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ski properties for sale in flaine
News and Information Article
HIGHLIGHTS
- Fourth quarter and fiscal 2006 diluted EPS of $0.59 and $1.84, both
inclusive of a one-time charge of $0.03 per diluted share related to the
previously reported Paradise acquisition
- 52 bakery-cafes opened in fourth quarter bringing 2006 system-wide
openings to 155
- System-wide bakery-cafes open reached 1,027 at December 26, 2006
- Fiscal 2006 and fourth quarter system-wide comparable bakery-cafe sales
increased 4.1% and 2.0%, respectively
- First quarter 2007 EPS target set at $0.47 to $0.50
- Fiscal 2007 EPS target set at $2.26 to $2.34
ST. LOUIS, Feb. 8 /-FirstCall/ -- Panera Bread Company
(Nasdaq: PNRA) today reported net income of $19 million, or $0.59 per
diluted share, for the 13 weeks ended December 26, 2006, inclusive of a
one-time charge of $0.03 per diluted share related to the previously
reported acquisition of Paradise Bakery & Cafe.
As described below, prior year results are not directly comparable to
current year results as the Company both adopted a new quarterly reporting
calendar and began expensing stock options in 2006. For the 12 weeks ended
December 27, 2005, reported earnings per diluted share was $0.51 per share.
For the 13 weeks ended December 27, 2005, comparable calendar earnings per
diluted share inclusive of footnote stock option expense was $0.52 per
share. A reconciliation of pro forma measurements to GAAP results is
attached as Schedule ll.
For the year ended December 26, 2006, earnings per diluted share was
$1.84 per share, inclusive of a one-time charge of $0.03 per diluted share
related to the previously reported Paradise acquisition. For the year ended
December 27, 2005, reported earnings per diluted share was $1.65 per share.
For the year ended December 27, 2005, earnings per diluted share inclusive
of footnote stock option expense was $1.52 per share.
In summary, on a comparable basis inclusive of footnote stock option
expense in fiscal 2005, diluted EPS increased by 21%. Diluted EPS would
have increased 23% excluding the $0.03 one-time charge from Paradise in
2006 and including footnote stock option expense of $0.13 for the fiscal
year ended December 27, 2005. A reconciliation of pro forma measurements to
GAAP results is attached as Schedule ll.
As noted above, the Company adopted a new quarterly calendar in 2006,
whereby each of its quarters include 13 weeks (4-5-4), rather than its
prior calendar, which had 16 weeks in the first quarter and 12 weeks in the
second, third, and fourth quarters. In addition, the Company adopted the
fair value recognition provisions of Statement of Financial Accounting
Standards No. 123(R), "Share-Based Payment" ("SFAS 123R") at the beginning
of its 2006 first quarter using the modified prospective transition method,
and recognized $1.4 million and $5.9 million in stock-based compensation
cost related to stock options in the fourth quarter and fiscal year of
2006, respectively. Prior to the adoption of SFAS 123R in 2006, the Company
did not recognize stock-based compensation costs because it accounted for
stock-based compensation using the intrinsic value method prescribed in
Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees," and related interpretations.
The Companys fourth quarter and fiscal 2006 consolidated statements of
operations and margin analysis are attached as Schedule I. The following table
sets forth, for the periods indicated, certain items included in the Companys
consolidated statements of operations (in thousands, except per share data and
percentages):
13 Weeks Ended 13 Weeks Ended Percentage 12 Weeks Ended
December 26, December 27, Increase December 27,
2006 2005 (pro forma) 2005
Total revenue $232,912 $186,158 25% $173,329
Net income $18,906 $17,480 21% (1) $16,162
Diluted earnings
per share $0.59 $0.55 19% (1) $0.51
Shares used in
diluted EPS 32,114 31,873 31,880
(1) Percentage increase in net income and diluted EPS for comparable
calendar is shown inclusive of footnote stock option expense of
$958,000 and $0.03, respectively, for the 13 weeks ended December 27,
2005, and exclusive of a one-time charge of $1,072,000 and $0.03,
respectively, for the 13 weeks ended December 26, 2006. See Schedule
II for further information.
