Panera Bread 2006 Annual Report Download - page 42

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
December 26,
2006
December 27,
2005
December 25,
2004
For the Fiscal Year Ended
Revenues:
Bakery-cafe sales ................................... $666,141 $499,422 $362,121
Franchise royalties and fees ........................... 61,531 54,309 44,449
Fresh dough sales to franchisees ........................ 101,299 86,544 72,569
Total revenue .................................. 828,971 640,275 479,139
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products ...................... 197,182 142,675 101,832
Labor .......................................... 204,956 151,524 110,790
Occupancy ...................................... 48,602 35,558 25,040
Other operating expenses ........................... 92,176 70,003 51,044
Total bakery-cafe expenses ........................ 542,916 399,760 288,706
Fresh dough cost of sales to franchisees .................. 85,618 75,036 65,627
Depreciation and amortization ......................... 44,166 33,011 25,298
General and administrative expenses ..................... 59,306 46,301 33,338
Pre-opening expenses ................................ 6,173 5,072 4,332
Total costs and expenses .......................... 738,179 559,180 417,301
Operating profit ...................................... 90,792 81,095 61,838
Interest expense ...................................... 92 50 18
Other (income) expense, net ............................. (1,976) (1,133) 1,065
Income before income taxes ............................. 92,676 82,178 60,755
Income taxes ........................................ 33,827 29,995 22,175
Net income ......................................... $ 58,849 $ 52,183 $ 38,580
Per share data:
Net income per share
Basic .......................................... $ 1.88 $ 1.69 $ 1.28
Diluted ......................................... $ 1.84 $ 1.65 $ 1.25
Weighted average shares of common and common equivalent
shares outstanding
Basic ............................................ 31,313 30,871 30,154
Diluted .......................................... 32,044 31,651 30,768
The accompanying notes are an integral part of the consolidated financial statements.
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