Panera Bread 2005 Annual Report Download - page 34

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28
Quarterly Calendar Change
As previously reported, we adopted a new quarterly calendar beginning fiscal 2006 whereby each of our quarters will include 13
weeks (4 week, 5 week, and 4 week period progressions in each quarter), rather than our previous quarterly calendar which had 16
weeks in the first quarter and 12 weeks in the second, third and fourth quarters (4 week period progressions in each quarter). Our fiscal
week will continue to end on Tuesday, with fiscal 2006 ending on December 26, 2006. Our pro forma consolidated statements of
operations for each of the quarters of fiscal 2005 conformed to the 2006 quarterly presentation is as follows:
Panera Bread Company
Pro Forma Consolidated Statements of Operations
For the Thirteen Weeks Ended
March 29,
2005
June 28,
2005
September 27,
2005
December 27,
2005
(in thousands, except per share amounts)
Revenues:
Bakery-cafe sales ......................................................................................... $ 110,559 $ 117,836 $ 123,965 $ 147,062
Franchise royalties and fees ......................................................................... 12,448 13,214 13,426 15,221
Fresh dough sales to franchisees.................................................................. 21,130 20,858 20,681 23,875
Total revenue........................................................................................... 144,137 151,908 158,072 186,158
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products............................................................... 29,478 34,925 36,914 41,358
Labor......................................................................................................... 34,038 36,250 37,945 43,291
Occupancy................................................................................................. 8,626 8,751 9,390 10,622
Other operating expenses.......................................................................... 15,509 17,209 17,588 19,697
Total bakery-cafe expenses ..................................................................... 87,651 97,135 101,837 114,968
Fresh dough cost of sales to franchisees ...................................................... 19,004 17,817 17,585 20,630
Depreciation and amortization ..................................................................... 7,313 7,868 8,662 9,168
General and administrative expenses........................................................... 10,304 11,795 11,083 13,119
Pre-opening expenses................................................................................... 577 552 799 1,313
Total costs and expenses ......................................................................... 124,849 135,167 139,966 159,198
Operating profit ............................................................................................. 19,288 16,741 18,106 26,960
Interest expense ............................................................................................. 10 17 9 14
Other expense (income), net .......................................................................... 31 (131) (451) (582)
Income before income taxes .......................................................................... 19,247 16,855 18,548 27,528
Income taxes .................................................................................................. 7,025 6,152 6,770 10,048
Net income.............................................................................................. $ 12,222 $ 10,703 $ 11,778 $ 17,480
Per share data:
Basic earnings per common share:
Net income.............................................................................................. $ 0.40 $ 0.35 $ 0.38 $ 0.56
Diluted earnings per common share:
Net income.............................................................................................. $ 0.39 $ 0.34 $ 0.37 $ 0.55
Weighted average shares of common and common equivalent shares
outstanding
Basic ............................................................................................................ 30,583 30,836 30,990 31,098
Diluted.......................................................................................................... 31,366 31,653 31,697 31,873