Panera Bread Company (Nasdaq: PNRA – news) announced today agreements with three new franchisees to develop a total of 43 Panera Bread bakery-cafes in 5 states. Lee Howley, John Sapp, and Barry Thalden will each open 20, 13, and 10 bakery-cafes, respectively, with the first store scheduled to open in Cranston, R.I., in the fourth quarter this year by Howley.
Ron Shaich, Panera chairman and chief executive officer, said, “We are proud to officially welcome Lee, John, and Barry to the Panera Bread family. As we continue to expand our franchise, we are confident in our ability to sustain rapid earnings growth and enhance shareholder value.”
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Howley’s territories include Rhode Island, southern Massachusetts and eastern Connecticut. Howley started his own real estate brokerage and development company in 1981 and recently served as Co-Chairman of the Rock and Roll Hall of Fame and Museum in Cleveland, Ohio. Sapp, a Taco Bell franchisee for ten years, will open bakery-cafes in north Phoenix, Prescott and Flagstaff, Arizona. Thalden will operate stores in Clark County, Nevada, including metropolitan Las Vegas. Thalden is an architect and real estate developer with offices in Las Vegas. Both Sapp and Thalden are scheduled to open their first bakery-cafe in March 2001.
Panera Bread owns and franchises bakery-cafes. The company operates under the Panera Bread and Saint Louis Bread Co. names. Panera Bread currently has 87 company-owned bakery-cafes and 133 franchised bakery-cafes in 25 states. Additional information is available on the company’s website, www.panerabread.com.
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 (identified by the words “positioned,” “estimate,” “project,” “intend,” “expect,” “future,” “anticipates,” and similar expressions) which express management’s belief, expectations or intentions regarding the Company’s future performance. Moreover, 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 ability of the Company to aggressively expand its business going forward is subject to the availability of sufficient capital to it and the developers party to franchise development agreements with the Company. Additionally, the Company’s operating results may be affected by many factors, including but not limited to variations in the number and timing of bakery-cafe openings and public acceptance of new bakery-cafes, competition and other factors that may affect retailers in general. These and other risks are detailed from time to time in the Company’s SEC reports, including Form 10K for the year ended December 25, 1999.
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