Panera Bread 2004 Annual Report Download - page 55

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__________
(1) In January 2002, the Company purchased the area development rights and three existing bakery-cafes in the Jacksonville,
Florida market from its franchisee. During fiscal 2003, the Company acquired 15 operating bakery-cafes and the area
development rights in the Louisville/Lexington, Kentucky; Dallas, Texas; Toledo, Ohio; and Ann Arbor, Michigan markets
from franchisees. In October 2004, the Company acquired one operating bakery-cafe in the Dallas, Texas market from a
franchisee.
(2) In October 2004, the Company transferred two operating bakery-cafes and one bakery-cafe under construction to a new
franchisee in the acquisition of the minority interest. See Note 4 to the Consolidated Financial Statements for further
information.
The accounting policies applicable to each segment are consistent with those described in Note 2, “Summary of Significant
Accounting Policies.” Segment information related to the Company’s three business segments follows (in thousands):
For the Fiscal Years Ended
December 25,
2004
(as restated)
December 27,
2003
(as restated)
December 28,
2002
(in thousands)
Revenues:
Company bakery-cafe operations ...................................................................................... $ 362,121 $ 265,933 $ 212,645
Franchise operations.......................................................................................................... 44,449 36,245 27,892
Fresh dough operations...................................................................................................... 103,786 93,874 65,280
Intercompany sales eliminations........................................................................................ (31,217) (32,350) (23,592)
Total Revenues................................................................................................................ $ 479,139 $ 363,702 $ 282,225
Segment profit:
Company bakery-cafe operations ...................................................................................... $ 71,725 $ 55,111 $ 42,724
Franchise operations.......................................................................................................... 39,149 32,132 24,280
Fresh dough operations...................................................................................................... 6,942 6,557 3,256
Total segment profit........................................................................................................ $ 117,816 $ 93,800 $ 70,260
Total segment profit........................................................................................................... $ 117,816 $ 93,800 $ 70,260
Depreciation and amortization........................................................................................... 25,298 18,304 13,794
Unallocated general and administrative expenses ............................................................. 28,038 24,027 21,374
Pre-opening expenses ........................................................................................................ 2,642 1,531 1,051
Interest expense ................................................................................................................. 18 48 32
Other expense, 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
Depreciation and amortization:
Company bakery-cafe operations ...................................................................................... $ 17,786 $ 12,256 $ 9,180
Fresh dough operations...................................................................................................... 4,356 3,298 2,279
Corporate Administration .................................................................................................. 3,156 2,750 2,335
Total depreciation and amortization................................................................................ $ 25,298 $ 18,304 $ 13,794
Capital expenditures:
Company bakery-cafe operations ...................................................................................... $ 67,374 $ 33,670 $ 17,713
Fresh dough operations...................................................................................................... 9,445 8,370 9,971
Corporate Administration .................................................................................................. 3,610 3,721 1,799
Total capital expenditures ............................................................................................... $ 80,429 $ 45,761 $ 29,483
49