Panera Bread 2004 Annual Report Download - page 6

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Matters discussed in this annual report, including any discussion, express or implied, of the Company’s
anticipated growth, operating results, future earnings per share, plans and objectives, or statements of the
underlying assumptions of forward-looking statements, contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are often identified by the words “may”, “believe”, “plan”, “goal”, “look”, “positioned”,
“estimate”, “project”, “target”, “continue”, “intend”, “expect”, “future”, “anticipates”, and similar
expressions. All forward-looking statements are expressly qualified by the cautionary statements described in
this provision. All forward-looking statements included in this annual report are made only as of the date of this
annual report, and we do not undertake any obligation to publicly update or correct any forward-looking
statements to reflect events or circumstances that occur or of which we hereafter become aware, after that date.
Forward-looking information expresses management’s present belief, expectations or intentions regarding the
Company’s future performance. The Company’s actual results could differ materially from those set forth in the
forward-looking statements due to known and unknown risks, uncertainties, and developments and could be
negatively impacted by a number of factors. These factors include but are not limited to the following: the
availability of sufficient capital to the Company and the developers party to franchise development agreements
with the Company; variations in the number and timing of bakery-cafe openings; the ability by the Company
and franchisees to operate additional bakery-cafes profitably; public acceptance of new bakery-cafes;
competition; national and regional weather conditions; changes in restaurant operating costs, particularly
market changes, food and labor costs, and inflation; changes in commodity costs; changes in consumer
nutritional habits; changes in accounting principles generally accepted in the United States; and other factors
that may affect retailers in general. For all of these reasons, our forward-looking statements should not be
relied upon as a prediction of actual future events, objectives, strategies, trends, or results.
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