Growth through Licensing Continues during Second Half of 2008 As 20th Restaurant of Year Opens Doors
LAKEWOOD, Colo., Sept 30, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Einstein Noah Restaurant Group (Nasdaq: BAGL), a leader in the quick-casual segment of the restaurant industry, announced today that it continues its aggressive expansion of Licensed locations in 2008, having opened its 20th new licensed Einstein Bros.(R) Bagels location on September 22 at the University of North Texas. Einstein Noah Restaurant Group's expansion plans are to add at least 15 more licensed units before the end of the year.
On the heels of agreements with reputable operators such as ARAMARK and SSP America, Einstein Bros. has caught the attention of America's top dining management groups. Recent license agreements have added new locations in high traffic venues, including airports, hotels, supermarkets, hospitals, colleges and universities.
"Our diverse selection of great tasting food provided fresh and at a great value with superb convenience are an excellent fit for the travel, student and healthcare environments," said Paul Carolan, senior vice president of franchising and licensing operations for Einstein Noah Restaurant Group. "Audiences in these environments are looking for quality meals and quick, portable options. We are pleased to bring them a wide variety of craveable menu offerings and continue to see significant growth in our specialty coffee and frozen blended drinks category as well."
There are more than 130 licensed Einstein Bros. locations along with their impressive 320-plus corporate and franchised locations.
In addition to the momentum behind the licensing program, Einstein Noah Restaurant Group announced earlier this summer that it has expanded its franchising strategy to include the Midwest, New England and Southern United States. Initial franchise sales began in 2007 and focused on the Southeast, where several franchise agreements have already been signed. The first franchise location opened in March of this year in Jacksonville, Fla., and the company continues to plan for the opening of 4 more locations this year. In 2008 the company has already signed franchise development agreements for 19 locations to be developed in Augusta, GA, Frisco, TX, Tyler, TX and most recently San Antonio, TX.
"We are partnering with experienced operators to bring Einstein Bros.' neighborhood friendly atmosphere to as many different audiences as we can without sacrificing our business strategy," added Carolan. "The acceptance of our brand in the franchise community has been remarkable."
Known for its award winning bagels and shmear varieties, made-to-order breakfast and lunchtime sandwiches, five different flavors of Darn Good Coffee(R), hearty soups, fresh innovative salads, baked goods and decadent desserts, Einstein Bros. has secured its distinctive place among competitors in the rapidly expanding fast casual restaurant category with innovative menu offerings. Moreover, the brand's trendy restaurant decor and contemporary atmosphere is designed to attract a loyal guest base that can feel at home while dining.
Einstein Noah Restaurant Group Inc. is a leading company in the quick casual restaurant industry that operates locations primarily under the Einstein Bros.(R) Bagels and Noah's New York Bagels(R) brands and primarily franchises locations under the Manhattan Bagel(R) brand. The company's retail system consists of more than 600 restaurants, including more than 100 license locations, in 35 states plus the District of Columbia. It also operates a dough production facility. The company's stock is traded under the symbol BAGL. Visit http://www.einsteinnoah.com for additional information.
Certain statements in this press release 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 "forecast," "estimate," "project," "plan to," "is designed to," "expectations," "intend," "indications," "expect," "should," "would," "believe," "target," "trend," "will be able," "is going to be," "will play" 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 actual results or achievements to differ from those expressed or implied by such forward-looking statements. These factors include but are not limited to the following: the ability of licensees and franchisees to build, open and successfully run Einstein Bros. locations is dependent upon, among other factors, their ability to find suitable locations, reach acceptable lease terms, have adequate capital, find available contractors, obtain licenses and permits, locate and train staff appropriately and properly manage the new restaurants. These and other risks are more fully discussed in the Company's SEC filings.
SOURCE Einstein Noah Restaurant Group