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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 30,
2014
December 31,
2013
December 25,
2012
Revenues:
Bakery-cafe sales, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,230,370 $ 2,108,908 $ 1,879,280
Franchise royalties and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,686 112,641 102,076
Fresh dough and other product sales to franchisees . . . . . . . . . . . . . . . . . . . 175,139 163,453 148,701
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,529,195 $ 2,385,002 $ 2,130,057
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 669,860 $ 625,622 $ 552,580
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685,576 625,457 559,446
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,794 148,816 130,793
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,879 295,539 256,029
Total bakery-cafe expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,830,109 1,695,434 1,498,848
Fresh dough and other product cost of sales to franchisees . . . . . . . . . . . . . 152,267 142,160 131,006
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,109 106,523 90,939
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,060 123,335 117,932
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,707 7,794 8,462
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,253,252 2,075,246 1,847,187
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,943 309,756 282,870
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,824 1,053 1,082
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,175)(4,017)(1,208)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,294 312,720 282,996
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,001 116,551 109,548
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 179,293 $ 196,169 $ 173,448
Earnings per common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.67 $ 6.85 $ 5.94
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.64 $ 6.81 $ 5.89
Weighted average shares of common and common equivalent shares
outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,881 28,629 29,217
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,999 28,794 29,455
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,027)$ (1,005) $ 364
Other comprehensive (loss) income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,027)$ (1,005) $ 364
Comprehensive income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 178,266 $ 195,164 $ 173,812
The accompanying notes are an integral part of the consolidated financial statements.