Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 30, 2012
Dec. 25, 2011
Dec. 26, 2010
Cash flows from operating activities:      
Net income $ 5,457 $ 3,464 $ 3,291
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 6,528 4,448 2,732
Amortization of loan origination costs 248 285 188
Write-off of loan origination costs associated with paydown of long-term debt 1,673 78  
Stock-based compensation 329 352 310
Deferred compensation contributed by shareholder   32 96
Non-cash settlement with former director   70  
Loss on disposal of property and equipment 56 44 51
Amortization of deferred lease incentives (848) (620) (241)
Deferred income taxes 1,760 1,198 1,218
Changes in operating assets and liabilities:      
Accounts receivable (117) (44) (188)
Inventories (4) (204) (107)
Prepaid expenses and other current assets (696) (80) (43)
Lease incentives receivable (2,113) 1,936 (2,962)
Lease origination costs (179) (152) (227)
Accounts payable 1,381 204 217
Accrued liabilities 3,904 2,767 754
Deferred lease incentives 7,145 3,425 6,663
Net cash provided by operating activities 24,524 17,203 11,752
Cash flows from investing activities:      
Acquisition of property and equipment (26,834) (20,452) (16,370)
Acquisition of other assets (412) (345) (272)
Net proceeds on note receivable   115 (4)
Net cash used in investing activities (27,246) (20,682) (16,646)
Cash flows from financing activities:      
Payments on long-term debt (82,000) (28,482) (1,232)
Borrowings on long-term debt 29,500 52,500 1,300
Dividend payments   (19,010)  
Purchase of stock (22,474)    
Proceeds from sale of common stock, net of underwriting fees 81,104 183 5,351
Deferred offering costs (2,137) (875)  
Borrowings under revolving line of credit 7,250 3,700 2,500
Payments under revolving line of credit (4,950) (3,250) (1,750)
Loan origination costs (543) (1,797)  
Net proceeds provided by financing activities 5,750 2,969 6,169
Net increase (decrease) in cash and cash equivalents 3,028 (510) 1,275
Cash and cash equivalents, beginning of period 2,827 3,337 2,062
Cash and cash equivalents, end of period 5,855 2,827 3,337
Supplemental cash flow disclosures:      
Interest paid 4,227 4,060 3,700
Income taxes paid 382 317 197
Deferred offering costs not yet paid   763  
Deferred offering costs paid in 2011 reclassed to equity $ 875