Fiscal Year Ended Percentage
December 26, 2006 December 27, 2005 Increase
Total revenue $828,971 $640,275 29%
Net income $58,849 $52,183 25% (1)
Diluted earnings per share $1.84 $1.65 23% (1)
Shares used in diluted EPS
calculation 32,044 31,651
(1) Percentage increase in net income and diluted EPS is shown inclusive
of footnote stock option expense of $4,115,000 and $0.13,
respectively, for the fiscal year ended December 27, 2005, and
exclusive of a one-time charge of $1,072,000 and $0.03, respectively,
for the fiscal year ended December 26, 2006. See Schedule II for
further information.
Fourth Quarter 2006 Key Metrics & Business Review
During the fourth quarter, system-wide comparable bakery-cafe sales
increased 2.0% (1.6% Company-owned and 2.2% franchise-operated) while
system- wide average weekly sales declined by 0.5% to $40,320 ($39,024
Company-owned and $41,091 franchise-operated), as average weekly sales for
bakery-cafes opened in 2006 averaged $34,910 in the quarter and as
bakery-cafes opened three years or less have grew as a percentage of total
bakery-cafes opened. System-wide operating weeks in the fourth quarter
totaled 12,968 (4,838 Company-owned and 8,130 franchise-operated). During
the fourth quarter, 52 new bakery-cafes opened system-wide (26
Company-owned and 26 franchise-operated), 14 bakery-cafes (one of which was
under construction) were acquired by the Company from franchisees, and 1
Company-owned bakery-cafe was closed.
As of December 26, 2006, there were 1,027 Panera Bread bakery-cafes open.
The breakdown of bakery-cafes between Company-owned and franchise-operated is
as follows:
Company-owned Franchise-operated Total System
Bakery-cafes as
of September 26, 2006 353 623 976
Bakery-cafes opened 26 26 52
Bakery-cafes closed (1) - (1)
Bakery-cafes acquired (sold) 13 (13) -
Bakery-cafes as of
December 26, 2006 391 636 1,027
Additionally, the rollout of the evening daypart, which began in the
third quarter of fiscal 2006, continued to impact restaurant margins
unfavorably in the fourth quarter. This margin unfavorability was offset in
part by leverage against the Companys general and administrative expenses,
driven in part by lower bonus expense as a percent of sales in fourth
quarter 2006 (given the Companys corporate performance in fiscal 2006) as
compared to the fourth quarter of 2005 when the company had higher bonus
expense (given the Companys corporate performance in 2005).
Neal Yanofsky, president, commented, "In 2006 our EPS of $1.84 per
diluted share included a one-time charge of $0.03 per diluted share
resulting from the previously reported Paradise acquisition. We also
estimate we had an additional $0.01 per diluted share negative impact
principally from lost franchise revenues related to the Paradise
acquisition. Diluted EPS would have increased 23% excluding the $0.03
one-time charge from Paradise in 2006 and including footnote stock option
expense of $0.13 for the fiscal year ended December 27, 2005. We recognize
the choppiness in our results for the year but we feel very positive about
a year in which we grew earnings by 23%."
2007 Business Outlook
The Company is today setting an earnings per diluted share target for
the first quarter of 2007 of $0.47 to $0.50, an increase of 0% to 6% from
2006 results. Actual results for the 13 weeks ended March 28, 2006 were
$0.47 per diluted share.
The first quarter 2007 target assumes system-wide comparable
bakery-cafe sales growth of 0% to 1%, system-wide average weekly sales of
$38,700 to $39,200, and system-wide operating weeks of 13,525 to 13,575.
Bakery-cafe openings are expected to be 27 (12 Company-owned and 15
franchise-operated) compared to 22 (9 Company-owned and 13
franchised-operated) in 2006.
