Panera Bread 2006 Annual Report Download - page 65

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(1) In October 2006, the Company acquired 13 bakery-cafes (one of which was under construction) and the area
development rights from a franchisee in certain markets in Iowa, Nebraska and South Dakota. In September
2006, the Company acquired one bakery-cafe in Pennsylvania from a franchisee. In November 2005, the
Company acquired 23 bakery-cafes (two of which were under construction) and the area development rights
from a franchisee in certain markets in Indiana. In October 2004, we acquired one bakery-cafe in the Dallas,
Texas market from a franchisee.
(2) In October 2004, the Company transferred two bakery-cafes to a new franchisee in the acquisition of the
minority interest. See Note 3 of the Company’s Consolidated Financial Statements for further information.
The accounting policies applicable to each segment are consistent with those described in Note 2, “Summary
of Significant Accounting Policies.” Segment information related to the Company’s three business segments
follows (in thousands):
December 26,
2006
December 27,
2005
December 25,
2004
For the Fiscal Year Ended
Revenues:
Company bakery-cafe operations ................ $666,141 $499,422 $362,121
Franchise operations ......................... 61,531 54,309 44,449
Fresh dough operations ....................... 159,050 128,422 103,786
Intercompany sales eliminations ................. (57,751) (41,878) (31,217)
Total Revenues............................ $828,971 $640,275 $479,139
Segment profit:
Company bakery-cafe operations ................ $123,225 $ 99,662 $ 73,415
Franchise operations ......................... 54,160 47,652 39,149
Fresh dough operations ....................... 15,681 11,508 6,942
Total segment profit ........................ $193,066 $158,822 $119,506
Total segment profit .......................... $193,066 $158,822 $119,506
Depreciation and amortization .................. 44,166 33,011 25,298
Unallocated general and administrative expenses. .... 51,935 39,644 28,038
Pre-opening expenses ......................... 6,173 5,072 4,332
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
60
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)