Panera Bread 2005 Annual Report Download - page 41

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35
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
For the Fiscal Years Ended
December 27,
2005
December 25,
2004
December 27,
2003
Revenues:
Bakery-cafe sales ............................................................................................................... $ 499,422 $ 362,121 $ 265,933
Franchise royalties and fees ............................................................................................... 54,309 44,449 36,245
Fresh dough sales to franchisees........................................................................................ 86,544 72,569 61,524
Total revenue................................................................................................................. 640,275 479,139 363,702
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products..................................................................................... 142,675 101,832 73,885
Labor............................................................................................................................... 151,524 110,790 81,152
Occupancy....................................................................................................................... 37,389 26,730 18,981
Other operating expenses................................................................................................ 70,003 51,044 36,804
Total bakery-cafe expenses ........................................................................................... 401,591 290,396 210,822
Fresh dough cost of sales to franchisees ............................................................................ 75,036 65,627 54,967
Depreciation and amortization ........................................................................................... 33,011 25,298 18,304
General and administrative expenses................................................................................. 46,301 33,338 28,140
Pre-opening expenses......................................................................................................... 3,241 2,642 1,531
Total costs and expenses ............................................................................................... 559,180 417,301 313,764
Operating profit ................................................................................................................... 81,095 61,838 49,938
Interest expense ................................................................................................................... 50 18 48
Other (income) expense, net ................................................................................................ (1,133) 1,065 1,592
Income before income taxes and cumulative effect of accounting change.......................... 82,178 60,755 48,298
Income taxes ........................................................................................................................ 29,995 22,175 17,629
Income before cumulative effect of accounting change ...................................................... 52,183 38,580 30,669
Cumulative effect to December 28, 2002 of accounting change, net of tax benefit ............ — — (239)
Net income.................................................................................................................... $ 52,183 $ 38,580 $ 30,430
Per share data:
Basic earnings per common share:
Before cumulative effect of accounting change.............................................................. $ 1.69 $ 1.28 $ 1.03
Cumulative effect of accounting change......................................................................... — — (0.01)
Net income.................................................................................................................... $ 1.69 $ 1.28 $ 1.02
Diluted earnings per common share:
Before cumulative effect of accounting change.............................................................. $ 1.65 $ 1.25 $ 1.01
Cumulative effect of accounting change......................................................................... — — (0.01)
Net income.................................................................................................................... $ 1.65 $ 1.25 $ 1.00
Weighted average shares of common and common equivalent shares outstanding
Basic .................................................................................................................................. 30,871 30,154 29,733
Diluted................................................................................................................................ 31,651 30,768 30,423
The accompanying notes are an integral part of the consolidated financial statements.