The Company is also today setting an earnings per diluted share target
for fiscal year 2007 of $2.26 to $2.34, representing growth of 23% to 27%
over our 2006 EPS and 21% to 25% over our 2006 EPS excluding the one-time
charge of $0.03 per diluted share stemming from the Paradise acquisition.
The full year 2007 target assumes system-wide comparable sales growth
of 2% to 4%, system-wide average weekly sales of $39,000 to $40,000, and
system- wide operating weeks of 56,750 to 57,250. Bakery-cafe openings are
expected to be 170 to 180 (85 to 90 Company-owned and 85 to 90
franchise-operated) compared to 155 (70 Company-owned and 85
franchised-operated) in 2006.
Ron Shaich, chairman and chief executive officer commented, "We now
project comp stores sales increases for the first quarter of 2007 to be
flat to modestly positive (over first quarter 2006, when we enjoyed record
comp sales growth of 9.0%) and our earnings growth to reflect the attendant
lack of sales leverage. We expect our earnings growth to strengthen
markedly as the year progresses into the second quarter and third quarter.
Tactically 2007 will be a year in which we focus on further differentiation
to maintain our competitive advantage, aggressive development while
protecting our industry leading average weekly sales, and 2% to 4% comps,
all the while generating leverage from our fresh dough system and our G&A.
Taken as a whole, 2007 will be yet another strong year for Panera and one
in which the Company will generate earnings growth in the low-to-mid
twenties percent."
The Company will discuss 2006 results in a conference call that will be
broadcast on the Internet at 8:30 A.M. Eastern Time on Friday, February 9,
2007. To access the call or view a copy of this release (when issued), go
to http://www.panerabread.com/investor. Access to the call and the release
will be archived for one year.
Included above are franchised and system-wide comparable bakery-cafe
sales increases. System-wide sales are a non-GAAP financial measure that
includes sales at all Company bakery-cafes and franchise bakery-cafes, as
reported by franchisees. Management uses system-wide sales information
internally in connection with store development decisions, planning, and
budgeting analyses. Management believes system-wide sales information is
useful in assessing consumer acceptance of the Companys brand and
facilitates an understanding of financial performance as the Companys
franchisees pay royalties and contribute to advertising pools based on a
percentage of their sales.
Panera Bread Company owns and franchises 1,027 bakery-cafes under the
Panera Bread(R) and Saint Louis Bread Co.(R) names. With its identity
rooted in handcrafted, fresh-baked, artisan bread, Panera Bread is
committed to providing great tasting, quality food that people can trust.
Highlighted by antibiotic free chicken, whole grain bread, select organic
and all-natural ingredients and a menu free of man-made trans fat, Paneras
bakery-cafe selection offers flavorful, wholesome offerings. The menu
includes a wide variety of year-round favorites, complemented by new items
introduced seasonally with the goal of creating new standards in everyday
food choices. In neighborhoods across the country, guests are enjoying
Paneras warm and welcoming environment featuring comfortable gathering
areas, relaxing decor, and free internet access provided through a managed
WiFi network. At the close of each day, Panera Bread bakery-cafes donate
bread and baked goods to community organizations in need.
Panera also holds a 51% interest in Paradise Bakery & Cafe, Inc., owner
and operator of 23 bakery-cafes, 17 of which are in the Phoenix market, and
franchisor of 23 franchise-operated locations.
Additional information is available on the Companys website,
panerabread.com.
