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Panera Bread Company Reports Fourth Quarter and Full Year Fiscal 2012 Diluted EPS of $1.75 and $5.89, up 34% and 29% Over Fiscal 2011

ST. LOUIS, MO -- (Marketwire) -- 02/05/13 -- Panera Bread Company (NASDAQ: PNRA)

HIGHLIGHTS

  • Q4 2012 Company-owned comparable net bakery-cafe sales up 5.1%
  • Q4 2012 Revenue increased 15% to $572 million
  • FY 2012 System-wide new bakery-cafe AWS hit record high of $46,884
  • FY 2013 EPS growth target of 17% to 19% versus FY 2012 EPS

Panera Bread Company (NASDAQ: PNRA) today reported net income of $52 million, or $1.75 per diluted share, for the thirteen weeks ended December 25, 2012. The fourth quarter fiscal 2012 results compare to net income of $39 million, or $1.31 per diluted share, for the fourth quarter ended December 27, 2011, and represent a 34% year-over-year increase in diluted earnings per share. The fourth quarter fiscal 2011 results include a one-time pre-tax charge of $5 million. Excluding this charge, fourth quarter fiscal 2012 diluted earnings per share increased 23% year-over-year.

For the fifty-two weeks ended December 25, 2012, net income was $173 million, or $5.89 per diluted share. The full year fiscal 2012 results compare to net income of $136 million, or $4.55 per diluted share, for the fifty-two weeks ended December 27, 2011, and represent a 29% year-over-year increase in diluted earnings per share. The full year fiscal 2011 results include a one-time pre-tax charge of $5 million. Excluding this charge, full year fiscal 2012 diluted earnings per share increased 27% year-over-year.

The Company's fourth quarter and full year fiscal 2012 consolidated statements of comprehensive income and margin analyses are attached as Schedule I. The following tables set forth, for the periods indicated, certain items included in the Company's consolidated statements of comprehensive income (in thousands, except per share data and percentages):


                                         For the 13 Weeks Ended
                                       -------------------------
                                       December 25, December 27, Percentage
                                           2012         2011       Change
                                       ------------ ------------ ----------

Total revenue                               571,549      495,765         15%
Net income                                   51,612       38,620         34%
Diluted earnings per share                     1.75         1.31         34%
Shares used in diluted EPS                   29,421       29,402


                                         For the 52 Weeks Ended
                                       -------------------------
                                       December 25, December 27, Percentage
                                           2012         2011       Change
                                       ------------ ------------ ----------

Total revenue                             2,130,057    1,822,032         17%
Net income                                  173,448      135,952         28%
Diluted earnings per share                     5.89         4.55         29%
Shares used in diluted EPS                   29,455       29,903

Fourth Quarter Fiscal 2012 Results and Business Review

Comparable Net Bakery-Cafe Sales Growth

In the fourth quarter fiscal 2012, Company-owned comparable net bakery-cafe sales increased 5.1%, franchise-operated comparable net bakery-cafe sales increased 4.7%, and system-wide comparable net bakery-cafe sales increased 4.9% compared to the comparable period in fiscal 2011. Two year Company-owned comparable net bakery-cafe sales increased 11.0%, two year franchise-operated comparable net bakery-cafe sales increased 7.9%, and two year system-wide comparable net bakery-cafe sales increased 9.3%.

The Company-owned comparable net bakery-cafe sales increase of 5.1% in the fourth quarter fiscal 2012 was comprised of a year-over-year transaction decline of 0.3% and average check growth of 5.4%. The Company estimates the impact of Hurricane Sandy resulted in a transaction loss of approximately 0.3% in the fourth quarter fiscal 2012. Average check growth was comprised of retail price increases of approximately 2.5% and positive mix impact of approximately 2.9%. A schedule of comparable net bakery-cafe sales information is attached as Schedule III.

