Panera Bread 2008 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2008 Panera Bread annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 99

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99

December 30,
2008
December 25,
2007
December 26,
2006
December 27,
2005
December 25,
2004
For the Fiscal Year Ended(1)
Consolidated balance sheet data:
Cash and cash equivalents ......... $ 74,710 $ 68,242 $ 52,097 $ 24,451 $ 29,639
Short-term investments . . . ......... $ 2,400 $ 23,198 $ 20,025 $ 46,308 $ 28,415
Total assets . ................... $ 673,917 $ 698,752 $ 542,609 $ 437,667 $324,672
Long-term liabilities .............. $ 61,217 $ 122,807 $ 35,333 $ 33,824 $ 27,604
Stockholders’ equity.............. $ 495,162 $ 446,164 $ 397,666 $ 316,978 $241,363
Franchisee revenues(2) . . . ......... $1,542,791 $1,376,430 $1,245,472 $1,097,191 $879,070
Comparable bakery-cafe sales
percentage for(3):
Company-owned bakery-cafes . . . . . 5.8% 1.9% 3.9% 7.4% 2.9%
Franchise-operated bakery-
cafes(2) ................... 5.3% 1.5% 4.1% 8.0% 2.6%
Bakery-cafe data:
Company-owned bakery-cafes open . . . 562 532 391 311 226
Franchise-operated bakery-cafes
open ....................... 763 698 636 566 515
Total bakery-cafes open ......... 1,325 1,230 1,027 877 741
(1) Fiscal 2008 was a 53 week year consisting of 371 days. All other fiscal years presented contained 52 weeks
consisting of 364 days, with the exception of fiscal 2005. In fiscal 2005, we changed our fiscal week to end on
Tuesday rather than Saturday. As a result, our 2005 fiscal year ended on December 27, 2005 instead of
December 31, 2005 and, therefore, consisted of 52 and a half weeks rather than the 53 week year that would
have resulted without the calendar change.
(2) Franchise-operated comparable bakery-cafe sales percentages are non-GAAP financial measures, which
should not be considered in isolation or as a substitute for other measures of performance prepared in
accordance with Generally Accepted Accounting Principles, or GAAP, and may not be comparable to
franchise-operated comparable bakery-cafe sales as defined or used by other companies. We do not record
franchise-operated bakery-cafe sales as revenues. However, royalty revenues are calculated based on a
percentage of franchise-operated bakery-cafe sales, as reported by franchisees. We use franchise-operated
sales information internally in connection with store development decisions, planning, and budgeting analyses.
We believe franchise-operated sales information is useful in assessing consumer acceptance of our brand,
facilitates an understanding of financial performance and the overall direction and trends of sales and operating
income, helps us appreciate the effectiveness of our advertising and marketing initiatives to which our
franchisees contribute based on a percentage of their sales, and provides information that is relevant for
comparison within the industry.
(3) Company-owned and franchise-operated comparable bakery-cafe sales for fiscal 2008 contained 53 weeks of
sales, with an impact of approximately $14.4 million and $21.4 million of sales in the additional week for
Company-owned and franchise-operated bakery-cafes, respectively. Adjusted to reflect a comparative 53 week
period in fiscal 2007 (52 weeks in fiscal 2007 plus week one of fiscal 2008), Company-owned and franchise-
operated comparable bakery-cafe sales for fiscal 2008 would have been approximately 3.6 percent and
3.4 percent, respectively.
Beginning in the first quarter of fiscal 2008, we changed the classification of certain amounts between fresh
dough cost of sales to franchisees and cost of food and paper products. We have reclassified prior periods in order to
conform to the current presentation.
23