taxes                       5.3        %       4.8     %
     Provision for income taxes                  2.1        %       1.0     %
Net income                                       3.2        %       3.8     %
                                                                    
                                                                    
     (1) As a percentage of company-owned restaurant sales
     (2) As a percentage of manufacturing and commissary revenues

EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share and related share information)
                                                               
                                                                    
                                    39 weeks ended                  Increase/
                                    (in thousands)                  (Decrease)
                                    October 2,       October 1,     2013
                                    2012             2013           vs. 2012
                                                                    
Revenues:
    Company-owned restaurant        $  285,264       $ 286,948      0.6     %
    sales
    Manufacturing and commissary       23,196          24,804       6.9     %
    revenues
    Franchise and license             7,900          8,539        8.1     %
    related revenues
Total revenues                         316,360         320,291      1.2     %
                                                                    
Cost of sales (exclusive of depreciation and
amortization shown separately below):
    Company-owned restaurant
    costs
    Cost of goods sold                 80,032          80,442       0.5     %
    Labor costs                        82,854          84,915       2.5     %
    Rent and related expenses          31,324          32,786       4.7     %
    Other operating costs              30,128          31,861       5.8     %
    Marketing costs                   8,967          7,712        (14.0   %)
    Total company-owned                233,305         237,716      1.9     %
    restaurant costs
                                                                    
    Manufacturing and commissary      18,215         18,280       0.4     %
    costs
Total cost of sales                    251,520         255,996      1.8     %
                                                                    
Gross margin:
    Company-owned restaurant           51,959          49,232       (5.2    %)
    Manufacturing and commissary       4,981           6,524        31.0    %
    Franchise and license             7,900          8,539        8.1     %
Total gross margin                     64,840          64,295       (0.8    %)
                                                                    
Operating expenses:
    General and administrative         30,194          30,143       (0.2    %)
    expenses
    Depreciation and                   14,792          13,974       (5.5    %)
    amortization
    Pre-opening expenses               404             957          136.9   %
    Restructuring expenses             480             -            (100.0  %)
    Strategic alternatives             685             -            (100.0  %)
    expense
    Other operating expenses,         319            519          62.7    %
    net
Income from operations                 17,966          18,702       4.1     %
                                                                    
Interest expense, net                 2,322          4,759        105.0   %
Income before income taxes             15,644          13,943       (10.9   %)
    Provision for income taxes        6,070          4,230        (30.3   %)
Net income                          $  9,574         $ 9,713        1.5     %
                                                                    
Net income – Basic                  $  0.57          $ 0.56         (1.8    %)
Net income – Diluted                $  0.56          $ 0.55         (1.8    %)
Cash dividends declared per         $  0.375         $ 0.375        0.0     %
common share
                                                                    
Weighted average number of
common shares outstanding:
Basic                                  16,915,756      17,306,647   2.3     %
Diluted                                17,200,034      17,738,760   3.1     %

EINSTEIN NOAH RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share and related share information)
(unaudited)
                                                                
                                                39 weeks ended
                                                (percent of total revenue)
                                                October 2,          October 1,
                                                2012               2013    
                                                                    
Revenues:
      Company-owned restaurant sales            90.2       %        89.6    %
      Manufacturing and commissary              7.3        %        7.7     %
      revenues
      Franchise and license related             2.5        %        2.7     %
      revenues
Total revenues                                  100.0      %        100.0   %
                                                                    
Cost of sales (exclusive of depreciation and amortization shown
separately below):
      Company-owned restaurant costs (1)
      Cost of goods sold                        28.1       %        28.0    %
      Labor costs                               29.0       %        29.6    %
      Rent and related expenses                 11.0       %        11.4    %
      Other operating costs                     10.6       %        11.1    %
      Marketing costs                           3.1        %        2.7     %
      Total company-owned restaurant            81.8       %        82.8    %
      costs
                                                                    
      Manufacturing and commissary costs        78.5       %        73.7    %
      (2)
Total cost of sales                             79.5       %        79.9    %
                                                                    
