Panera Bread 2015 Annual Report Download - page 85

PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
75
22. Selected Quarterly Financial Data (unaudited)
The following table presents selected unaudited quarterly financial data for the periods indicated (in thousands, except per share
data):
Fiscal 2015 - quarters ended (1)
March 31 June 30 September 29 December 29
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 648,504 $ 676,657 $ 664,654 $ 691,765
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,197 68,412 52,102 69,883
Net income attributable to Panera Bread Company . . . . . . 31,860 41,929 32,393 43,160
Earnings per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.20 $ 1.60 $ 1.28 $ 1.75
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.20 $ 1.60 $ 1.27 $ 1.74
Fiscal 2014 - quarters ended (1)
April 1 July 1 September 30 December 30
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 605,753 $ 631,055 $ 619,890 $ 672,497
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,005 73,942 57,959 77,037
Net income attributable to Panera Bread Company . . . . . . 42,395 49,192 39,214 48,492
Earnings per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.55 $ 1.83 $ 1.47 $ 1.82
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.55 $ 1.82 $ 1.46 $ 1.82
(1) Fiscal quarters may not sum to the fiscal year reported amounts due to rounding.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures and Changes in Internal Control Over Financial Reporting
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer,
evaluated the effectiveness of the Company’s disclosure controls and procedures as of December 29, 2015. The term “disclosure
controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures
of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or
submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities
and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under
the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives
and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Based on the evaluation of the Company’s disclosure controls and procedures as of December 29, 2015, the Company’s Chief
Executive Officer and Chief Financial Officer concluded that, as of such date, the Company’s disclosure controls and procedures
were effective at the reasonable assurance level.
No change in the Company’s internal control over financial reporting occurred during the fiscal quarter ended December 29, 2015
that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.