Panera Bread 2004 Annual Report Download - page 16

ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The following selected financial data has been derived from the consolidated financial statements of the Company. The data set
forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and the Company’s Consolidated Financial Statements and Notes thereto.
For the Fiscal Years Ended(1)(4)
December 25,
2004
(as restated)
December 27,
2003
(as restated)
December 28,
2002
(as restated)
December 29,
2001
(as restated)
December 30,
2000
(in thousands, except per share data)
Revenues:
Bakery-cafe sales......................................................................................... $ 362,121 $ 265,933 $ 212,645 $ 157,684 $ 125,486
Franchise royalties and fees......................................................................... 44,449 36,245 27,892 19,577 12,059
Fresh dough sales to franchisees.................................................................. 72,569 61,524 41,688 23,856 13,844
Total Revenue ........................................................................................ 479,139 363,702 282,225 201,117 151,389
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products............................................................... 101,832 73,885 63,370 48,341 40,993
Labor........................................................................................................ 110,790 81,152 63,172 45,768 36,281
Occupancy................................................................................................ 26,730 18,981 15,408 11,893 9,786
Other operating expenses ......................................................................... 51,044 36,804 27,971 20,729 16,050
Total bakery-cafe expenses .................................................................... 290,396 210,822 169,921 126,731 103,110
Fresh dough cost of sales to franchisees ........................................................ 65,627 54,967 38,432 21,965 12,261
Depreciation and amortization....................................................................... 25,298 18,304 13,794 10,979 8,293
General and administrative expenses ............................................................. 33,338 28,140 24,986 19,589 16,381
Pre-opening expenses .................................................................................... 2,642 1,531 1,051 912 414
Non-recurring charge(2) ................................................................................ — — — — 494
Total costs and expenses ........................................................................ 417,301 313,764 248,184 180,176 140,953
Operating profit ............................................................................................. 61,838 49,938 34,041 20,941 10,436
Interest expense ............................................................................................. 18 48 32 72 164
Other expense (income), net .......................................................................... 737 1,227 287 213 (409)
Minority interest ............................................................................................ 328 365 180 8 —
Income before income taxes and cumulative effect of accounting change..... 60,755 48,298 33,542 20,648 10,681
Provision for income taxes............................................................................. 22,175 17,629 12,242 7,989 4,050
Income before cumulative effect of accounting change ................................. 38,580 30,669 21,300 12,659 6,631
Cumulative effect to December 28, 2002 of accounting change, net of tax
benefit(3) ..................................................................................................... — (239) — — —
Net income..................................................................................................... $ 38,580 $ 30,430 $ 21,300 $ 12,659 $ 6,631
Per common share:
Basic:
Income before cumulative effect of accounting change............................... $ 1.28 $ 1.03 $ 0.74 $ 0.46 $ 0.26
Cumulative effect of accounting changes(3)................................................ — (0.01) — — —
Net income .................................................................................................. $ 1.28 $ 1.02 $ 0.74 $ 0.46 $ 0.26
Diluted:
Income before cumulative effect of accounting change............................... $ 1.25 $ 1.01 $ 0.71 $ 0.44 $ 0.25
Cumulative effect of accounting changes(3)................................................ — (0.01) — — —
Net income .................................................................................................. $ 1.25 $ 1.00 $ 0.71 $ 0.44 $ 0.25
Weighted average shares of common stock outstanding:
Basic............................................................................................................ 30,154 29,733 28,923 27,783 25,114
Diluted......................................................................................................... 30,768 30,423 29,891 28,886 26,267
Comparable bakery-cafe sales percentage increases for:
Company-owned bakery-cafes..................................................................... 2.9% 1.7% 4.1% 5.8% 8.1%
Franchise operated bakery-cafes.................................................................. 2.6% (0.4)% 6.1% 5.8% 10.3%
System-wide................................................................................................ 2.7% 0.2% 5.5% 5.8% 9.1%
Consolidated balance sheet data:
Cash and cash equivalents ............................................................................. $ 29,639 $ 42,402 $ 29,924 $ 18,052 $ 9,011
Investments in government securities ............................................................ $ 28,415 $ 9,019 $ 9,149 $ — $ —
Total assets .................................................................................................... $ 324,672 $ 256,835 $ 195,431 $ 148,720 $ 114,490
Other long-term liabilities.............................................................................. $ 1,776 $ 1,115 $ 262 $ — $ —
Stockholders’ equity ...................................................................................... $ 241,363 $ 193,805 $ 151,503 $ 118,185 $ 90,394
Bakery-cafe data:
Company-owned bakery-cafes open .............................................................. 226 173 132 110 90
Franchise operated bakery-cafes open ........................................................... 515 429 346 259 172
Total bakery-cafes open............................................................................... 741 602 478 369 262
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(1) Fiscal year 2000 consisted of 53 weeks. Fiscal years 2004, 2003, 2002, and 2001 were comprised of 52 weeks.
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