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Panera Bread Company
2011 Annual Report to Stockholders

Table of contents

  • Page 1
    Panera Bread Company 2011 Annual Report to Stockholders

  • Page 2

  • Page 3
    ...customers' list of options when they want a high quality soup, salad or sandwich) by utilizing the talents of our food development group and the size and scale of our supply chain to drive innovation and differentiation of our food offerings. We continue to bring new, innovative products to our menu...

  • Page 4
    ... build new high return on investment (ROI) Panera Bread bakery-cafes. In 2011, we increased our number of bakery cafes by 8%, by opening 112 new bakery-cafes system-wide. Our Company-owned new unit average weekly sales (AWS) volume was $41,637 for the full year 2011. This represented the highest new...

  • Page 5
    ... bakery-cafes located in Clayton, Missouri; Dearborn, Michigan and Portland, Oregon are committed to giving each and every person who walks through their doors a dignified dining experience regardless of their ability to pay. Future We believe that our strategy of increasing our store profit through...

  • Page 6
    ... our public disclosures, whether written or oral, relating to future events or our future performance, including any discussion express or implied, of our anticipated growth, operating results, future earnings per share, plans, and objectives, contain forward-looking statements within the meaning of...

  • Page 7
    ... in Rule 12b-2 of the Act). Yes No Smaller reporting company The aggregate market value of the registrant's voting common equity held by non-affiliates of the registrant, based on the last sale price of the registrant's worldwide Class A Common Stock at the close of business on June 28, 2011, was...

  • Page 8
    ... COMMENTS ...ITEM 2. PROPERTIES ...ITEM 3. LEGAL PROCEEDINGS ...ITEM 4. MINE SAFETY DISCLOSURES...1 7 14 14 17 18 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES ...ITEM 6. SELECTED FINANCIAL DATA ...ITEM 7. MANAGEMENT...

  • Page 9
    ...and fees, and $136.3 million of fresh dough and other product sales to franchisees. Franchiseoperated net bakery-cafe sales, as reported by franchisees, were $1,828.2 million in fiscal 2011. See Note 19 to our consolidated financial statements for further segment information. Our fiscal year ends on...

  • Page 10
    ...fiscal year ended December 28, 2010, or fiscal 2010, allows us to build deeper relationships with our customers and entice them to return to our bakery-cafes. Our menu, operating systems, design, and real estate strategy allow us to compete successfully in several segments of the restaurant business...

  • Page 11
    ... contributions received from our franchise-operated bakery-cafes are consolidated in our financial statements with amounts contributed by us. We contributed the same net sales percentages from Company-owned bakery-cafes towards the national advertising fund and marketing administration fee. We...

  • Page 12
    ... of net sales per bakery-cafe. Franchise royalties and fees in fiscal 2011 were $92.8 million, or 5.1 percent of our total revenues. Our franchise-operated bakery-cafes follow the same protocol for in-store operating standards, product quality, menu, site selection, and bakery-cafe construction as...

  • Page 13
    ... proprietary bakery-cafe systems and systems support. Franchisees are responsible for providing the appropriate menu prices, discount rates, and tax rates for system programming. We use in-store enterprise application tools to assist in labor scheduling and food cost management, to provide corporate...

  • Page 14
    ... our employee relations to be good. We place a priority on staffing our bakery-cafes, fresh dough facilities, and support center operations with skilled associates and invest in training programs to ensure the quality of our operations. Proprietary Rights Our brand, intellectual property, and...

  • Page 15
    ... frequently enter into annual and multi-year contracts for ingredients in order to decrease the risks of supply interruptions and cost fluctuation. Antibiotic-free chicken is sold in most Company-owned and franchise-operated bakery-cafes and we have introduced and tested the sale of other antibiotic...

  • Page 16
    ... spending. Our customers may make fewer discretionary purchases as a result of job losses, foreclosures, bankruptcies, reduced access to credit and falling home prices. Because a key point in our business strategy is maintaining our transaction counts, average check amount and margin growth, any...

  • Page 17
    ...; competition for restaurant sites; variations in the number and timing of bakery-cafe openings as compared to our construction schedule; management of the costs of construction of bakery-cafes, particularly factors outside our control, such as the timing of delivery of a leased location by...