Operating Margin

In the fourth quarter fiscal 2012, the Company generated operating margin improvement of approximately 200 basis points compared to the fourth quarter fiscal 2011. This increase was driven primarily by higher bakery-cafe margins and lower general and administrative expenses. General and administrative expenses were lower primarily due to a $5 million one-time pre-tax charge in the fourth quarter fiscal 2011. Excluding this one-time charge, the Company generated year-over-year operating margin improvement of approximately 100 basis points in the fourth quarter fiscal 2012.

New Bakery-Cafe Development and AWS

During the fourth quarter fiscal 2012, the Company opened 18 new bakery-cafes and its franchisees opened 14 new bakery-cafes. For the full year fiscal 2012, the Company and its franchisees opened 123 new bakery-cafes (59 Company-owned and 64 franchise-operated). As a result, there were 1,652 bakery-cafes open system-wide as of December 25, 2012.


                                         Company-   Franchise-     Total
                                           owned     operated      System
                                        ----------  ----------  -----------
Bakery-cafes as of September 25, 2012          792         833        1,625
Bakery-cafes opened                             18          14           32
Bakery-cafes closed                             (1)         (4)          (5)
                                        ----------  ----------  -----------
Bakery-cafes as of December 25, 2012           809         843        1,652
                                        ==========  ==========  ===========

Average weekly sales ("AWS") for Company-owned new bakery-cafes for full year fiscal 2012 was a record $47,029 compared to $41,637 in full year fiscal 2011. AWS for franchise-operated new bakery-cafes for full year fiscal 2012 was a record $46,781 compared to $41,438 in full year fiscal 2011. A schedule of the fourth quarter and full year fiscal 2012 AWS is attached as Schedule II.

Use of Capital

During the fourth quarter fiscal 2012, the Company repurchased 124,100 shares at an average share price of $161.00. The share repurchase had a nominal impact on the Company's fourth quarter fiscal 2012 earnings per diluted share. The Company has approximately $580 million available under its existing $600 million repurchase authorization as of the date of this release.

Bill Moreton, President and Co-CEO, commented, "We are pleased to report our fifth consecutive year of 20% plus EPS growth driven in large part by our 6.5% comparable store sales increase. Our philosophy of continued investment in the quality of our food, marketing, and operations is driving this success."

Full Year 2013 Targets

Full Year Fiscal 2013 Targets

Diluted EPS Target

The Company is maintaining its targeted full year fiscal 2013 diluted earnings per share growth rate of 17% to 19% even after higher than previously targeted fiscal 2012 diluted earnings per share. The diluted earnings per share growth target includes the favorable impact of the 53rd week in fiscal 2013 but does not assume additional share repurchases.

The full year fiscal 2013 diluted earnings per share growth target is based on the following key assumptions:

Comparable Net Bakery-Cafe Sales Growth

The Company is maintaining its target for Company-owned comparable bakery-cafe sales growth for fiscal 2013 of 4.5% to 5.5%.

Operating Margin

The Company's fiscal 2013 EPS growth target assumes its operating margin will be flat to up 50 basis points when compared to fiscal 2012. This target reflects incremental investments to provide greater access for customers, increased operational capabilities, and improvement to the Company's core enterprise systems.

New Bakery-Cafe Development and AWS

The Company's fiscal 2013 new bakery-cafe target is now 115 to 125 system-wide bakery-cafe openings and the average weekly net sales performance target for new Company-owned bakery-cafes remains at $40,000 to $42,000.

First Quarter Fiscal 2013 Outlook

Establishing First Quarter Fiscal 2013 Targets

Diluted EPS Target

The Company's first quarter fiscal 2013 diluted earnings per share target assumes earnings per diluted share of $1.62 to $1.66, which would represent an increase of 16% to 19% in the first quarter fiscal 2013 versus the comparable period in fiscal 2012.

The first quarter fiscal 2013 diluted earnings per share target includes the following key assumptions:

Comparable Net Bakery-Cafe Sales Growth

The range for the Company's first quarter fiscal 2013 Company-owned comparable bakery-cafe sales growth is targeted at 4.0% to 5.0% versus the comparable period in fiscal 2012.

