Panera Bread 2009 Annual Report Download - page 52

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
December 29,
2009
December 30,
2008
December 25,
2007
For the Fiscal Year Ended
Revenues:
Bakery-cafe sales ................................... $1,153,255 $1,106,295 $ 894,902
Franchise royalties and fees ........................... 78,367 74,800 67,188
Fresh dough sales to franchisees ........................ 121,872 117,758 104,601
Total revenue .................................. 1,353,494 1,298,853 1,066,691
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products ...................... $ 337,599 $ 332,697 $ 271,442
Labor .......................................... 370,595 352,462 286,238
Occupancy ...................................... 95,996 90,390 70,398
Other operating expenses ........................... 155,396 147,033 121,325
Total bakery-cafe expenses ........................ 959,586 922,582 749,403
Fresh dough cost of sales to franchisees .................. 100,229 108,573 92,852
Depreciation and amortization ......................... 67,162 67,225 57,903
General and administrative expenses ..................... 83,169 84,393 68,966
Pre-opening expenses ................................ 2,451 3,374 8,289
Total costs and expenses .......................... 1,212,597 1,186,147 977,413
Operating profit ...................................... 140,897 112,706 89,278
Interest expense ...................................... 700 1,606 483
Other (income) expense, net ............................. 273 883 333
Income before income taxes ............................. 139,924 110,217 88,462
Income taxes ........................................ 53,073 41,272 31,434
Net income .................................... 86,851 68,945 57,028
Less: net income (loss) attributable to noncontrolling interest .... 801 1,509 (428)
Net income attributable to Panera Bread Company ..... $ 86,050 $ 67,436 $ 57,456
Earnings per common share attributable to Panera Bread
Company:
Basic ............................................ $ 2.81 $ 2.24 $ 1.81
Diluted .......................................... $ 2.78 $ 2.22 $ 1.79
Weighted average shares of common and common equivalent
shares outstanding:
Basic ............................................ 30,667 30,059 31,708
Diluted .......................................... 30,979 30,422 32,178
The accompanying notes are an integral part of the consolidated financial statements.
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