  • Page 18
    ... in areas not currently served by those facilities. Our growth strategy also includes opening bakery-cafes in existing markets to increase the penetration rate of our bakery-cafes in those markets. There can be no assurance we will be successful in operating bakery-cafes profitably in new markets or...

  • Page 19
    ... retail businesses for quality site locations and hourly employees. If we are unable to successfully compete in our markets, we may be unable to sustain or increase our revenues and profitability. Additionally, competition could cause us to modify or evolve our products, designs, or strategies. If...

  • Page 20
    ...affect our business, operations and our reputation. Regulatory changes in and customer focus on nutrition and advertising practices could adversely affect our business. There continues to be increased consumer emphasis on and regulatory scrutiny of restaurants operating in the quick-service and fast...

  • Page 21
    ...in our systems could adversely affect our business. We rely heavily on information technology systems across our operations, including for the order and delivery of fresh dough from our fresh dough facilities, point-of-sale processing in our bakery-cafes, gift and loyalty cards, online business, and...

  • Page 22
    ... to meet market expectations going forward, particularly with respect to comparable net bakery-cafe sales revenues, operating margins, and diluted earnings per share, the market price of our stock would likely decline. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ITEM 2. PROPERTIES The average size of...

  • Page 23
    ... Total square footage includes approximately 20,000 square feet utilized in tuna and cream cheese production. (2) Company-owned limited production facility co-located within one of our Company-owned bakery-cafes in Ontario, Canada to support the Company-owned bakery-cafes located in this market...

  • Page 24
    As of December 27, 2011, we operated 1,541 bakery-cafes in the following locations: Company-Owned Bakery-Cafes 12 31 - 53 - 13 - 48 17 74 39 2 - 18 - - 21 46 26 46 11 - - 38 1 39 13 9 - 5 25 - 9 1 13 20 - 2 59 20 - 23 3 3 740 Franchise-Operated Bakery-Cafes 3 6 6 69 29 12 5 86 22 32 - 17 19 3 4 45 ...

  • Page 25
    ... current and former executive officers by the Western Washington Laborers-Employers Pension Trust and Sue Trachet, respectively, on behalf of investors who purchased our common stock during the period between November 1, 2005 and July 26, 2006. Both lawsuits were filed in the United States District...

  • Page 26
    ...The Nasdaq Global Select Market ("Nasdaq") under the symbol "PNRA." There is no established public trading market for our Class B common stock. For the periods indicated, the following table sets forth the quarterly high and low sale prices per share of our Class A common stock as reported by Nasdaq...

  • Page 27
    ... consolidated financial statements and notes thereto. For the fiscal year ended (1) (in thousands, except per share and percentage information) December 27, 2011 Revenues: Bakery-cafe sales, net ...$ 1,592,951 Franchise royalties and fees...92,793 Fresh dough and other product sales to franchisees...

  • Page 28
    ... internally in connection with store development decisions, planning, and budgeting analyses. We believe franchise-operated and system-wide sales information is useful in assessing consumer acceptance of our brand, facilitates an understanding of financial performance and the overall direction...

  • Page 29
    ... of our fiscal years ended December 27, 2011, December 28, 2010, and December 29, 2009, had 52 weeks. Use of Non-GAAP Measurements We include in this report information on Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales percentages. In fiscal 2010, we modified the...

  • Page 30
    ... new bakery-cafes opened system-wide (24 Company-owned bakery-cafes and 16 franchise-operated bakery-cafes); and three franchise-operated bakery-cafes closed. In fiscal 2010, we earned $3.62 per diluted share with the following performance on key metrics: system-wide comparable net bakery-cafe sales...

  • Page 31
    ... the fiscal year ended December 27, December 28, December 29, 2011 2010 2009 Revenues: Bakery-cafe sales, net Franchise royalties and fees ...Fresh dough and other product sales to franchisees ...Total revenue ...Costs and expenses: Bakery-cafe expenses (1): Cost of food and paper products ...Labor...