Matters discussed in this news release, including any discussion or
impact, express or implied, on the Companys anticipated growth, operating
results, and future earnings per share, contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements are often
identified by the words "believe," "positioned," "estimate," "project,"
"target," "continue," "intend," "expect," "future," "anticipates," and
similar expressions. All forward-looking statements included in this
release are made only as of the date of this release, and we do not
undertake any obligation to publicly update or correct any forward-looking
statements to reflect events or circumstances that occur or which we
hereafter become aware, after that date. Forward-looking information
expresses managements present belief, expectations, or intentions
regarding the Companys future performance. The Companys actual results
could differ materially from those set forth in the forward-looking
statements due to known and unknown risks and uncertainties and could be
negatively impacted by a number of factors. These factors include, but are
not limited to, the following: inability to execute our growth strategy,
including, among other things, variations in the number, timing, and
successful nature of Company-owned and franchise-operated bakery- cafe
openings and continued successful operation of bakery-cafes; failure to
comply with government regulations; loss of a member of senior management;
inability to recruit qualified personnel; failure or inability to protect
our brand, trademarks, or other proprietary rights; competition; rising
insurance costs; disruption in our supply chain or increases in ingredient,
product, or other supply costs; disruptions or supply issues in our fresh
dough facilities; health concerns about the consumption of certain
products; complaints and litigation; risks associated with the acquisition
of franchise- operated bakery-cafes; other factors, some of which may be
beyond our control, effecting our operating results; and other factors that
may affect restaurant owners or retailers in general. These and other risks
are discussed from time to time in the Companys SEC reports, including its
Form 10-K for the year ended December 27, 2005 and its quarterly reports on
Form 10-Q.
Schedule I
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share amounts)
13 Weeks Ended 12 Weeks Ended 13 Weeks Ended
December 26, December 27, December 27,
2006 2005 2005
(Pro forma)(1)
Revenues:
Bakery-cafe sales $188,811 $136,994 $147,062
Franchise royalties and fees 16,584 14,154 15,221
Fresh dough sales
to franchisees 27,517 22,181 23,875
Total revenue 232,912 173,329 186,158
Costs and expenses:
Bakery-cafe expenses:
Cost of food and
paper products 55,238 38,914 41,358
Labor 57,378 40,693 43,291
Occupancy 13,805 9,083 9,902
Other operating expenses 25,038 18,144 19,697
Total bakery-cafe expenses 151,459 106,834 114,248
Fresh dough cost of sales to
franchisees 22,769 19,143 20,630
Depreciation and amortization 12,117 8,530 9,168
General and administrative
expenses 13,865 12,136 13,119
Pre-opening expenses 2,232 1,932 2,033
Total costs and expenses 202,442 148,575 159,198
Operating profit 30,470 24,754 26,960
Interest expense 82 13 14
Other (income) expense, net 615 (711) (582)
Income before income taxes 29,773 25,452 27,528
Income taxes 10,867 9,290 10,048
Net income $18,906 $16,162 $17,480
Basic net income per share $0.60 $0.52 $0.56
Diluted net income per share $0.59 (2) $0.51 $0.55(3)
Shares used in calculation
of basic EPS 31,426 31,090 31,098
Shares used in calculation
of diluted EPS 32,114 31,880 31,873
(1) As previously reported, the Company adopted a new quarterly calendar
beginning fiscal 2006 whereby each of its quarters include 13 weeks (4
week, 5 week, and 4 week period progressions in each quarter), rather
than its previous quarterly calendar which had 16 weeks in the first
quarter and 12 weeks in the second, third, and fourth quarters (4 week
period progressions in each quarter). As such, for the fourth quarter
of fiscal 2006, the statements above present the consolidated
statement of operations of the Company for the 13 weeks ended December
26, 2006. For the fourth quarter of fiscal 2005, the statements above
present the consolidated statement of operations of the Company for
the 12 weeks ended December 27, 2005 and the pro forma consolidated
statement of operations of the Company for the 13 weeks ended December
27, 2005, as if the new quarterly calendar had been adopted for the
fourth quarter of fiscal 2005.
(2) The $0.59 per diluted share results for the 13 weeks ended December
26, 2006 include a one-time charge of $0.03 per diluted share related
to the previously reported Paradise acquisition. See Schedule II for
further information.
