Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 24, 2012
Jun. 26, 2011
Cash flows from operating activities:    
Net income $ 2,111 $ 1,938
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,947 1,967
Amortization of loan origination costs 200 186
Stock-based compensation 175 175
Deferred compensation contributed by shareholder   24
Non-cash settlement with former director   70
Loss on disposal of property and equipment 12 15
Amortization of deferred lease incentives (396) (292)
Deferred income taxes 673 572
Changes in operating assets and liabilities:    
Accounts receivable (20) 64
Inventories 32 (17)
Prepaid expenses and other current assets (416) (311)
Lease incentives receivable (1,168) 1,812
Lease origination costs (38) (85)
Accounts payable 521 76
Accrued liabilities 2,474 1,617
Deferred lease incentives 2,288 1,325
Net cash provided by operating activities 9,395 9,136
Cash flows from investing activities:    
Acquistion of property and equipment (13,473) (9,749)
Acquisition of other assets (224) (170)
Net proceeds on note receivable   115
Net cash used in investing activities (13,697) (9,804)
Cash flows from financing activities:    
Payments on long-term debt (325) (28,107)
Borrowings on long-term debt 29,500 52,500
Dividend payments   (19,010)
Purchase of stock (22,474)  
Proceeds from sale of stock   83
Deferred offering costs (277)  
Borrowings under revolving line of credit 2,250  
Payments under revolving line of credit (2,250) (2,250)
Loan origination costs (328) (1,800)
Net proceeds provided by financing activities 6,096 1,416
Net increase in cash and cash equivilents 1,794 748
Cash and cash equivalents, beginning of period 2,827 3,337
Cash and cash equivalents, end of period 4,621 4,085
Supplemental cash flow disclosures:    
Interest paid 2,292 1,651
Income taxes paid 286 243
Deferred offering costs not yet paid $ 1,185