The Company announced today Company-owned comparable net bakery-cafe sales in the first 41 days of the first quarter fiscal 2013 were up approximately 3.9%. The comparable net bakery-cafe sales growth for the same period in fiscal 2012 was approximately 8.9%, which was aided by favorable weather in 2012. As a result, two year Company-owned comparable net bakery-cafe sales increased 12.8% in the first 41 days of the first quarter fiscal 2013.

Operating Margin Target

In the first quarter fiscal 2013, the Company is targeting operating margin improvement of 25 to 75 basis points, primarily due to favorable bakery-cafe margins.

CFO Hire

As announced in a separate press release today, Roger Matthews will be joining the Company as Executive Vice President and Chief Financial Officer effective March 18, 2013. Pat Kelly, who has served as the Company's Interim CFO since April 2012, will remain in place until the end of March to ensure a smooth transition.

Concluding Comment

Ron Shaich, Chairman and Co-CEO, commented, "We believe that our consistent financial performance is the outgrowth of our long-term strategy of driving competitive advantage through the quality, craftsmanship, and innovation of our menu offerings; the comfort and warmth of our bakery-cafe environments; and the dedication and passion of our associates. We believe the continued investments we are making in all of these areas position Panera well for continued, long-term earnings growth in our targeted range of 15 to 20%."

Notes:

The Company will host a conference call that will be broadcast on the Internet at 8:30 A.M. Eastern Time on Wednesday, February 6, 2013, to discuss the fourth quarter fiscal 2012 results, preliminary comparable net bakery-cafe sales results for the first 41 days of the first quarter fiscal 2013 and first quarter and full year targets and business outlook for fiscal 2013. To access the call or view a copy of this release, go to http://www.panerabread.com/investor. Access to the call will be made available for 14 days after the call, and the release will be archived for one year.

We include in this release information on Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales percentages. Company-owned comparable net bakery-cafe sales percentages are based on net sales from Company-owned bakery-cafes included in our base store bakery-cafes. Franchise-operated comparable net bakery-cafe sales percentages are based on net sales from franchised bakery-cafes, as reported by franchisees, that are included in our base store bakery-cafes. Acquired Company-owned and franchise-operated bakery-cafes and other restaurant or bakery-cafe concepts are included in the Company's comparable net bakery-cafe sales percentages after it has acquired a 100 percent ownership interest and if such acquisition occurred prior to the first day of the Company's prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.

The Company does not record franchise-operated net bakery-cafe sales as revenues. However, royalty revenues are calculated based on a percentage of franchise-operated net bakery-cafe sales, as reported by franchisees. The Company uses franchise-operated and net system-wide sales information internally in connection with store development decisions, planning, and budgeting analyses. The Company believes franchise-operated and net system-wide sales information is useful in assessing consumer acceptance of its brand; facilitates an understanding of its financial performance and the overall direction and trends of sales and operating income; helps the Company appreciate the effectiveness of its advertising and marketing initiatives which its franchisees also contribute based on a percentage of their net sales; and provides information that is relevant for comparison within the industry.

About Panera Bread Company

Panera Bread Company owns and franchises 1,652 bakery-cafes as of December 25, 2012 under the Panera Bread®, Saint Louis Bread Co.®, and Paradise Bakery & Café® names. Our bakery-cafes are principally located in suburban, strip mall and regional mall locations. We feature high quality, reasonably priced food in a warm, inviting, and comfortable environment. With our identity rooted in handcrafted, fresh-baked, artisan bread, we are committed to providing great tasting, quality food that people can trust. Nearly all of our bakery-cafes have a menu highlighted by antibiotic-free chicken, whole grain bread, and select organic and all-natural ingredients, with zero grams of artificial trans fat per serving, which provide flavorful, wholesome offerings. Our 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 United States and in Ontario, Canada, our customers enjoy our warm and welcoming environment featuring comfortable gathering areas, relaxing decor, and free internet access. Our bakery-cafes routinely donate bread and baked goods to community organizations in need. Additional information is available on our website, http://www.panerabread.com.