  • Page 32
    ... sets forth certain bakery-cafe data relating to Company-owned and franchise-operated bakery-cafes for the periods indicated: For the fiscal year ended December 27, December 28, December 29, 2011 2010 2009 Number of bakery-cafes: Company-owned: Beginning of period ...Bakery-cafes opened ...Bakery...

  • Page 33
    ...542.5 million in fiscal 2010. The growth in total revenues in fiscal 2011 compared to the prior year was primarily due to the opening of 112 new bakery-cafes system-wide in fiscal 2011 and to the 4.0 percent increase in system-wide comparable net bakery-cafe sales in fiscal 2011, partially offset by...

  • Page 34
    ...price increases and our category management initiatives. The average weekly net sales per Company-owned bakery-cafe and the related number of operating weeks for the periods indicated are as follows: For the fiscal year ended December 27, December 28, 2011 2010 Company-owned average weekly net sales...

  • Page 35
    ... bakery-cafe sales and the opening of 59 franchise-operated cafes, partially offset by our purchase of 30 franchise-operated bakery-cafes and the closure of 21 franchise-operated bakery-cafes. Costs and Expenses The cost of food and paper products includes the costs associated with the fresh dough...

  • Page 36
    ... described average check growth that resulted from our category management initiative. The average weekly net sales per Company-owned bakery-cafe and the related number of operating weeks for the periods indicated are as follows: For the fiscal year ended December 28, December 29, 2010 2009 Company...

  • Page 37
    ...five years. An ADA requires a franchisee to develop a specified number of bakery-cafes by specified dates. If a franchisee fails to develop bakery-cafes on schedule, we have the right to terminate the ADA and develop Company-owned locations or develop locations through new franchisees in that market...

  • Page 38
    ... year-over-year decrease in ingredient costs, improved leverage from new bakery-cafes, higher comparable net bakery-cafe sales, and the Company's purchase of 40 franchise-operated bakerycafes. General and administrative expenses were $101.5 million, or 6.6 percent of total revenues, in fiscal 2010...

  • Page 39
    ...provided by operating activities in fiscal 2011 primarily resulted from net income, adjusted for non-cash items such as depreciation and amortization, stock-based compensation expense, deferred income taxes and the tax benefit from exercise of stock options, an increase in accrued expenses, accounts...

  • Page 40
    ... purchase price remaining from previously completed acquisitions. See Note 3 to the consolidated financial statements for further information with respect to our acquisition activity in fiscal 2011 and 2010. Investments Historically, we invested a portion of our cash balances on hand in a private...

  • Page 41
    ... Board of Directors at any time. Under the share repurchase authorization, we repurchased a total of 877,100 shares of our Class A common stock at a weighted-average price of $103.55 per share for an aggregate purchase price of $90.8 million in fiscal 2011. During fiscal 2010, we repurchased a total...

  • Page 42
    ... are received. As gift cards are redeemed, this liability is reduced and revenue is recognized. Sales of soup and other branded products sold outside our bakerycafes are generally recognized upon delivery to customers. Further, franchise fees are the result of the sale of area development rights and...

  • Page 43
    ... related to the number of claims and cost per claim differs from these assumptions and historical trends. Based on information known at December 27, 2011, we believe we have provided adequate reserves for our self-insurance exposure. As of December 27, 2011 and December 28, 2010, self-insurance...

  • Page 44
    ...two years from the date of grant and option awards generally have a sixyear term. Contractual Obligations and Other Commitments We currently anticipate 115 to 120 system-wide bakery-cafe openings in fiscal 2012. We expect to fund our capital expenditures principally through internally generated cash...

  • Page 45
    ... bakery-cafes, fresh dough facilities, and support centers are generally for ten years with renewal options at most locations and generally require us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs. Certain bakery-cafe leases provide...

  • Page 46
    ...commodity markets, such as those for wheat, fuel, and proteins, such as chicken or turkey, may have an adverse effect on us in the future. The extent of the impact will depend on our ability and timing to increase food prices. A majority of our associates are paid hourly rates related to federal and...

  • Page 47
    ... 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The following consolidated financial statements are included in response to this item: Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets ...Consolidated Statements of Operations ...Consolidated Statements of Cash...

