Panera Bread 2005 Annual Report Download - page 35

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29
The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items
included in our pro forma consolidated statements of operations for the period indicated. Percentages may not add due to rounding:
Panera Bread Company
Pro Forma Consolidated Statements of Operations
Margin Analysis
For the Thirteen Weeks Ended
March 29,
2005
June 28,
2005
September 27,
2005
December 27,
2005
Revenues:
Bakery-cafe sales .................................................................................................. 76.7% 77.6% 78.4% 79.0%
Franchise royalties and fees .................................................................................. 8.6 8.7 8.5 8.2
Fresh dough sales to franchisees........................................................................... 14.7 13.7 13.1 12.8
Total revenue.................................................................................................... 100.0% 100.0% 100.0% 100.0%
Costs and expenses:
Bakery-cafe expenses(1):
Cost of food and paper products........................................................................ 26.7% 29.6% 29.8% 28.1%
Labor.................................................................................................................. 30.8 30.8 30.6 29.4
Occupancy.......................................................................................................... 7.8 7.4 7.6 7.2
Other operating expenses................................................................................... 14.0 14.6 14.2 13.4
Total bakery-cafe expenses .............................................................................. 79.3 82.4 82.1 78.2
Fresh dough cost of sales to franchisees(2) .......................................................... 89.9 85.4 85.0 86.4
Depreciation and amortization .............................................................................. 5.1 5.2 5.5 4.9
General and administrative expenses.................................................................... 7.1 7.8 7.0 7.0
Pre-opening expenses............................................................................................ 0.4 0.4 0.5 0.7
Total costs and expenses .................................................................................. 86.6 89.0 88.5 85.5
Operating profit ...................................................................................................... 13.4 11.0 11.5 14.5
Interest expense ...................................................................................................... — — — —
Other (income) expense, net ................................................................................... — (0.1) (0.3) (0.3)
Income before income taxes ................................................................................... 13.4 11.1 11.7 14.8
Income taxes ........................................................................................................... 4.9 4.0 4.3 5.4
Net income.............................................................................................................. 8.5% 7.0% 7.5% 9.4%
____________
(1) As a percentage of Company-owned bakery-cafe sales.
(2) As a percentage of fresh dough sales to franchisees.