Panera Bread 2009 Annual Report Download - page 89

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The third quarter of fiscal 2009 results included $2.1 million of net charges, or $0.04 per diluted share,
primarily to increase reserves for certain state sales tax audit exposures, which were partially offset by a gain
recorded on both, the redemptions the Company received during the quarter on its investment in the Columbia
Strategic Cash Portfolio, referred to as the Columbia Portfolio, and the change in the recorded fair value of the units
held as of September 29, 2009.
The fourth quarter of fiscal 2009 results included a $0.4 million charge, or $0.01 per diluted share, to write-off
equipment related to the rollout of panini grills, a $1.4 million charge, or $0.03 per diluted share, related to the
closure of bakery-cafes, and a $0.6 million charge, or $0.01 per diluted share, related to the impairment of one
bakery-cafe.
In the first quarter of fiscal 2008, the Company adjusted its 2008 development plans and made a determination
to raise its sales hurdles for new bakery-cafe development. As a result of this determination, the Company recorded
a charge of $2.7 million, or $0.06 per diluted share, related to severance, the write-off of capitalized assets and
overhead costs and the termination of leases for specific sites that it decided to no longer develop. The results also
included a $0.3 million, or $0.01 per diluted share, impact from the further write-down of its investment in the
Columbia Portfolio.
The second quarter of fiscal 2008 results included a $0.9 million, or $0.02 per diluted share, impact of an
unfavorable tax adjustment and a $0.6 million, or $0.01 per diluted share, impact from the further write-down of its
investment in the Columbia Portfolio.
The third quarter of fiscal 2008 results included a $0.5 million, or $0.01 per diluted share, net charge from the
write-down of our investment in the Columbia Portfolio, partially offset by the gain recorded on the redemptions
received during the quarter.
The fourth quarter of fiscal 2008 results included a $0.6 million, or $0.01 per diluted share, charge for a write-
down of the Company’s investment in the Columbia Portfolio, a $0.6 million, or $0.01 per diluted share, impact with
respect to on-going legal settlements, and a $0.4 million, or $0.01 per diluted share, charge for asset write-offs
related to our new coffee program.
83
PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued)