PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
						December27,	December25,	December27,
						2005	2004	2003
	Revenues:
		Bakery-cafe sales		499422	362121	265933
		Franchise royalties and fees		54309	44449	36245
		Fresh dough sales to franchisees		86544	72569	61524
			Total revenue
	Costs and expenses:
		Bakery-cafe expenses:
			Cost of food and paper products		142675	101832	73885
			Labor			151524	110790	81152
			Occupancy		37389	26730	18981
			Other operating expenses		70003	51044	36804
				Total bakery-cafe expenses
		Fresh dough cost of sales to franchisees		75036	65627	54967
		Depreciation and amortization		33011	25298	18304
		General and administrative expenses		46301	33338	28140
		Pre-opening expenses		3241	2642	1531
				Total costs and expenses
	Operating profit
	Interest expense			50	18	48
	Other (income) expense, net		-1133	1065	1592
	Cumulative effect of accounting change, net of tax benefit	0	0	-239
	Income before income taxes
	Income taxes			29995	22175	17629
				Net income
	Per share data:
		Basic earnings per common share:
		Diluted earnings per common share:
	Weighted average shares of common and common equivalent shares outstanding
		Basic			30871	30154	29733
		Diluted			31651	30768	30423