Panera Bread 2004 Annual Report Download - page 36

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
For the Fiscal Years Ended
December 25,
2004
(as restated)
December 27,
2003
(as restated)
December 28,
2002
Revenues:
Bakery-cafe sales................................................................................................................ $ 362,121 $ 265,933 $ 212,645
Franchise royalties and fees................................................................................................ 44,449 36,245 27,892
Fresh dough sales to franchisees......................................................................................... 72,569 61,524 41,688
Total revenue.................................................................................................................. 479,139 363,702 282,225
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products ...................................................................................... 101,832 73,885 63,370
Labor................................................................................................................................ 110,790 81,152 63,172
Occupancy ....................................................................................................................... 26,730 18,981 15,408
Other operating expenses ................................................................................................. 51,044 36,804 27,971
Total bakery-cafe expenses ............................................................................................ 290,396 210,822 169,921
Fresh dough cost of sales to franchisees ............................................................................. 65,627 54,967 38,432
Depreciation and amortization............................................................................................ 25,298 18,304 13,794
General and administrative expenses.................................................................................. 33,338 28,140 24,986
Pre-opening expenses ......................................................................................................... 2,642 1,531 1,051
Total costs and expenses ................................................................................................ 417,301 313,764 248,184
Operating profit .................................................................................................................... 61,838 49,938 34,041
Interest expense .................................................................................................................... 18 48 32
Other expense (income), net................................................................................................. 737 1,227 287
Minority interest ................................................................................................................... 328 365 180
Income before income taxes and cumulative effect of accounting change........................... 60,755 48,298 33,542
Income taxes......................................................................................................................... 22,175 17,629 12,242
Income before cumulative effect of accounting change ....................................................... 38,580 30,669 21,300
Cumulative effect to December 28, 2002 of accounting change, net of tax benefit ............. — (239) —
Net income ..................................................................................................................... $ 38,580 $ 30,430 $ 21,300
Per share data:
Basic earnings per common share:
Before cumulative effect of accounting change ............................................................... $ 1.28 $ 1.03 $ 0.74
Cumulative effect of accounting change.......................................................................... — (0.01) —
Net income ..................................................................................................................... $ 1.28 $ 1.02 $ 0.74
Diluted earnings per common share:
Before cumulative effect of accounting change ............................................................... $ 1.25 $ 1.01 $ 0.71
Cumulative effect of accounting change.......................................................................... — (0.01) —
Net income ..................................................................................................................... $ 1.25 $ 1.00 $ 0.71
Weighted average shares of common and common equivalent shares outstanding
Basic ................................................................................................................................... 30,154 29,733 28,923
Diluted ................................................................................................................................ 30,768 30,423 29,891
The accompanying notes are an integral part of the consolidated financial statements.
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