Panera Bread 2004 Annual Report Download - page 20

The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items
included in the Company’s consolidated statements of operations for the periods indicated. Percentages may not add due to rounding:
For the Fiscal Years Ended(3)
December 25,
2004
(as restated)
December 27,
2003
(as restated)
December 28,
2002
Revenues:
Bakery-cafe sales................................................................................................................ 75.6% 73.1% 75.3%
Franchise royalties and fees................................................................................................ 9.3 10.0 9.9
Fresh dough sales to franchisees......................................................................................... 15.1 16.9 14.8
Total revenue.................................................................................................................. 100.0% 100.0% 100.0%
Costs and expenses:
Bakery-cafe expenses(1):
Cost of food and paper products ...................................................................................... 28.1% 27.8% 29.8%
Labor................................................................................................................................ 30.6 30.5 29.7
Occupancy ....................................................................................................................... 7.4 7.1 7.2
Other operating expenses ................................................................................................. 14.1 13.8 13.2
Total bakery-cafe expenses ............................................................................................ 80.2 79.2 79.9
Fresh dough cost of sales to franchisees(2) ........................................................................ 90.4 89.3 92.2
Depreciation and amortization............................................................................................ 5.3 5.0 4.9
General and administrative expenses.................................................................................. 7.0 7.7 8.9
Pre-opening expenses ......................................................................................................... 0.6 0.4 0.4
Total costs and expenses ................................................................................................ 87.1 86.3 87.9
Operating profit .................................................................................................................... 12.9 13.7 12.1
Interest expense .................................................................................................................... — — —
Other expense, net ................................................................................................................ 0.2 0.3 0.1
Minority interest ................................................................................................................... 0.1 0.1 0.1
Income before income taxes and cumulative effect of accounting change........................... 12.7 13.3 11.9
Income taxes......................................................................................................................... 4.6 4.8 4.3
Income before cumulative effect of accounting change ....................................................... 8.1 8.4 7.5
Cumulative effect to December 28, 2002 of accounting change, net of tax ......................... — (0.1) —
Net income ..................................................................................................................... 8.1% 8.4% 7.5%
__________
(1) As a percentage of bakery-cafe sales.
(2) As a percentage of fresh dough facility sales to franchisees.
(3) The Company restated its consolidated financial statements correcting the computation of straight-line rent expense and related
leasehold improvement depreciation expense and the classification of landlord allowances. See Note 3, “Restatement of
Previously Issued Consolidated Financial Statements,” to the Consolidated Financial Statements for further information.
14