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44
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share information)
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
Revenues:
Bakery-cafe sales, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,358,794 $ 2,230,370 $ 2,108,908
Franchise royalties and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,563 123,686 112,641
Fresh dough and other product sales to franchisees . . . . . . . . . . . . . . . . . . . 184,223 175,139 163,453
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,681,580 $ 2,529,195 $ 2,385,002
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 715,502 $ 669,860 $ 625,622
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 754,646 685,576 625,457
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,998 159,794 148,816
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,635 314,879 295,539
Total bakery-cafe expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,974,781 1,830,109 1,695,434
Fresh dough and other product cost of sales to franchisees . . . . . . . . . . . . . 160,706 152,267 142,160
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,398 124,109 106,523
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,904 138,060 123,335
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,089 8,707 7,794
Refranchising loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,108 — —
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,439,986 2,253,252 2,075,246
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,594 275,943 309,756
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830 1,824 1,053
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,192 (3,175)(4,017)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,572 277,294 312,720
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,247 98,001 116,551
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,325 $ 179,293 $ 196,169
Less: Net loss attributable to noncontrolling interest . . . . . . . . . . . . . . . . . . . (17)— —
Net income attributable to Panera Bread Company. . . . . . . . . . . . . . . . . $ 149,342 $ 179,293 $ 196,169
Earnings per common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.81 $ 6.67 $ 6.85
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.79 $ 6.64 $ 6.81
Weighted average shares of common and common equivalent shares
outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,685 26,881 28,629
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,788 26,999 28,794
The accompanying notes are an integral part of the consolidated financial statements.