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. 29, 2013
Dec. 30, 2012
Dec. 25, 2011
Cash flows from operating activities:      
Net income $ 11,069 $ 5,457 $ 3,464
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 8,858 6,528 4,448
Amortization of loan origination costs 45 248 285
Write-off of loan origination costs associated with paydown of long-term debt 0 1,673 78
Stock-based compensation 531 329 352
Excess tax benefit from stock-based compensation (3,990) 0 0
Deferred compensation contributed by stockholder 0 0 32
Non-cash settlement with former director 0 0 70
Loss on disposal of property and equipment 61 56 44
Amortization of deferred lease incentives (1,242) (848) (620)
Deferred income taxes (314) 1,760 1,198
Changes in operating assets and liabilities:      
Accounts receivable (72) (117) (44)
Inventories (84) (4) (204)
Prepaid expenses and other current assets (96) (696) (80)
Accounts payable (610) 1,381 204
Accrued liabilities and deferred rent 4,612 3,904 2,767
Deferred lease incentives 5,473 5,032 5,361
Net cash provided by operating activities 24,241 24,703 17,355
Cash flows from investing activities:      
Purchase of property and equipment (30,905) (27,246) (20,797)
Purchase of other assets (293) (179) (152)
Net proceeds on note receivable 0 0 115
Net cash used in investing activities (31,198) (27,425) (20,834)
Cash flows from financing activities:      
Payments on long-term debt 0 (82,000) (28,482)
Borrowings on long-term debt 0 29,500 52,500
Dividend payments 0 0 (19,010)
Purchase of stock 0 (22,474) 0
Proceeds from sale of common stock, net of underwriting fees 0 81,104 183
Deferred offering costs 0 (2,137) (875)
Borrowings under revolving line of credit 3,000 7,250 3,700
Payments under revolving line of credit (2,000) (4,950) (3,250)
Loan origination costs 0 (543) (1,797)
Excess tax benefit from stock-based compensation 3,990 0 0
Proceeds from the exercise of stock options 1,435 0 0
Net cash provided by financing activities 6,425 5,750 2,969
Net increase (decrease) in cash and cash equivalents (532) 3,028 (510)
Cash and cash equivalents, beginning of period 5,855 2,827 3,337
Cash and cash equivalents, end of period 5,323 5,855 2,827
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment and other assets acquired by accounts payable 1,767 0 0
Supplemental cash flow disclosures:      
Cash paid for interest 130 4,227 4,060
Cash paid for income taxes 685 382 317
Deferred offering costs not yet paid 0 0 763
Deferred offering costs paid in 2011 reclassed to equity $ 0 $ 875 $ 0