Panera Bread 2007 Annual Report Download - page 70

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has received additional cash redemptions of $8.0 million at approximately $0.986 per unit. The Company believes
cash redemptions of the remaining units of the Columbia Portfolio, as included in the Company’s accompanying
consolidated financial statements at December 25, 2007, will be received within the next twelve months based on
the redemptions received to-date; however, no commitments on the timing and ability of future redemptions have
been made by the Columbia Portfolio.
At December 26, 2006, the Company’s short-term investments consist of treasury notes and government
agency securities issued and fully guaranteed by the United States. There were $20.0 million of investments in
government securities at December 26, 2006 which were classified as held-to-maturity as the Company had the
intent and ability to hold the securities to maturity. During fiscal year 2007, the $20.0 million of the investments in
government securities outstanding at December 26, 2006 matured or were called by the issuer and no additional
investments in government securities were purchased by the Company. During fiscal year 2006, $30.6 million of
investments in government securities were purchased by the Company and $57.2 million of these investments
matured or were called by the issuer. During fiscal years 2007, 2006, and 2005, the Company recognized interest
income on these investments of $0.2 million, $1.8 million and $1.3 million, respectively, which includes premium
amortization of $0.03 million in fiscal year 2007, discount amortization of $0.3 million in fiscal year 2006, and
premium amortization of $0.1 million in fiscal year 2005, and is classified in other (income) expense, net in the
Consolidated Statements of Operations. The Company’s investments in government securities were classified as
Short-Term Investments in the Consolidated Balance Sheets as of December 26, 2006 based upon their stated
maturity dates.
5. Inventories
Inventories consist of the following (in thousands):
December 25,
2007
December 26,
2006
Food:
Fresh dough facilities:
Raw materials ........................................ $ 2,849 $2,488
Finished goods ....................................... 421 332
Bakery-cafes:
Raw materials ........................................ 6,353 4,721
Paper goods ............................................. 1,635 999
Retail merchandise ........................................ 136 174
$11,394 $8,714
60
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)