(3) Prior to the adoption of Statement of Financial Accounting Standards
No. 123(R), "Share-Based Payment" ("SFAS 123R"), in fiscal 2006, the
Company elected to follow the provisions of Accounting Principles
Board Opinion No. 25, "Accounting for Stock Issued to Employees," and
related interpretations, and provide the required pro forma disclosure
in the footnotes to the financial statements as if the measurement
provisions had been adopted. Accordingly, no compensation costs have
been recognized in the consolidated statements of operations for stock
option plans prior to fiscal 2006. Under the new quarterly calendar,
stock-based compensation costs related to stock option plans would
have decreased the pro forma earnings per diluted share by $0.03 for
the fourth quarter of fiscal 2005. See Schedule II for further
information.
Schedule I (continued)
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share amounts)
For the fiscal year ended
December 26, 2006 December 27, 2005
Revenues:
Bakery-cafe sales $666,141 $499,422
Franchise royalties and fees 61,531 54,309
Fresh dough sales to franchisees 101,299 86,544
Total revenue 828,971 640,275
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products 197,182 142,675
Labor 204,956 151,524
Occupancy 48,602 35,558
Other operating expenses 92,176 70,003
Total bakery-cafe expenses 542,916 399,760
Fresh dough cost of sales to franchisees 85,618 75,036
Depreciation and amortization 44,166 33,011
General and administrative expenses 59,306 46,301
Pre-opening expenses 6,173 5,072
Total costs and expenses 738,179 559,180
Operating profit 90,792 81,095
Interest expense 92 50
Other (income) expense, net (1,976) (1,133)
Income before income taxes 92,676 82,178
Income taxes 33,827 29,995
Net income $58,849 $52,183
Net income per share:
Basic $1.88 $1.69
Diluted $1.84 (1) $1.65(2)
Weighted average shares used in computation:
Basic 31,313 30,871
Diluted 32,044 31,651
(1) The $1.84 per diluted share results for the fiscal year ended December
26, 2006 include a one-time charge of $0.03 per diluted share related
to the previously reported Paradise acquisition. See Schedule II for
further information.
(2) Prior to the adoption of Statement of Financial Accounting Standards
No. 123(R), "Share-Based Payment" ("SFAS 123R"), in fiscal 2006, the
Company elected to follow the provisions of Accounting Principles
Board Opinion No. 25, "Accounting for Stock Issued to Employees," and
related interpretations, and provide the required pro forma disclosure
in the footnotes to the financial statements as if the measurement
provisions had been adopted. Accordingly, no compensation costs have
been recognized in the consolidated statements of operations for stock
option plans prior to fiscal 2006. Stock-based compensation costs
related to stock option plans would have decreased the pro forma
earnings per diluted share by $0.13 for the fiscal year ended December
27, 2005. See Schedule II for further information.
Schedule I (continued)
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
MARGIN ANALYSIS
(unaudited)
The following table sets forth the percentage relationship to total
revenues, except where otherwise indicated, of certain items included in
the Companys consolidated statements of operations for the period
indicated. Percentages may not add due to rounding:
13 Weeks 12 Weeks 13 Weeks
Ended Ended Ended
December 26, December 27, December 27,
2006 2005 2005
(Pro forma)(1)
Revenues:
Bakery-cafe sales 81.1 % 79.0 % 79.0 %
Franchise royalties and fees 7.1 8.2 8.2
Fresh dough sales to franchisees 11.8 12.8 12.8
Total revenue 100.0 % 100.0 % 100.0 %
Costs and expenses:
Bakery-cafe expenses (2):
Cost of food and
paper products 29.3 % 28.4 % 28.1 %
Labor 30.4 29.7 29.4
Occupancy 7.3 6.6 6.7
Other operating expenses 13.3 13.2 13.4
Total bakery-cafe
expenses 80.2 78.0 77.6
Fresh dough cost of sales
to franchisees (3) 82.7 86.3 86.4
Depreciation and amortization 5.2 4.9 4.9
General and administrative
expenses 6.0 7.0 7.0
Pre-opening expenses 1.0 1.1 1.1
Total costs and expenses 86.9 85.7 85.5
Operating profit 13.1 14.3 14.5
Interest expense - - -
Other (income) expense, net 0.3 (0.4) (0.3)
Income before income taxes 12.8 14.7 14.8
Income taxes 4.7 5.4 5.4
Net income 8.1 % 9.3 % 9.4 %
(1) As previously reported, the Company adopted a new quarterly calendar
beginning fiscal 2006 whereby each of its quarters include 13 weeks (4
week, 5 week, and 4 week period progressions in each quarter), rather
than its previous quarterly calendar which had 16 weeks in the first
quarter and 12 weeks in the second, third, and fourth quarters (4 week
period progressions in each quarter). As such, for the fourth quarter
of fiscal 2006, the statements above present the consolidated
statement of operations of the Company for the 13 weeks ended December
26, 2006. For the fourth quarter of fiscal 2005, the statements above
present the consolidated statement of operations of the Company for
the 12 weeks ended December 27, 2005 and the pro forma consolidated
statement of operations of the Company for the 13 weeks ended December
27, 2005, as if the new quarterly calendar had been adopted for the
third quarter of fiscal 2005.
