Papa Johns 2003 Annual Report Download - page 30

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29
Year Ended
Dec. 28,
Dec. 29,
Dec. 30,
2003
2002
2001
Perfect Pizza Restaurant Progression:
Company-owned
Beginning of period
-
3
3
Opened
-
-
1
Sold to franchisees
-
-
(1)
Converted (7)
-
(3)
-
End of period
-
-
3
Franchised
Beginning of period
144
190
202
Opened
2
2
2
Closed
(11)
(6)
(8)
Acquired from Company
-
-
1
Converted (7)
-
(42)
(7)
End of period
135
144
190
Total restaurants - end of period
135
144
193
(1) As a percentage of Domestic Restaurant sales.
(2) As a percentage of Domestic Commissary sales and Other sales on a combined basis.
(3) As a percentage of International Restaurant and commissary sales.
(4) See “Note 9” of “Notes to Consolidated Financial Statements.”
(5) See “Note 6” of “Notes to Consolidated Financial Statements.”
(6) Includes only Company-owned restaurants open throughout the periods being compared.
(7) Represents Perfect Pizza restaurants converted to Papa John’s restaurants.
(8) Represents the reclassification of 11 Hawaii units and three Alaska units opened prior to 2001 from
domestic franchising to international franchising. Effective January 1, 2001, for restaurant unit
purposes, “domestic” operations includes only those units located in the contiguous United States.
2003 Compared to 2002
Revenues. Total revenues decreased 3.0% to $917.4 million in 2003, from $946.2 million in 2002.
Domestic Company-owned restaurant sales decreased 3.2% to $416.0 million in 2003 compared to
$429.8 million for the same period in 2002. This 3.2% decrease is primarily due to a 3.0% decrease in
comparable sales for 2003.
Domestic franchise sales decreased 2.2% in 2003 to $1.3 billion primarily resulting from a 3.6% decrease
in comparable sales for the 2003 period, partially offset by an increase in average sales volumes for
franchise units not included in the comparable sales unit base. Domestic franchise royalties decreased
3.0% to $49.9 million from $51.4 million in 2002 primarily due to the decrease in franchise sales noted
above and an increase in the level of reduced royalty arrangements initiated in 2003.