Papa Johns 2008 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2008 Papa Johns annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

96
22. Quarterly Data - unaudited, in thousands, except per share data
Our quarterly financial data is as follows:
2008 1st 2nd 3rd 4th
Total revenues 289,005$ 283,408$ 280,028$ 279,646$
Operating income from continuing operations (1) 15,227 13,807 13,291 21,139
Income from continuing operations, net of tax (1) 8,625 7,648 7,747 12,776
Basic earnings per common share
from continuing operations (1) 0.30$ 0.27$ 0.28$ 0.46$
Earnings per common share from
continuing operations - assuming dilution (1) 0.30$ 0.27$ 0.28$ 0.46$
2007 1st 2nd 3rd 4th
Total revenues 260,624$ 256,256$ 262,775$ 283,940$
Operating income from continuing operations (2) 21,886 12,448 5,507 12,206
Income from continuing operations, net of tax (2) 13,155 7,009 4,827 7,744
Basic earnings per common share
from continuing operations (2) 0.44$ 0.23$ 0.16$ 0.27$
Earnings per common share from
continuing operations - assuming dilution (2) 0.43$ 0.23$ 0.16$ 0.27$
Quarter
Quarter
(1) During 2008, we recorded pre-tax losses of $8.0 million ($5.2 million after tax or $0.18 per diluted
share) in the first quarter, pre-tax losses of $6.3 million ($4.1 million after tax or $0.14 per diluted
share) in the second quarter, pre-tax income of $2.8 million ($1.8 million after tax or $0.07 per
diluted share) in the third quarter and pre-tax income of $900,000 ($600,000 after tax or $0.02 per
diluted share) in the fourth quarter upon consolidation of BIBP. BIBP’s total pre-tax loss for 2008
was $10.5 million, or $0.24 per diluted share.
(2) During 2007, we recorded pre-tax losses of $406,000 ($256,000 after tax or $0.01 per diluted share)
in the first quarter, pre-tax losses of $8.3 million ($5.3 million after tax or $0.17 per diluted share)
in the second quarter, pre-tax losses of $10.7 million ($7.0 million after tax or $0.23 per diluted
share) in the third quarter and pre-tax losses of $12.3 million ($8.0 million after tax or $0.28 per
diluted share) in the fourth quarter upon consolidation of BIBP. BIBP’s total pre-tax loss for 2007
was $31.7 million, or $0.68 per diluted share.
All quarterly information above is presented in 13-week periods. Quarterly earnings per share on a full-
year basis may not agree to the Consolidated Statements of Income due to rounding.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.