Panera Bread 2010 Annual Report Download - page 54

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PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
December 28,
2010
December 29,
2009
December 30,
2008
For the Fiscal Year Ended
Revenues:
Bakery-cafe sales, net ................................ $1,321,162 $1,153,255 $1,106,295
Franchise royalties and fees ........................... 86,195 78,367 74,800
Fresh dough and other product sales to franchisees .......... 135,132 121,872 117,758
Total revenues.................................. 1,542,489 1,353,494 1,298,853
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products ...................... $ 374,816 $ 337,599 $ 332,697
Labor .......................................... 419,140 370,595 352,462
Occupancy ...................................... 100,970 95,996 90,390
Other operating expenses ........................... 177,059 155,396 147,033
Total bakery-cafe expenses ........................ 1,071,985 959,586 922,582
Fresh dough and other product cost of sales to franchisees ..... 110,986 100,229 108,573
Depreciation and amortization ......................... 68,673 67,162 67,225
General and administrative expenses ..................... 101,494 83,169 84,393
Pre-opening expenses ................................ 4,282 2,451 3,374
Total costs and expenses .......................... 1,357,420 1,212,597 1,186,147
Operating profit ...................................... 185,069 140,897 112,706
Interest expense ...................................... 675 700 1,606
Other expense, net .................................... 4,232 273 883
Income before income taxes ............................. 180,162 139,924 110,217
Income taxes ........................................ 68,563 53,073 41,272
Net income .................................... 111,599 86,851 68,945
Less: net (loss) income attributable to noncontrolling interest .... (267) 801 1,509
Net income attributable to Panera Bread Company ..... $ 111,866 $ 86,050 $ 67,436
Earnings per common share attributable to Panera Bread
Company:
Basic ............................................ $ 3.65 $ 2.81 $ 2.24
Diluted .......................................... $ 3.62 $ 2.78 $ 2.22
Weighted average shares of common and common equivalent
outstanding:
Basic ............................................ 30,614 30,667 30,059
Diluted .......................................... 30,922 30,979 30,422
The accompanying notes are an integral part of the consolidated financial statements.
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