Matters discussed in this news release and in our public disclosures, whether written or oral, relating to future events or our future performance, including any discussion, express or implied, on our anticipated growth, operating results, plans, objectives, 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," "plan," "goal," "assumption," "continue," "intend," "expect," "future," "anticipate," and other similar expressions, whether in the negative or the affirmative, that are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you should not place undue reliance on our forward-looking statements. Our actual results and timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those discussed from time to time in our reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended December 27, 2011 and our quarterly reports on Form 10-Q. All forward-looking statements and the internal projections and beliefs upon which we base our expectations included in this release are made only as of the date of this release and may change. While we may elect to update forward-looking statements at some point in the future, we expressly disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


                                                                 Schedule I

                            PANERA BREAD COMPANY
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                (unaudited)
                  (In thousands, except per share amounts)

                                                  For the 13 Weeks Ended
                                                December 25,   December 27,
                                                    2012           2011
                                               -------------  -------------
Revenues:
  Bakery-cafe sales, net                       $     505,051  $     435,576
  Franchise royalties and fees                        27,176         24,512
  Fresh dough and other product sales to
   franchisees                                        39,322         35,677
                                               -------------  -------------
    Total revenues                                   571,549        495,765
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products            $     147,804  $     127,422
    Labor                                            148,559        129,620
    Occupancy                                         34,202         30,610
    Other operating expenses                          68,474         58,866
                                               -------------  -------------
      Total bakery-cafe expenses                     399,039        346,518
  Fresh dough and other product cost of sales
   to franchisees                                     33,774         30,335
  Depreciation and amortization                       23,649         21,030
  General and administrative expenses                 29,530         32,567
  Pre-opening expenses                                 2,245          2,769
                                               -------------  -------------
    Total costs and expenses                         488,237        433,219
                                               -------------  -------------
Operating profit                                      83,312         62,546
Interest expense                                         407            206
Other (income) expense, net                           (2,626)          (323)
                                               -------------  -------------
Income before income taxes                            85,531         62,663
Income taxes                                          33,919         24,043
                                               -------------  -------------
    Net income                                 $      51,612  $      38,620
                                               =============  =============

Earnings per common share:
  Basic                                        $        1.77  $        1.33
                                               =============  =============
  Diluted                                      $        1.75  $        1.31
                                               =============  =============
Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                               29,240         29,140
                                               =============  =============
  Diluted                                             29,421         29,402
                                               =============  =============

Other comprehensive income, net of tax:
  Foreign currency translation adjustment      $        (215) $          (6)
                                               -------------  -------------
    Other comprehensive income                          (215)            (6)
                                               -------------  -------------
Comprehensive income                           $      51,397  $      38,614
                                               =============  =============


                                                     Schedule I (continued)

                            PANERA BREAD COMPANY
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                (unaudited)
                  (In thousands, except per share amounts)

                                                  For the 52 Weeks Ended
                                                December 25,   December 27,
                                                    2012           2011
                                               -------------  -------------
Revenues:
  Bakery-cafe sales, net                       $   1,879,280  $   1,592,951
  Franchise royalties and fees                       102,076         92,793
  Fresh dough and other product sales to
   franchisees                                       148,701        136,288
                                               -------------  -------------
    Total revenues                                 2,130,057      1,822,032
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products            $     552,580  $     470,398
    Labor                                            559,446        484,014
    Occupancy                                        130,793        115,290
    Other operating expenses                         256,029        216,237
                                               -------------  -------------
      Total bakery-cafe expenses                   1,498,848      1,285,939
  Fresh dough and other product cost of sales
   to franchisees                                    131,006        116,267
  Depreciation and amortization                       90,939         79,899
  General and administrative expenses                117,932        113,083
  Pre-opening expenses                                 8,462          6,585
                                               -------------  -------------
    Total costs and expenses                       1,847,187      1,601,773
                                               -------------  -------------
Operating profit                                     282,870        220,259
Interest expense                                       1,082            822
Other (income) expense, net                           (1,208)          (466)
                                               -------------  -------------
Income before income taxes                           282,996        219,903
Income taxes                                         109,548         83,951
                                               -------------  -------------
    Net income                                 $     173,448  $     135,952
                                               =============  =============

