Panera Bread owns and franchises bakery-cafes under the Panera Bread and
Saint Louis Bread Co. names. The company is the leader in the emerging
specialty bread/cafe category due to its unique bread combined with a quick,
casual dining experience. As previously reported, as of Oct. 5, 2002, 436
Panera Bread bakery-cafes were operating in 31 states (125 company-owned and
311 franchised bakery-cafes).