Company Information

Company Name Panera Bread Company

December 27 December 28 December 29

Fiscal Year End Dates
2011 2010 2009
Balance Sheet Units (i.e. 000's) thousands
Income Statement Units (i.e. 000's) thousands
Most Recent Year for Data 2011
Date of Analysis February 21, 2015
2011 Calendar Year Industry Comparisons
SIC 5812 Eating Places UNIT UQ MED LQ
Current Ratio Times 2.0 1.2 0.8
Quick Ratios Times 1.3 0.7 0.3
Inventory Turnover (Sales) Times 122.7 85.7 45.1
Inventory Turnover (COGS)
Collection Period Days 1.1 5.3 13.9
Fixed Assets Turnover
Total Assets Turnover
Long-Term Debt Ratio
Debt Ratio
Times Interest Earned
Profit Margin (ROS) Decimal 0.073 0.035 0.007
Return on Assets Decimal 0.169 0.066 0.013
Return on Equity Decimal 0.404 0.154 0.055
Dun & Bradstreet
 Panera Bread Company
Consolidated Statements of Income
(dollars in thousands)

FY 2011 FY 2010 FY 2009

As of Dec 27, 2011 Dec 28, 2010 Dec 29, 2009

REVENUE
Bakery-café sales, net $1,592,951 $1,321,162 $1,153,255
Franchise royalties and fees 92,793 86,195 78,367
Fresh dough and other product sales to franchisees 136,288 135,132 121,872
Total Revenue 1,822,032 1,542,489 1,353,494

COSTS & EXPENSES

Bakery-café expenses:
Cost of food and paper products 470,398 374,816 337,599
Labor 484,014 419,140 370,595
Occupancy 115,290 100,970 95,996
Other operating expenses 216,237 177,059 155,396
Total bakery-café expenses 1,285,939 1,071,985 959,586
Fresh dough and other product cost of sales to franchisees 116,267 110,986 100,229
Total Cost of Goods Sold 1,402,206 1,182,971 1,059,815

Gross Profit 419,826 359,518 293,679

OPERATING EXPENSES
Depreciation and amortization 79,899 68,673 67,162
General and administrative expenses 113,083 101,494 83,169
Pre-opening expenses 6,585 4,282 2,451
Total Operating Expenses 199,567 174,449 152,782
Operating Profit 220,259 185,069 140,897

OTHER EXPENSES
Interest expense 822 675 700
Other (income) expense, net (466) 4,232 273
INCOME BEFORE INCOME TAXES 219,903 180,162 139,924
Income Taxes (Benefit) 83,951 68,563 53,073
Net Income (Loss), Including Portion Attributable to
135,952 111,599 86,851
Noncontrolling Interest
Less: net (loss) income attributable to noncontrolling interest 0 (267) 801

NET INCOME $135,952 $111,866 $86,050

Source: 2011 Form 10-K, www.sec.gov

 Panera Bread Company
Consolidated Balance Sheets
(dollars in thousands)
FY 2011 FY 2010
As of Dec 27, 2011 Dec 28, 2010

ASSETS
CURRENT ASSETS
Cash and Cash Equivalents $222,640 $229,299
Trade accounts receivable, net 30,700 20,378
Other accounts receivable 24,009 17,962
Receivables, net 54,709 38,340
Inventories 17,016 14,345
Prepaid expenses and other 31,228 23,905
Deferred income taxes 27,526 24,796
Total Current Assets 353,119 330,685
PROPERTY AND EQUIPMENT
Property and equipment, net 492,022 444,094
Total Fixed Assets 492,022 444,094
OTHER ASSETS
Goodwill 108,071 94,442
Other intangible assets, net 67,269 48,402
Deposits and other 6,841 6,958
Total Other Assets 182,181 149,802
TOTAL ASSETS 1,027,322 924,581
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable 15,884 7,346
Accrued expenses 222,450 204,170
Total Current Liabilities 238,334 211,516
Deferred rent 54,055 47,974
Deferred income taxes 34,345 30,264
Other long-term liabilities 45,512 39,219
Total Liabilities 372,246 328,973
COMMITMENTS AND CONTINGENCIES MINORITY INTEREST - -
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value; 112,500,000 shares authorized;
30,330,759 shares issued and 28,265,672 shares outstanding at
Dec. 27, 2011 and 30,125,936 shares issued and 29,006,844 3 3
shares outstanding at Dec. 28, 2010
Common stock, $.0001 par value; Class B, 10,000,000 shares
authorized; 1,383,687 shares issued and outstanding at Dec. 27, - -
2011 and 1,391,607 shares at Dec. 28, 2010
Treasury stock, carried at cost: 2,048,338 shares at Dec. 27, 2011 (175,595) (78,990)
and 1,119,092 shares at Dec. 28, 2010
Preferred stock, $0.0001 par value per share; 2,000,000 shares
authorized and no shares issued or outstanding at Dec. 27, 2011 - -
and Dec. 28, 2012
Additional Paid-in Capital 150,093 130,005
Accumulated other comprehensive income 308 275
Retained Earnings 680,267 544,315
Total Stockholder's Equity 655,076 595,608
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,027,322 $924,581
Source: 2011 Form 10-K, www.sec.gov
Panera Bread Company
Horizontal and Vertical Analysis
(dollars in thousands)

