(1)I have put that creature who is protesting, on this Board, that the 5 year climb from $3 to $53 is due -only- to investor's expectations of receiving cash dividends. This character should be institutionalized with the degree of dimensia he is displaying.(2) If Panera earns $2.00 in '06 it is now selling at 27X its' forward looking PE, and real investors know that the future PE is infinitely more important than backward looking measures. (3) California Pizza officials, I am told, aren't happy campers about the tone of their business. Many operators are in the same boat so be careful and skeptical with any madly bullish forecasts about the general economy or the food industry in particular. Oil prices -do- modify behaviors, often in unexpected and indirect ways.(4) Panera or its partners now operate 800 stores, and anticipate celebrating the opening of their 1,000th just before 2006 closes. At least that's the target. SSS are being aided by the traction being gained by the VIA Panera service. That plus the successful introduction of hot breakfast (happening right now) and wonderful new menu additions to the dinner offerings in the Fall of this year auger well for the faithful and poorly for the naysayers....It is as true today as it was 5 years ago... " this management is superb, and their results speak for themselves". Next weeks', next months', and next years' results will produce echoes of past pleasant surprises to those who still need further evidence that this management is better than any other in this field at the time..They are simply the "Best of Breed". Period. (5)800 stores doing an average of $1.9 million is a $1.5 Billion business. Just domestic growth, without inflation or international openings, or enhanced breakfast or enhanced dinner will make it a $4.0 billion business in approx.5 years; with those things added in, I don't know..haven't run the numbers. You or your broker do it and report back to the rest of us. eom.