Gross margin:
      Company-owned restaurant                  18.2       %        17.2    %
      Manufacturing and commissary              21.5       %        26.3    %
      Franchise and license                     100.0      %        100.0   %
Total gross margin                              20.5       %        20.1    %
                                                                    
Operating expenses:
      General and administrative expenses       9.6        %        9.4     %
      Depreciation and amortization             4.7        %        4.4     %
      Pre-opening expenses                      0.1        %        0.3     %
      Restructuring expenses                    0.2        %        0.0     %
      Strategic alternatives expense            0.2        %        0.0     %
      Other operating expenses, net             0.1        %        0.2     %
Income from operations                          5.6        %        5.8     %
                                                                    
Interest expense, net                           0.7        %        1.5     %
Income before income taxes                      4.9        %        4.3     %
      Provision for income taxes                1.9        %        1.3     %
Net income                                      3.0        %        3.0     %
                                                                    
                                                                    
      (1) As a percentage of Company-owned restaurant sales
      (2) As a percentage of manufacturing revenues

EINSTEIN NOAH RESTAURANT GROUP, INC.
SELECTED FINANCIAL INFORMATION
(in thousands)
                                                            
                                                               
                                                               
                                                               
Selected Consolidated Balance Sheet          January 1, 2013   October 1, 2013
Information:
Cash and cash equivalents, end of period     $   17,432        $   6,203
Property, plant and equipment, net               63,013            61,747
Total assets                                     213,613           199,787
Total debt                                       136,700           117,250
Total liabilities                                186,106           164,064
                                                               
                                                               
                                                               
                                             39 weeks ended
Selected Consolidated Cash Flow              October 2, 2012   October 1, 2013
Information:
Net cash provided by operating activities    $   31,376        $   23,583
Net cash used in investing activities            (16,170  )        (11,552  )
Net cash used in financing activities            (11,190  )        (23,260  )
Free cash flow (cash provided by operating
                                                 15,206            12,031
activities less cash used in investing
activities)

Reconciliation of GAAP to   13 weeks ended           39 weeks ended
Non-GAAP Measures:
                            October 2,  October 1,   October 2,  October 1,
                             2012         2013         2012         2013
                                                                    
                             (in thousands)
Net income                   $  3,414     $  4,020     $  9,574     $  9,713
    Adjustments to net
    income:
    Interest expense,           744          1,366       2,322       4,759
    net
    Provision for income        2,174        1,124       6,070       4,230
    taxes
    Depreciation and            5,014        4,420       14,792      13,974
    amortization
    Restructuring               -            -           480         -
    expenses
    Strategic                   250          -           685         -
    alternative expenses
    Other operating            60          249         319         519
    expense, net
                                                                    
Adjusted EBITDA              $  11,656    $  11,179    $  34,242    $  33,195

EINSTEIN NOAH RESTAURANT GROUP, INC.
SELECTED FINANCIAL INFORMATION

                                Thirteen weeks ended October 1, 2013
                                 Company                      
                                 Owned   Franchised   Licensed   Total
Consolidated Total
Beginning balance - July 3, 2013 453     107          261        821
Opened restaurants               4       2            18         24
Closed restaurants               -       -            (1   )     (1  )
Refranchising, Net               -       -            -         -   
Ending balance - October 1, 2013 457     109          278       844 

                                    Trailing 4 Quarters
                                    Company                      
                                    Owned   Franchised   Licensed   Total
Consolidated Total
Beginning balance - October 2, 2012 450     94          253        797
Opened restaurants                  18      11           33         62
Closed restaurants                  (6   )  (1   )       (8   )     (15 )
Refranchising, Net                  (5   )  5           -         -   
Ending balance - October 1, 2013    457    109         278       844 

Contact:

For Einstein Noah Restaurant Group, Inc.:
Investor Relations:
Raphael Gross, 203-682-8253
raphael.gross@icrinc.com
Media Relations:
Kristina Jorge, 646-277-1234
kristina.jorge@icrinc.com
 
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