Panera Bread 2009 Annual Report Download - page 26

Download and view the complete annual report

Please find page 26 of the 2009 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 97

  • 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

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 29,
2009
December 30,
2008
December 25,
2007
December 26,
2006
December 27,
2005
For the Fiscal Year Ended(1)
Revenues:
Bakery-cafe sales .............. $1,153,255 $1,106,295 $ 894,902 $ 666,141 $ 499,422
Franchise royalties and fees....... 78,367 74,800 67,188 61,531 54,309
Fresh dough sales to franchisees . . . 121,872 117,758 104,601 101,299 86,544
Total revenue . .............. 1,353,494 1,298,853 1,066,691 828,971 640,275
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products. . $ 337,599 $ 332,697 $ 271,442 $ 196,849 $ 143,057
Labor . . ................... 370,595 352,462 286,238 204,956 151,524
Occupancy . . . .............. 95,996 90,390 70,398 48,602 35,558
Other operating expenses ....... 155,396 147,033 121,325 92,176 70,003
Total bakery-cafe expenses. . . . 959,586 922,582 749,403 542,583 400,142
Fresh dough cost of sales to
franchisees ................... 100,229 108,573 92,852 85,951 74,654
Depreciation and amortization ....... 67,162 67,225 57,903 44,166 33,011
General and administrative expenses . . 83,169 84,393 68,966 59,306 46,301
Pre-opening expenses ............. 2,451 3,374 8,289 6,173 5,072
Total costs and expenses . . . . . 1,212,597 1,186,147 977,413 738,179 559,180
Operating profit . . . .............. 140,897 112,706 89,278 90,792 81,095
Interest expense . . . .............. 700 1,606 483 92 50
Other (income) expense, net ........ 273 883 333 (1,976) (1,133)
Income before income taxes ........ 139,924 110,217 88,462 92,676 82,178
Income taxes ................... 53,073 41,272 31,434 33,827 29,995
Net income . .............. 86,851 68,945 57,028 58,849 52,183
Less: income (loss) attributable to
noncontrolling interest . ......... 801 1,509 (428) — —
Net income attributable to
Panera Bread Company . . . . $ 86,050 $ 67,436 $ 57,456 $ 58,849 $ 52,183
Earnings per common share
attributable to Panera Bread
Company:
Basic . . ................... $ 2.81 $ 2.24 $ 1.81 $ 1.88 $ 1.69
Diluted. ................... $ 2.78 $ 2.22 $ 1.79 $ 1.84 $ 1.65
Weighted average shares of common
and common equivalent shares
outstanding:
Basic . . ................... 30,667 30,059 31,708 31,313 30,871
Diluted. ................... 30,979 30,422 32,178 32,044 31,651
20