Earnings per common share:
  Basic                                        $        5.94  $        4.59
                                               =============  =============
  Diluted                                      $        5.89  $        4.55
                                               =============  =============
Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                               29,217         29,601
                                               =============  =============
  Diluted                                             29,455         29,903
                                               =============  =============

Other comprehensive income, net of tax:
  Foreign currency translation adjustment      $         364  $          33
                                               -------------  -------------
    Other comprehensive income                           364             33
                                               -------------  -------------
Comprehensive income                           $     173,812  $     135,985
                                               =============  =============


                                                      Schedule I (continued)

                            PANERA BREAD COMPANY
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                               MARGIN ANALYSIS
                                 (unaudited)

The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items included in the Company's consolidated statements of comprehensive income for the period indicated. Percentages may not add due to rounding:


                                                   For the 13 Weeks Ended
                                                 December 25,  December 27,
                                                     2012          2011
                                                 ------------  ------------
Revenues:
  Bakery-cafe sales, net                                 88.4%         87.9%
  Franchise royalties and fees                            4.8           4.9
  Fresh dough and other product sales to
   franchisees                                            6.9           7.2
                                                 ------------  ------------
      Total revenues                                    100.0%        100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                      29.3%         29.3%
    Labor                                                29.4          29.8
    Occupancy                                             6.8           7.0
    Other operating expenses                             13.6          13.5
                                                 ------------  ------------
      Total bakery-cafe expenses                         79.0          79.6
  Fresh dough and other product cost of sales to
   franchisees (2)                                       85.9          85.0
  Depreciation and amortization                           4.1           4.2
  General and administrative expenses                     5.2           6.6
  Pre-opening expenses                                    0.4           0.6
                                                 ------------  ------------
    Total costs and expenses                             85.4          87.4
                                                 ------------  ------------
Operating profit                                         14.6          12.6
Interest expense                                          0.1            --
Other (income) expense, net                              (0.5)         (0.1)
                                                 ------------  ------------
Income before income taxes                               15.0          12.6
Income taxes                                              5.9           4.8
                                                 ------------  ------------
    Net income                                            9.0%          7.8%

Other comprehensive income                                 --            --
                                                 ------------  ------------
    Comprehensive income                                  9.0%          7.8%
                                                 ============  ============

(1) As a percentage of Company net bakery-cafe sales.

(2) As a percentage of fresh dough and other product sales to franchisees.


                                                      Schedule I (continued)

                            PANERA BREAD COMPANY
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                               MARGIN ANALYSIS
                                 (unaudited)

The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items included in the Company's consolidated statements of comprehensive income for the period indicated. Percentages may not add due to rounding:


                                                   For the 52 Weeks Ended
                                                 December 25,  December 27,
                                                     2012          2011
                                                 ------------  ------------
Revenues:
  Bakery-cafe sales, net                                 88.2%         87.4%
  Franchise royalties and fees                            4.8           5.1
  Fresh dough and other product sales to
   franchisees                                            7.0           7.5
                                                 ------------  ------------
      Total revenues                                    100.0%        100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                      29.4%         29.5%
    Labor                                                29.8          30.4
    Occupancy                                             7.0           7.2
    Other operating expenses                             13.6          13.6
                                                 ------------  ------------
      Total bakery-cafe expenses                         79.8          80.7
  Fresh dough and other product cost of sales to
   franchisees (2)                                       88.1          85.3
  Depreciation and amortization                           4.3           4.4
  General and administrative expenses                     5.5           6.2
  Pre-opening expenses                                    0.4           0.4
                                                 ------------  ------------
    Total costs and expenses                             86.7          87.9
                                                 ------------  ------------
Operating profit                                         13.3          12.1
Interest expense                                          0.1            --
Other (income) expense, net                              (0.1)           --
                                                 ------------  ------------
Income before income taxes                               13.3          12.1
Income taxes                                              5.1           4.6
                                                 ------------  ------------
    Net income                                            8.1%          7.5%