  • Page 48
    ... Public Accounting Firm To Board of Directors and Stockholders of Panera Bread Company: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, of changes in equity and of cash flows present fairly, in all material respects, the financial...

  • Page 49
    PANERA BREAD COMPANY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share information) December 27, 2011 ASSETS Current assets: Cash and cash equivalents ...Trade accounts receivable, net ...Other accounts receivable ...Inventories ...Prepaid expenses and other ...Deferred income ...

  • Page 50
    ... STATEMENTS OF OPERATIONS (in thousands, except per share information) For the fiscal year ended December 27, December 28, December 29, 2011 2010 2009 Revenues: Bakery-cafe sales, net ...Franchise royalties and fees ...Fresh dough and other product sales to franchisees ...Total revenues ...Costs...

  • Page 51
    PANERA BREAD COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the fiscal year ended December 27, December 28, December 29, 2011 2010 2009 Cash flows from operations: Net income ...$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and ...

  • Page 52
    ... ...Purchase of noncontrolling interest...Issuance of common stock ...Issuance of restricted stock (net of forfeitures)...Exercise of employee stock options ...Stock-based compensation expense ...Repurchase of common stock ...Tax benefit from exercise of stock options ...Balance, December 28, 2010...

  • Page 53
    ...value recognized in earnings as other (income) expense, net. Management designates the appropriate classification of its investments at the time of purchase based upon its intended holding period. See Note 5 for further information with respect to the Company's investments. Trade Accounts Receivable...

  • Page 54
    ... of the Company's gift cards. Inventories Inventories, which consist of food products, paper goods and supplies, and promotional items, are valued at the lower of cost or market, with cost determined under the first-in, first-out method. Property and Equipment, net Property, equipment, leasehold...

  • Page 55
    ... the related long-lived assets of a bakery-cafe or a fresh dough facility, which approximates fair value, with their respective carrying values. In performing this analysis, management considers such factors as current results, trends, future prospects, and other economic factors. No impairment loss...

  • Page 56
    ... other branded products outside of our bakery-cafes are recognized upon delivery to customers. The Company records a liability in the period in which a gift card is issued and proceeds are received. As gift cards are redeemed, this liability is reduced and revenue is recognized. Franchise fees are...

  • Page 57
    ... years ended December 27, 2011, December 28, 2010, and December 29, 2009, respectively. Pre-Opening Expenses All pre-opening expenses directly associated with the opening of new bakery-cafe locations, which consists primarily of preopening rent expense, labor, and food costs incurred during in-store...

  • Page 58
    ... other (income) expense, net in the Consolidated Statements of Operations. Fair Value of Financial Instruments The carrying amounts of the Company's financial instruments, which include investments in trading securities, municipal industrial revenue bonds, accounts receivable, accounts payable, and...

  • Page 59
    ...'s economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. The Company does not possess any ownership interests in franchise entities or other affiliates. The franchise agreements are designed to provide the franchisee with key decision...

  • Page 60
    ... in the Company Bakery-Cafe Operations segment. New Jersey Franchisee Acquisition On September 29, 2010 the Company purchased substantially all the assets and certain liabilities of 37 bakery-cafes and the area development rights from its New Jersey franchisee for a purchase price of approximately...

  • Page 61
    ...(income) expense, net in the Consolidated Statements of Operations. Alabama Divestiture On April 27, 2010, the Company sold substantially all of the assets of three bakery-cafes and the area development rights for the Mobile, Alabama market to an existing franchisee for a sale price of approximately...

  • Page 62
    ... in the Company Bakery-Cafe Operations segment. On December 28, 2010, the Company purchased the remaining non-controlling interest of Millennium for $0.7 million. The transaction was accounted for as an equity transaction, by adjusting the carrying amount of the noncontrolling interest balance to...

  • Page 63
    ...Consolidated Balance Sheets based on quoted market prices for identical securities (Level 1 inputs). The Company's remaining cash balance in the Consolidated Balance Sheets was held in FDIC insured accounts. As of December 27, 2011 and December 28, 2010, the Company held municipal industrial revenue...

