Panera Bread 2007 Annual Report Download - page 30

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ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data has been derived from our consolidated financial statements. The data set
forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and our consolidated financial statements and notes thereto.
December 25,
2007
December 26,
2006
December 27,
2005(1)
December 25,
2004
December 27,
2003
For the Fiscal Year Ended
(in thousands, except per share data)
Revenues:
Bakery-cafe sales ............ $ 894,902 $666,141 $499,422 $362,121 $265,933
Franchise royalties and fees ..... 67,188 61,531 54,309 44,449 36,245
Fresh dough sales to
franchisees ............... 104,601 101,299 86,544 72,569 61,524
Total revenue ............ 1,066,691 828,971 640,275 479,139 363,702
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper
products ............... 277,715 197,182 142,675 101,832 73,885
Labor ................... 286,238 204,956 151,524 110,790 81,152
Occupancy ............... 70,398 48,602 35,558 25,040 18,071
Other operating expenses ..... 121,325 92,176 70,003 51,044 36,804
Total bakery-cafe expenses. . 755,676 542,916 399,760 288,706 209,912
Fresh dough cost of sales to
franchisees ................. 86,579 85,618 75,036 65,627 54,967
Depreciation and amortization ..... 57,903 44,166 33,011 25,298 18,304
General and administrative
expenses ................... 68,966 59,306 46,301 33,338 28,140
Pre-opening expenses ........... 8,289 6,173 5,072 4,332 2,441
Total costs and expenses . . . 977,413 738,179 559,180 417,301 313,764
Operating profit ............... 89,278 90,792 81,095 61,838 49,938
Interest expense ............... 483 92 50 18 48
Other (income) expense, net ...... 333 (1,976) (1,133) 1,065 1,592
Income before minority interest,
income taxes and cumulative
effect of accounting change ..... 88,462 92,676 82,178 60,755 48,298
Loss allocable to minority interest . . (428) — — — —
Income before income taxes and
cumulative effect of accounting
change .................... 88,890 92,676 82,178 60,755 48,298
Income taxes ................. 31,434 33,827 29,995 22,175 17,629
Income before cumulative effect of
accounting change............ 57,456 58,849 52,183 38,580 30,669
Cumulative effect to December 28,
2002 of accounting change, net
of tax benefit(2) ............. — — — — (239)
Net income ................. $ 57,456 $ 58,849 $ 52,183 $ 38,580 $ 30,430
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