Other comprehensive income                                 --            --
                                                 ------------  ------------
    Comprehensive income                                  8.2%          7.5%
                                                 ============  ============

(1) As a percentage of Company net bakery-cafe sales.

(2) As a percentage of fresh dough and other product sales to franchisees.



                    PANERA BREAD COMPANY
Schedule II - Supplemental Sales and Bakery-Cafe Information

                            System-Wide AWS
              2012      2011      2010      2009      2008
           --------- --------- --------- --------- ---------
AWS        $  46,676 $  44,313 $  42,852 $  39,926 $  39,239


                            2012 Company-Owned AWS By Year Opened
                  ---------------------------------------------------------
                    2012    2011    2010      2012         2011
                   Opens   Opens  Opens & Acquisitions Acquisitions
                    [a]     [a]    Prior       [c]          [c]      Total
                  ------- ------- ------- ------------ ------------ -------
   Bakery-Cafes        59      53     651           16           30     809
      Q1 12       $51,331 $41,260 $45,758 $         -- $     44,640 $45,426
      Q2 12       $47,394 $41,791 $47,272 $     56,772 $     47,790 $47,113
      Q3 12       $46,882 $40,839 $45,930 $     55,474 $     47,941 $45,894
      Q4 12       $46,614 $43,001 $49,090 $     61,456 $     49,583 $48,811
     2012 YTD     $47,029 $41,723 $47,010 $     57,901 $     47,489 $46,836



                         Year-Over-Year Change in Company-Owned AWS
                         ------------------------------------------
                           2011 Opens      2010 Opens &       AWS
                              [b]             Prior          Total
                         -------------  -----------------  --------
           Bakery-Cafes
              Q1 12              -16.7%               7.7%      6.8%
              Q2 12               -0.9%               7.2%      6.8%
              Q3 12                1.4%               6.4%      6.4%
              Q4 12                2.9%               5.4%      5.3%
             2012 YTD              0.2%               6.6%      6.3%

[a] 2012 and 2011 Company-owned AWS excludes acquisition data.

[b] Change in Company-owned AWS in 2012 from 2011 compares 53 bakery-cafes in 2012 against 53 bakery-cafes at the end of the fourth quarter fiscal 2011.

[c] Represents 16 Panera bakery-cafes in 2012 and 25 Panera bakery-cafes and five Paradise bakery-cafes in 2011.



                                                      Year-Over-Year Change
                                                      in Franchise-Operated
         2012 Franchise-Operated AWS By Year Opened            AWS
        -------------------------------------------- ----------------------
                                                              2010
          2012    2011    2010      2011              2011    Opens
         Opens   Opens  Opens & Acquisitions          Opens     &      AWS
          [d]     [d]    Prior       [f]      Total    [e]    Prior   Total
        ------- ------- ------- ------------ ------- ------  ------  ------
Bakery-
  Cafes      64      59     718            2     843
 Q1 12  $47,982 $40,141 $46,189 $     22,888 $45,714  -11.8%    6.0%    4.9%
 Q2 12  $46,866 $40,565 $46,783 $     23,902 $46,289   -8.5%    5.2%    4.3%
 Q3 12  $48,102 $39,970 $46,065 $     23,443 $45,692     --%    5.3%    5.0%
 Q4 12  $45,626 $42,456 $49,102 $     24,653 $48,360    3.7%    4.3%    3.7%
  2012
   YTD  $46,781 $40,780 $47,029 $     23,722 $46,526   -1.6%    5.2%    4.5%

[d] 2012 and 2011 Franchise-operated AWS excludes acquisition data.

