Einstein Noah Restaurant Group Inc., primary operator of Einstein Bros. Bagels, Noah's New York Bagels, and Manhattan Bagel brands, will postpone its previously announced conference call to discuss results for its fourth quarter and full year 2010 results.
According to a news release, the company has decided to postpone the announcement of its financial results due to the timing of the completion of financial statements, specifically related to the restatement of prior periods.
During the year-end close process, the company identified two required adjustments while preparing its income tax provision. In regard to the company’s statement of operations, these adjustments only impact the provision for income taxes and results in additional net income for 2009 and do not impact income from operations in any other year.
As a result, the company intends to restate its 2009 and 2008 financial statements and 2007 and 2006 selected financial information to record certain adjustments for additional income tax benefits to the income tax provision of approximately $18.4 million that will increase previously reported net income and diluted earnings per share for fiscal 2009 by $18.4 million.
The company plans to issue another news release announcing a new date and time for the distribution of the fourth quarter and full year 2010 financial results.