  • Page 64
    ... ...Construction in progress ...Land ...Less: accumulated depreciation ...Property and equipment, net ... The Company recorded depreciation expense related to these assets of $74.2 million, $66.7 million, and $65.9 million for the fiscal years ended December 27, 2011, December 28, 2010, and...

  • Page 65
    ... and ending balances of the Company's goodwill by reportable segment at December 27, 2011 and December 28, 2010 (in thousands): Franchise Company BakeryOperations Cafe Operations 1,934 $ 83,852 $ - 2,336 - 4,589 - 36 1,934 $ 90,813 $ - 10,560 - 3,097 (28) - 1,934 $ 104,442 $ Fresh Dough Operations...

  • Page 66
    ... cards, net ...$ Compensation and related employment taxes ...Insurance ...Capital expenditures ...Taxes, other than income tax...Fresh dough and other product operations ...Rent ...Loyalty program ...Advertising ...Litigation settlement (Note 13) ...Utilities ...Deferred acquisition purchase price...

  • Page 67
    ... bakery-cafes, fresh dough facilities, and support centers are generally for ten years with renewal options at certain locations and generally require the Company to pay a proportionate share of real estate taxes, insurance, common area, and other operating costs. Certain bakery-cafe leases provide...

  • Page 68
    ... would operate three Panera Bread bakery-cafes in Ontario, Canada. On April 7, 2009, Millennium requested a Cdn. $3.5 million advance under the credit agreement for payment of the costs to develop the bakery-cafes, which was included in other accounts receivable in the Consolidated Balance Sheets as...

  • Page 69
    ...action lawsuits were filed against the Company and three of the Company's current and former executive officers by the Western Washington Laborers-Employers Pension Trust and Sue Trachet, respectively, on behalf of investors who purchased the Company's common stock during the period between November...

  • Page 70
    ..., currently expect that the costs to resolve these matters individually or in the aggregate will have a material adverse effect on its consolidated financial position, results of operations, or cash flows. Other The Company is subject to on-going federal and state income tax audits and sales tax...

  • Page 71
    ... of the Company's total gross unrecognized tax benefit liabilities for the periods indicated (in thousands): December 27, December 28, December 29, 2011 2010 2009 Beginning balance...$ 2,896 $ 3,357 $ 3,598 Tax positions related to the current year: Additions...526 477 617 Tax positions related to...

  • Page 72
    ... Board of Directors upon approval of issuance. There were no shares issued or outstanding in fiscal years 2011 and 2010. Treasury Stock Pursuant to the terms of the Panera Bread 1992 Stock Incentive Plan and the Panera Bread 2006 Stock Incentive Plan and the applicable award agreements, the Company...

  • Page 73
    ... fiscal 2011, fiscal 2010 and fiscal 2009, compensation expense related to performance awards, restricted stock, and deferred annual bonus match was $17.2 million, $19.3 million, and $12.1 million, respectively. Performance awards under the 2005 LTIP are earned by participants based on achievement...

  • Page 74
    ... amortized to expense over the five year restriction period. The fair value of restricted stock is based on the market value of the Company's stock on the grant date. As of December 27, 2011, there was $28.9 million of total unrecognized compensation cost related to restricted stock included in...

  • Page 75
    ...exercise price equal to the quoted market value of the Company's common stock on the date of grant. In addition, SSARs vest ratably over a four-year period beginning two years from the date of grant and have a sixyear term. As of December 27, 2011, the total unrecognized compensation cost related to...

  • Page 76
    ..., and is expected to be recognized over a weighted-average period of approximately 3.8 years. The Company uses historical data to estimate pre-vesting forfeiture rates. For fiscal 2011, 2010, and 2009, stock-based compensation expense related to SSARs was $0.1 million, less than $0.1 million, and...

  • Page 77
    ... 10 percent of an employee's current year compensation) at 85 percent of the fair market value of the Class A common stock at the end of each calendar quarter. There were approximately 21,000, 28,000, and 36,000 shares purchased with a weightedaverage fair value of purchase rights of $16.97, $11...