FY 2011 FY 2010 FY 2009 FY 2011 FY 2010

As of 27-Dec-11 28-Dec-10 29-Dec-09 27-Dec-11 28-Dec-10

REVENUE VERTICAL HORIZONTAL

Total Revenue $1,822,032 $1,542,489 $1,353,494 18.12% 13.96%

Bakery-café sales, net 0.874 0.857 0.852 20.57% 14.56%
Franchise royalties and fees 0.051 0.056 0.058 7.65% 9.99%
Fresh dough and other product sales to
0.075 0.088 0.090 0.86% 10.88%
franchisees
COST OF SALES
Bakery-café expenses:
Cost of food and paper products 0.258 0.243 0.249 25.50% 11.02%
Labor 0.266 0.272 0.274 15.48% 13.10%
Occupancy 0.063 0.065 0.071 14.18% 5.18%
Other operating expenses 0.119 0.115 0.115 22.13% 13.94%
Total bakery-café expenses 0.706 0.695 0.709 19.96% 11.71%
Fresh dough cost of sales to franchisees 0.064 0.072 0.074 4.76% 10.73%
Total Cost of Goods Sold 0.770 0.767 0.783 18.53% 11.62%

Gross Profit 0.230 0.233 0.217 16.77% 22.42%

OPERATING EXPENSES
Depreciation and amortization 0.044 0.045 0.050 16.35% 2.25%
General and administrative expenses 0.062 0.066 0.061 11.42% 22.03%
Pre-opening expenses 0.004 0.003 0.002 53.78% 74.70%
Total Operating Expenses 0.110 0.113 0.113 14.40% 14.18%
Operating Profit 0.121 0.120 0.104 19.01% 31.35%

OTHER EXPENSES
Interest expense 0.000 0.000 0.001 21.78% 3.57%
Other (income) expense, net (0.000) 0.003 0.000 -111.01% 1450.18%
INCOME BEFORE INCOME TAXES 0.121 0.117 0.103 22.06% 28.76%
Income Taxes (Benefit) 0.046 0.044 0.039 22.44% 29.19%
Net Income (Loss), Including Portion
0.075 0.072 0.064 21.82% 28.49%
Attributable to Noncontrolling Interest
Less: net (loss) income attributable to
0.000 (0.000) 0.001 -100.00% -133.33%
noncontrolling interest
NET INCOME 0.075 0.073 0.064 21.53% 30.00%
Panera Bread Company
Sources and Uses Analysis
(dollars in thousands)
FY 2011 FY 2010 Sources Uses
As of Dec 27, 2011 Dec 28, 2010

ASSETS
Cash and Cash Equivalents $222,640 $229,299 ($6,659)
Trade accounts receivable, net $30,700 $20,378 $10,322
Other accounts receivable $24,009 $17,962 $6,047
Inventories $17,016 $14,345 $2,671
Prepaid expenses and other $31,228 $23,905 $7,323
Deferred income taxes $27,526 $24,796 $2,730
Property and Equipment, net $492,022 $444,094 $47,928
Goodwill $108,071 $94,442 $13,629
Other intangible assets, net $67,269 $48,402 $18,867
Deposits and other $6,841 $6,958 $117

LIABILITIES AND EQUITY

Accounts payable $15,884 $7,346 $8,538
Accrued expenses $222,450 $204,170 $18,280
Deferred rent $54,055 $47,974 $6,081
Deferred income taxes $34,345 $30,264 $4,081
Other long-term liabilities $45,512 $39,219 $6,293
Commitments $0 $0 $0
Common stock, $.0001 par value; 112,500,000
shares authorized; 30,330,759 shares issued and
28,265,672 shares outstanding at Dec. 27, 2011 $3 $3 $0
and 30,125,936 shares issued and 29,006,844
shares outstanding at Dec. 28, 2010
Common stock, $.0001 par value; Class B,
10,000,000 shares authorized; 1,383,687 shares
$0 $0 $0
issued and outstanding at Dec. 27, 2011 and
1,391,607 shares at Dec. 28, 2010
Treasury stock, carried at cost: 2,048,338 shares
at Dec. 27, 2011 and 1,119,092 shares at Dec. ($175,595) ($78,990) $96,605
28, 2010
Preferred stock, $0.0001 par value per share;
2,000,000 shares authorized and no shares
$0 $0 $0
issued or outstanding at Dec. 27, 2011 and Dec.
28, 2012
Additional Paid-in Capital $150,093 $130,005 $20,088
Accumulated other comprehensive income $308 $275 $33
Retained Earnings $680,267 $544,315 $135,952
TOTAL: $199,463 $206,122
Sources
Decrease in assets Sources: $199,463
Increase in liabilities Uses: $206,122
Increase in equities SubTotal: ($6,659) OK
Uses
Increase in assets Cash in FY 2011: $222,640
Decrease in liabilities Cash in FY 2010: $229,299
Decrease in equities Sub Total: ($6,659) OK
Panera Bread Company
Financial Ratios
(dollars in thousands)
Industry MED
FY 2011 FY 2010 FY 2009
for Calendar
Year 2011 Dec 27, 2011 Dec 28, 2010 Dec 29, 2009

Current Ratio 1.2 1.48 1.56

Quick Ratios 0.7 1.41 1.50
Inventory Turnover (Sales) 85.7 107.08 107.53
Inventory Turnover (COGS) 82.41 82.47
Collection Period 5.3 10.96 9.07
Fixed Assets Turnover 3.70 3.47
Total Assets Turnover 1.77 1.67
Long-Term Debt Ratio 0.00 0.00
Debt Ratio 0.36 0.36
Times Interest Earned 268.52 267.91 200.89
Profit Margin (ROS) 0.035 0.075 0.073 0.064
Return on Assets 0.066 0.132 0.121
Return on Equity 0.154 0.208 0.188
Breakeven ($ Sales) $867,683 $748,708 $704,065
Breakeven (% of Year-End Sales) 47.62% 48.54% 52.02%
Breakeven (# of Months) 5.7 5.8 6.2
Breakeven (Fiscal Calendar Week) 3rd week Jun 4th week Jun 2nd week Jul