Panera Bread 2004 Annual Report Download - page 37

PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Fiscal Years Ended
December 25,
2004
(as restated)
December 27,
2003
(as restated)
December 28,
2002
Cash flows from operations:
Net income......................................................................................................................... $ 38,580 $ 30,430 $ 21,300
Adjustments to reconcile net income to net cash provided
by operating activities:
Cumulative effect of accounting change, net of tax........................................................... — 239 —
Depreciation and amortization........................................................................................... 25,298 18,304 13,794
Tax benefit from exercise of stock options........................................................................ 4,336 6,847 8,064
Deferred income taxes ....................................................................................................... 5,993 8,810 3,927
Minority Interest................................................................................................................ 328 365 180
Other .................................................................................................................................. 144 148 113
Changes in operating assets and liabilities:
Trade and other accounts receivable.................................................................................. (4,850) (2,808) (4,454)
Inventories ......................................................................................................................... (1,055) (900) (1,080)
Prepaid expenses................................................................................................................ (358) 538 (172)
Accounts payable............................................................................................................... (2,232) 2,085 716
Accrued expenses .............................................................................................................. 10,628 5,618 4,073
Deferred revenue ............................................................................................................... (208) (497) (137)
Deferred rent...................................................................................................................... 7,680 3,751 2,384
Other .................................................................................................................................. — 172 (21)
Net cash provided by operating activities ..................................................................... 84,284 73,102 48,687
Cash flows from investing activities:
Additions to property and equipment ................................................................................ (80,429) (45,761) (29,483)
Acquisitions....................................................................................................................... (5,224) (20,969) (3,267)
Purchase of investments .................................................................................................... (28,792) (4,000) (9,200)
Investment maturities proceeds ......................................................................................... 9,300 4,000 —
Decrease (increase) in deposits and other.......................................................................... 2,854 (126) (529)
Net cash used in investing activities.............................................................................. (102,291) (66,856) (42,479)
Cash flows from financing activities:
Exercise of employee stock options................................................................................... 3,569 4,211 3,032
Proceeds from note receivable........................................................................................... — — 248
Increase in deferred financing costs................................................................................... (41) (2) —
Proceeds from issuance of common stock ......................................................................... 1,073 814 923
Investments by minority interest owners ........................................................................... 643 1,209 1,461
Net cash provided by financing activities ..................................................................... 5,244 6,232 5,664
Net (decrease) increase in cash and cash equivalents.......................................................... (12,763) 12,478 11,872
Cash and cash equivalents at beginning of period............................................................... 42,402 29,924 18,052
Cash and cash equivalents at end of period......................................................................... $ 29,639 $ 42,402 $ 29,924
Supplemental cash flow information:
Cash paid during the year for:
Interest........................................................................................................................... $ — $ 22 $ 17
Income taxes.................................................................................................................. $ 10,367 $ 783 $ 424
Noncash investing activities:
Assets transferred to minority interest owner................................................................ $ 2,673 $ — $ —
The accompanying notes are an integral part of the consolidated financial statements.
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