(2) As a percentage of Company bakery-cafe sales.
(3) As a percentage of fresh dough sales to franchisees.
Schedule I (continued)
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
MARGIN ANALYSIS
(unaudited)
The following table sets forth the percentage relationship to total
revenues, except where otherwise indicated, of certain items included in
the Companys consolidated statements of operations for the period
indicated. Percentages may not add due to rounding:
For the fiscal year ended
December 26, 2006 December 27, 2005
Revenues:
Bakery-cafe sales 80.4 % 78.0 %
Franchise royalties and fees 7.4 8.5
Fresh dough sales to franchisees 12.2 13.5
Total revenue 100.0 % 100.0 %
Costs and expenses:
Bakery-cafe expenses (1):
Cost of food and paper products 29.6 % 28.6 %
Labor 30.8 30.3
Occupancy 7.3 7.1
Other operating expenses 13.8 14.0
Total bakery-cafe expenses 81.5 80.0
Fresh dough cost of sales
to franchisees (2) 84.5 86.7
Depreciation and amortization 5.3 5.2
General and administrative expenses 7.2 7.2
Pre-opening expenses 0.7 0.8
Total costs and expenses 89.0 87.3
Operating profit 11.0 12.7
Interest expense - -
Other (income) expense, net (0.2) (0.2)
Income before income taxes 11.2 12.8
Income taxes 4.1 4.7
Net income 7.1 % 8.2 %
(1) As a percentage of Company bakery-cafe sales.
(2) As a percentage of fresh dough sales to franchisees.
Schedule II
PANERA BREAD COMPANY
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS
(unaudited)
In addition to the results provided in accordance with Generally
Accepted Accounting Principles ("GAAP") throughout this release, the
Company has provided non-GAAP measurements to conform 2005 results to the
2006 presentation related to the Companys quarterly calendar change and
stock option expense and to exclude the impact of a one-time charge on the
2006 results. As previously reported, the Company adopted a new quarterly
calendar in 2006 whereby each of its quarters include 13 weeks (4-5-4),
rather than its prior calendar which had 16 weeks in the first quarter and
12 weeks in the second, third, and fourth quarters. In addition, effective
December 28, 2005, the beginning of the Companys first quarter of 2006,
the Company adopted the fair value recognition provisions of Statement of
Financial Accounting Standards No. 123(R), "Share-Based Payment" ("SFAS
123R"). SFAS 123R requires all stock-based compensation, including grants
of employee stock options, to be recognized in the statement of operations
based on their fair values. The Company adopted this accounting treatment
using the modified prospective transition method, as permitted under SFAS
123R; therefore results for prior periods have not been restated. Prior to
the adoption of SFAS 123R, the Company accounted for stock-based
compensation using the intrinsic value method prescribed in Accounting
Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees," and related interpretations. Accordingly, stock-based
compensation was included as pro forma disclosure in the financial
statement footnotes. Further, the Company incurred a one-time charge of
$0.03 per diluted share in the fourth quarter of fiscal 2006 related to the
previously reported Paradise acquisition.
