Panera Bread 2004 Annual Report Download - page 57

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19. Selected Quarterly Financial Data (unaudited)
The following table presents selected quarterly financial data for the periods indicated (in thousands, including explanations below
the table, except per share data):
Fiscal 2004 — Quarters Ended
(as restated)
April 17,
(as restated)
July 10,
(as restated)
October 2,
December 25,
Revenues ............................................................................................................ $ 129,899 $ 105,321 $ 113,772 $ 130,147
Operating profit(1).............................................................................................. 15,318 10,522 13,906 22,092
Net income(1)..................................................................................................... 9,494 6,475 8,568 14,043
Basic earnings per share:
Net income(1)................................................................................................... $ 0.32 $ 0.21 $ 0.28 $ 0.47
Diluted earnings per share:
Net income(1)................................................................................................... $ 0.31 $ 0.21 $ 0.28 $ 0.45
Fiscal 2003 — Quarters Ended (as restated)
April 19, July 12, October 4, December 27,
Revenues .............................................................................................................. $ 100,797 $ 80,324 $ 85,913 $ 96,668
Operating profit(2)................................................................................................ 12,112 9,218 11,464 17,144
Net income before cumulative effect of accounting change(2) ............................ 7,548 5,696 7,022 10,403
Cumulative effect of accounting change .............................................................. (239) — — —
Net income(2)....................................................................................................... 7,309 5,696 7,022 10,403
Basic earnings per share(2):
Before cumulative effect of accounting change.................................................. $ 0.26 $ 0.19 $ 0.23 $ 0.35
Cumulative effect of accounting change............................................................. (0.01) — — —
Net income.......................................................................................................... $ 0.25 $ 0.19 $ 0.23 $ 0.35
Diluted earnings per share(2):
Before cumulative effect of accounting change.................................................. $ 0.25 $ 0.19 $ 0.23 $ 0.34
Cumulative effect of accounting change............................................................. (0.01) — — —
Net income.......................................................................................................... $ 0.24 $ 0.19 $ 0.23 $ 0.34
__________
(1) As described in Note 3 to the Consolidated Financial Statements, the Company restated its consolidated statements of
operations correcting the computation of straight-line rent expense and related leasehold improvement depreciation expense
and the classification of landlord allowances. The effect of the restatement increased operating profit by $43, $46, and $50 for
the quarters ended April 17, July 10, and October 2, respectively. The effect of the restatement increased net income by $27,
$29, and $32 for the same quarters ended, respectively. The restatement did not change previously reported basic or diluted
earnings per share in the Company’s first, second, or third quarters.
(2) As described in Note 3 to the Consolidated Financial Statements, the Company restated its consolidated statements of
operations correcting the computation of straight-line rent expense and related leasehold improvement depreciation expense
and the classification of landlord allowances. The effect of the restatement increased operating profit by $8, $8, $8, and $10 for
the quarters ended April 19, July 12, October 4, and December 27, respectively. The effect of the restatement increased net
income before cumulative effect of accounting change and net income by $5, $5, $5, and $6 for the same quarters ended,
respectively. The restatement did not effect basic or diluted earnings per share in any quarter.
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