[e] Change in Franchise-operated AWS in 2012 from 2011 compares 59 bakery-cafes in 2012 against 59 bakery-cafes at the end of the fourth quarter fiscal 2011.

[f] Represents two Paradise bakery-cafes.



                      Bakery-Cafe Openings (excluding acquisitions)
             ---------------------------------------------------------------
             Company Franchise  Total              Company Franchise  Total
             ------- --------- -------             ------- --------- -------
    Q1 12          7        15      22    Q1 11          8        11      19
    Q2 12         17        16      33    Q2 11         13        15      28
    Q3 12         17        19      36    Q3 11          8        17      25
    Q4 12         18        14      32    Q4 11         24        16      40
             ------- --------- -------             ------- --------- -------
  2012 YTD        59        64     123   2011 YTD       53        59     112

AWS - average weekly net sales for the time periods indicated.



                            PANERA BREAD COMPANY
         Schedule III - Comparable Net Bakery-Cafe Sales Information

              For the 4    For the 5    For the 4   For the 13   For the 52
             weeks ended  weeks ended  weeks ended  weeks ended  Weeks Ended
             October 23, November 27, December 25, December 25, December 25,
                2012         2012         2012         2012         2012
            ------------ ------------ ------------ ------------ ------------
Company-
 owned          6.0%         4.4%         5.2%         5.1%         6.5%
Franchise-
 operated       5.5%         4.0%         4.9%         4.7%         5.0%
System-wide     5.7%         4.2%         5.1%         4.9%         5.7%


Company-owned comparable net bakery-cafe sales percentages are based on net sales from Company-owned bakery-cafes included in our base store bakery-cafes. Franchise-operated comparable net bakery-cafe sales percentages are based on net sales from franchised bakery-cafes, as reported by franchisees, that are included in our base store bakery-cafes. Acquired Company-owned and franchise-operated bakery-cafes and other restaurant or bakery-cafe concepts are included in our comparable net bakery-cafe sales percentages after we have acquired a 100 percent ownership interest and if such acquisition date occurred prior to the first day of our prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.



                            PANERA BREAD COMPANY
        Schedule IV - Reconciliation of GAAP and Non-GAAP Information
                (in thousands, except per share information)

                                                   For the 13    For the 52
                                                   weeks Ended   weeks Ended
                                                  December 27,  December 27,
                                                      2011          2011
                                                  ------------  ------------
Net income, excluding settlement charge           $     41,702  $    139,043
Amount reserved for settlement of a legal matter
 (1)                                                     3,082         3,091
                                                  ------------  ------------
Net income                                        $     38,620  $    135,952

Weighted average diluted shares of common and
 common equivalent shares outstanding                   29,402        29,903

Diluted earnings per share, excluding settlement
 charge                                           $       1.42  $       4.65
Impact of settlement charge on diluted earnings
 per share                                                0.11          0.10
                                                  ------------  ------------
Diluted earnings per share                        $       1.31  $       4.55
                                                  ============  ============

(1) Amount reserved in the fourth quarter of fiscal 2011 for the proposed settlement of a legal matter was $5 million before the respective periods' effective income tax rate.

Contact:
Michele Harrison
Vice President, Investor Relations
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“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
There are lots of challenges in IoT around secure, scalable and business friendly infrastructure for enterprises. For large corporations, IoT implementations are one of the top priorities of the decade. All industries are seeing a competitive need to sustain by investing in IoT initiatives. The value addition comes from improved customer service, innovative product and additional revenue streams. The data from these IP-connected devices can be leveraged for a variety of business applications as well as responsive action controls. The various architectural building blocks of an IoT ...
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantronics products to connect and transit or receive the audio associated with the WebRTC session.
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Telecommunications Corporation, a facilities-based international carrier licensed by t...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...