The Company is providing the table below because management believes it
provides useful information to investors regarding the Companys results of
operations by providing current and prior reported amounts on a comparable
basis. The pro forma net income and earnings per share amounts of $19,978
and $0.62, respectively, for the 13 weeks ended December 26, 2006; $59,921
and $1.87, respectively, for the fiscal year ended December 26, 2006;
$16,522 and $0.52, respectively, for the 13 weeks ended December 27, 2005;
and $48,068 and $1.52, respectively, for the fiscal year ended December 27,
2005 are considered "non-GAAP financial measures" under applicable SEC
rules because they are adjusted to reflect the effect of the quarterly
calendar change for the 13 weeks ended December 27, 2005, to include
stock-based compensation expense in 2005, and to exclude a one-time charge
in the fourth quarter of fiscal 2006, which are not included in the
directly comparable measures calculated in accordance with GAAP. These
non-GAAP financial measures are not a substitute for the reported GAAP
measures.
Schedule II (continued)
PANERA BREAD COMPANY
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS
(unaudited)
The adjustments for the quarterly calendar change, stock-based
compensation expense, and one-time Paradise charge had the following effect
on reported amounts (in thousands, except earnings per share):
For the quarter ended
Percentage
December 26, 2006 December 27, 2005 Increase
Net income, as reported $18,906 $16,162
Plus: Quarterly calendar
change adjustment - 1,318
Net income, as reported
/calendar adjusted 13 weeks
ended 12/27/05 $18,906 $17,480
Less: Stock-based compensation
expense included in footnote,
net of tax - (958)
Net income, as reported
/pro forma 13 weeks ended
12/27/05 $18,906 $16,522 14%
Plus: Paradise one-time
charge, net of tax 1,072 -
Net income, pro forma 13
weeks ended 12/26/06 and
12/27/05, respectively $19,978 $16,522 21%
Diluted earnings per share,
as reported $0.59 $0.51
Plus: Quarterly calendar
change adjustment - 0.04
Diluted EPS, as reported
/calendar adjusted 13 weeks
ended 12/27/05 $0.59 $0.55
Less: Stock-based compensation
expense included in footnote,
net of tax - (0.03)
Diluted EPS, as reported/pro
forma 13 weeks ended 12/27/05 $0.59 $0.52 13%
Plus: Paradise one-time
charge, net of tax 0.03 -
Diluted EPS, pro forma 13
weeks ended 12/26/06 and
12/27/05, respectively $0.62 $0.52 19%
Shares used in diluted
EPS calculation 32,114 31,873
Schedule II (continued)
PANERA BREAD COMPANY
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS
(unaudited)
For the fiscal year ended
Percentage
December 26, 2006 December 27, 2005 Increase
Net income, as reported $58,849 $52,183
Less: Stock-based compensation
expense included in footnote,
net of tax - (4,115)
Net income, as reported/pro forma
fiscal year ended 12/27/05 $58,849 $48,068 22%
Plus: Paradise one-time charge,
net of tax 1,072 -
Net income, pro forma fiscal
year ended 12/26/06 and
12/27/05, respectively $59,921 $48,068 25%
Diluted earnings per share,
as reported $1.84 $1.65
Less: Stock-based compensation
expense included in footnote,
net of tax - (0.13)
Diluted EPS, as reported/pro
forma fiscal year ended 12/27/05 $1.84 $1.52 21%
Plus: Paradise one-time charge,
net of tax 0.03 -
Diluted EPS, pro forma fiscal
year ended 12/26/06 and 12/27/05,
respectively $1.87 $1.52 23%
Shares used in diluted
EPS calculation 32,044 31,651
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ski properties for sale in flaine |
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Locations
