Panera Bread Reports Acquisition Of 32 Bakery-cafes From Franchisees In Illinois And Minnesota

(Thursday, June 21, 2007) - Panera Bread Company
(Nasdaq: PNRA) announced today that it has purchased 32 franchise-operated
bakery-cafes and the area development rights for certain markets in
Illinois and Minnesota for approximately $36.0 million in cash in the
aggregate and the assumption of certain liabilities. Approximately $34.2
million of the acquisition price was paid with cash on hand at the time of
closing with the remaining approximately $1.8 million to be paid with
interest in twelve months. The Company currently expects the transaction to
be neutral to modestly accretive to earnings for fiscal 2007.
Panera Bread Company owns and franchises 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, Panera's 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 Panera's
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. Additional information
is available on the Company's website, panerabread.com. Panera also holds a
51% interest in Paradise Bakery & Cafe, Inc., owner and franchisor of 46
bakery-cafes.
Matters discussed in this news release, including any discussion or
impact, express or implied, on the Company's 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 management's present belief, expectations, or intentions
regarding the Company's future performance. The Company's 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 Company's SEC reports, including its
Form 10-K for the year ended December 26, 2006 and its quarterly reports on
Form 10-Q.

SOURCE Panera Bread Company

View all Panera Bread/Saint Louis Bread Co. Press Releases

This article has been read 279 times.

Printed From:
http://www.thefranchisemall.com/news/articles/19002-0.htm