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42
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share information)
For the fiscal year ended
December 31,
2013
December 25,
2012
December 27,
2011
Revenues:
Bakery-cafe sales, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,108,908 $ 1,879,280 $ 1,592,951
Franchise royalties and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,641 102,076 92,793
Fresh dough and other product sales to franchisees . . . . . . . . . . . . . . . . . . . 163,453 148,701 136,288
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,385,002 $ 2,130,057 $ 1,822,032
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 625,622 $ 552,580 $ 470,398
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,457 559,446 484,014
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,816 130,793 115,290
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295,539 256,029 216,237
Total bakery-cafe expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695,434 1,498,848 1,285,939
Fresh dough and other product cost of sales to franchisees . . . . . . . . . . . . . 142,160 131,006 116,267
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,523 90,939 79,899
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,335 117,932 113,083
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,794 8,462 6,585
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,075,246 1,847,187 1,601,773
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,756 282,870 220,259
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,053 1,082 822
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,017)(1,208)(466)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,720 282,996 219,903
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,551 109,548 83,951
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196,169 $ 173,448 $ 135,952
Earnings per common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.85 $ 5.94 $ 4.59
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.81 $ 5.89 $ 4.55
Weighted average shares of common and common equivalent shares
outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,629 29,217 29,601
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,794 29,455 29,903
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,005) $ 364 $ 33
Other comprehensive (loss) income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,005) $ 364 $ 33
Comprehensive income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 195,164 $ 173,812 $ 135,985
The accompanying notes are an integral part of the consolidated financial statements.