  • Page 78
    ... year ended December 27, December 28, December 29, 2011 2010 2009 Revenues: Company bakery-cafe operations ...Franchise operations ...Fresh dough and other product operations ...Intercompany sales eliminations ...Total revenues...Segment profit: Company bakery-cafe operations ...Franchise operations...

  • Page 79
    ... data): For the fiscal year ended December 27, December 28, December 29, 2011 2010 2009 Amounts used for basic and diluted per share calculations: Net income attributable to Panera Bread Company ...$ Weighted average number of shares outstanding - basic ...Effect of dilutive stock-based employee...

  • Page 80
    ... selected quarterly financial data for the periods indicated (in thousands, except per share data): Fiscal 2011 - quarters ended (1) Revenues ...$ Operating profit ...Net income...Net income attributable to Panera Bread Company ...Earnings per common share attributable to Panera Bread Company: Basic...

  • Page 81
    ... liabilities of 16 bakery-cafes and the area development rights from a franchisee in the Raleigh-Durham, North Carolina market for a purchase price of approximately $48 million, which the Company intends to pay in cash at the time of closing. The Company's results for the reported periods were not...

  • Page 82
    .... Internal control over financial reporting is defined in Rule 13a-15(f) under the Exchange Act as a process designed by, or under the supervision of, the company's principal executive and principal financial officers and effected by the company's board of directors, management and other associates...

  • Page 83
    ...the information in the Company's proxy statement for the 2012 Annual Meeting of Stockholders, which the Company intends to file with the SEC within 120 days of the end of the fiscal year to which this report relates. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED...

  • Page 84
    ... Schedule: The following financial statement schedule for the Company is filed herewith: Schedule II - Valuation and Qualifying Accounts PANERA BREAD COMPANY VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance Beginning of Period 189 125 242 12,149 15,934 20,212 Additions Charged to Expense...

  • Page 85
    ...Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PANERA BREAD COMPANY By: /s/ WILLIAM W. MORETON William W. Moreton President, Chief Executive Officer Date: February 21, 2012 Pursuant to the requirements of the...

  • Page 86
    ... the Registrant's Quarterly Report on Form 10-Q for the period ended October 5, 2002 (File No. 0-19253), as filed with the Commission on November 18, 2002 and incorporated herein by reference).†Form of Panera, LLC Confidential and Proprietary Information and Non-Competition Agreement executed by...

  • Page 87
    ...-Employee Directors (filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended March 28, 2006 (File No. 0-19253), as filed with the Commission on May 4, 2006 and incorporated herein by reference). Credit Agreement, dated as of November 27, 2007, among Panera Bread...

  • Page 88

  • Page 89
    ... in Rule 12b-2 of the Act). Yes No Smaller reporting company The aggregate market value of the registrant's voting common equity held by non-affiliates of the registrant, based on the last sale price of the registrant's worldwide Class A Common Stock at the close of business on June 28, 2011, was...

  • Page 90

  • Page 91
    ...Panera Bread Company (the "Company") is filing this Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 27, 2011, as originally filed with the Securities and Exchange Commission (the "SEC") on February 21, 2012 (the "Original Filing"), to correct the number of shares...

  • Page 92
    ... of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PANERA BREAD COMPANY Date: March 20, 2012 By: /s/ WILLIAM W. MORETON Name: William W. Moreton Title: President and Co-Chief Executive Officer

  • Page 93
    EXHIBIT INDEX Exhibit Number 31.3 Description Certification by Co-Chief Executive Officer 31.4 Certification by Co-Chief Executive Officer 31.5 Certification by Chief Accounting Officer

  • Page 94
    ... graph from Research Data Group, Inc., a source we believe to be reliable, but we disclaim any responsibility for any errors or omissions in such information. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* $300 Among Panera Bread Company, the NASDAQ Composite Index, and S&P MidCap Restaurants $250...

  • Page 95
    ...Time Four Seasons Hotel 999 North 2nd Street St. Louis, Missouri 63102 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Stock Trading Information The Nasdaq Global Select Market Symbol: PNRA Form 10-K and Other Reports and Information Our Annual Report on Form 10-K, Quarterly...

  • Page 96