Papa Johns 2000 Annual Report Download - page 34

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29
Year Ended
Dec. 31, Dec. 26, Dec. 27,
2000 1999 1998
Perfect Pizza Restaurant Progression: (11)
Company-owned
Number of restaurants at November 29, 1999 date of acquisition
Beginning of period 12 15 -
Closed (1) - -
Sold to franchisees - (3) -
Converted (10) (8) - -
End of period 3 12 -
Franchised
Sold to franchisees
Beginning of period 194 190 -
Opened 11 1 -
Acquired from Company - 3 -
Closed (3) - -
End of period
End of period 202 194 -
Total restaurants - end of period 205 206 -
(1) As a percentage of Domestic Restaurant sales.
(2) As a percentage of Domestic Commissary sales and Equipment and other sales on a combined
basis.
(3) As a percentage of International Restaurant and commissary sales.
(4) The 1998 operating results reflect the adoption of an accounting standard related to the costs of
start-up activities (see “Note 2” of “Notes to Consolidated Financial Statements”) which impacts
the amount of depreciation and amortization, general and administrative expenses, and pre-opening
and other general expenses reflected above.
(5) Represents costs related to complying with the Court’ s order in the Pizza Hut litigation (see “Item 3.
Legal Proceedings” and “Note 14” of “Notes to Consolidated Financial Statements”).
(6) See "Note 4" of "Notes to Consolidated Financial Statements."
(7) Includes only Company-owned restaurants open throughout the periods being compared.
(8) Year 2000 is based on a 53-week year while 1999 and 1998 are 52-week years.
(9) Non-traditional units previously opened but not included in restaurant progression.
(10) Represents Perfect Pizza restaurants converted to Papa John’ s restaurants.
(11) We purchased Perfect Pizza on November 29, 1999.
2000 Compared to 1999
On November 29, 1999, we acquired Perfect Pizza Holdings Limited (“Perfect Pizza”), a company
located in the United Kingdom which operated and franchised 206 restaurants (see “Note 3” of “Notes to
Consolidated Financial Statements”). The Consolidated Statements of Income contain financial results for
Perfect Pizza for the full year in 2000 which reflect total revenues of $28.7 million and operating income
of $1.4 million and financial results only for the month of December in 1999, which reflect total revenues
of $2.9 million and operating income of $332,000.
Revenues. Total revenues increased 17.3% to $944.7 million in 2000, from $805.3 million in 1999.