Panera Bread 2008 Annual Report Download - page 5

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Matters discussed in this annual report to stockholders, including any discussion or impact, express or implied, on
the Company’s anticipated growth, operating results, and future earnings per share, contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are often identified by the words “believe”, “positioned”, “estimate”,
“project”, “target”, “continue”, “intend”, “expect”, “future”, “anticipates”, and similar expressions. All
forward-looking statements included in this annual report to stockholders are made only as of the date of this
report, and we do not undertake any obligation to publicly update or correct any forward-looking statements to
reflect events or circumstances that occur or which we hereafter become aware, after that date. Forward-looking
information expresses management’s present belief, expectations, or intentions regarding the Company’s future
performance. The Company’s actual results could differ materially from those set forth in the forward-looking
statements due to known and unknown risks and uncertainties and could be negatively impacted by a number of
factors. These factors include, but are not limited to, the following: inability to execute our growth strategy,
including, among other things, variations in the number, timing, and successful nature of Company-owned and
franchise-operated bakery-cafe openings and continued successful operation of bakery-cafes; failure to comply
with government regulations; changes in consumer spending habits as a result of an extended economic downturn;
loss of a member of senior management; inability to recruit qualified personnel; failure or inability to protect our
brand, trademarks, or other proprietary rights; competition; rising insurance costs; disruption in our supply chain
or increases in ingredient, product, or other supply costs; disruptions or supply issues in our fresh dough facilities;
health concerns about the consumption of certain products; complaints and litigation; risks associated with
acquisitions; other factors, some of which may be beyond our control, effecting our operating results; and other
factors that may effect restaurant owners or retailers in general. These and other risks are discussed from time to
time in the Company’s SEC reports, including its Form 10-K for the year ended December 30, 2008 and its quarterly
reports on Form 10-Q.