PANERA BREAD COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share information)
ASSETS				12/27/05	12/25/04
	Current assets:
		Cash and cash equivalents		24451	29639
		Investments in government securities		36200	2022
		Trade accounts receivable		18229	11714
		Other accounts receivable		6929	5542
		Inventories		7358	5398
		Prepaid expenses		5736	1658
		Deferred income taxes		3871	2247
		Total current assets
	Property and equipment, net		268809	201725
	Other assets:
		Investments in government securities		10108	26393
		Goodwill		48540	35327
		Other intangible assets		3219	159
		Deposits and other		4217	2848
		Total other assets
		Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
	Current liabilities:
		Accounts payable		4422	5840
		Accrued expenses		81559	48905
		Deferred revenue		884	960
		Total current liabilities
	Deferred income taxes		5022	5647
	Deferred rent		23935	20181
	Other long-term liabilities		4867	1776
		Total liabilities
		Common stock, $.0001par value:
		ClassA, 75,000,000shares authorized; 29,957,297issued and 29,848,297 outstanding in 2005; and 29,130,097 issued and 29,021,097 outstanding in 2004		3	3
		Treasury stock, carried at cost		-900	-900
		Additional paid-in capital		158984	130970
		Retained earnings		163473	111290
		Unearned deferred compensation		-4582	0
		Total stockholders' equity
		Total liabilities and stockholders' equity