Panera Bread 2012 Annual Report Download - page 49

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41
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share information)
For the fiscal year ended
December 25,
2012 December 27,
2011 December 28,
2010
Revenues:
Bakery-cafe sales, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,879,280 $ 1,592,951 $ 1,321,162
Franchise royalties and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,076 92,793 86,195
Fresh dough and other product sales to franchisees . . . . . . . . . . . . . . . . . . . 148,701 136,288 135,132
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,130,057 1,822,032 1,542,489
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 552,580 $ 470,398 $ 374,816
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559,446 484,014 419,140
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,793 115,290 100,970
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,029 216,237 177,059
Total bakery-cafe expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498,848 1,285,939 1,071,985
Fresh dough and other product cost of sales to franchisees . . . . . . . . . . . . . 131,006 116,267 110,986
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,939 79,899 68,673
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,932 113,083 101,494
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,462 6,585 4,282
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,847,187 1,601,773 1,357,420
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282,870 220,259 185,069
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,082 822 675
Other (income) expense, net (1,208)(466) 4,232
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282,996 219,903 180,162
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,548 83,951 68,563
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,448 135,952 111,599
Less: net (loss) income attributable to noncontrolling interest. . . . . . . . . . . . — — (267)
Net income attributable to Panera Bread Company . . . . . . . . . . . . . . $ 173,448 $ 135,952 $ 111,866
Earnings per common share attributable to Panera Bread Company:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.94 $ 4.59 $ 3.65
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.89 $ 4.55 $ 3.62
Weighted average shares of common and common equivalent shares
outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,217 29,601 30,614
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,455 29,903 30,922
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 364 $ 33 $ 64
Other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 364 $ 33 $ 64
Comprehensive income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 173,812 $ 135,985 $ 111,930
The accompanying notes are an integral part of the consolidated financial statements.