Papa Johns 2008 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 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

27
Item 6. Selected Financial Data
The selected financial data presented for each of the years in the five-year period ended December 28,
2008 was derived from our audited consolidated financial statements. The selected financial data should
be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and the “Consolidated Financial Statements” and Notes thereto included in Item 7 and
Item 8, respectively, of this Form 10-K.
(In thousands, except per share data)
Dec. 28, Dec. 30, Dec. 31, Dec. 25, Dec. 26,
2008 2007 2006 2005 2004
Income Statement Data 52 weeks 52 weeks 53 weeks 52 weeks 52 weeks
Domestic revenues:
Company-owned restaurant sales 533,255$ 504,330$ 447,938$ 434,525$ 412,676$
Variable interest entities restaurant sales 8,328 7,131 7,859 11,713 14,387
Franchise royalties (2) 59,704 55,283 56,374 52,289 50,292
Franchise and development fees 1,600 4,758 2,597 3,026 2,475
Commissary sales 429,068 399,099 413,075 398,372 376,642
Other sales 61,415 61,820 50,505 50,474 53,117
International revenues:
Royalties and franchise and development fees (3) 12,868 10,314 7,551 6,529 5,010
Restaurant and commissary sales (4) 25,849 20,860 15,658 11,860 10,747
Total revenues 1,132,087 1,063,595 1,001,557 968,788 925,346
Operating income (5) 63,464 52,047 97,955 72,700 36,682
Investment income 848 1,446 1,682 1,248 689
Interest expense (7,536) (7,465) (3,480) (4,316) (5,313)
Income from continuing operations before income taxes 56,776 46,028 96,157 69,632 32,058
Income tax expense 19,980 13,293 33,171 25,364 12,021
Income from continuing operations 36,796 32,735 62,986 44,268 20,037
Income from discontinued operations, net of tax (6) - - 389 1,788 3,184
Net income 36,796$ 32,735$ 63,375$ 46,056$ 23,221$
Basic earnings per common share:
Income from continuing operations 1.31$ 1.10$ 1.95$ 1.32$ 0.58$
Income from discontinued operations, net of tax (6) - - 0.01 0.05 0.09
Basic earnings per common share 1.31$ 1.10$ 1.96$ 1.37$ 0.67$
Earnings per common share - assuming dilution:
Income from continuing operations 1.30$ 1.09$ 1.91$ 1.29$ 0.58$
Income from discontinued operations, net of tax (6) - - 0.01 0.05 0.09
Earnings per common share - assuming dilution 1.30$ 1.09$ 1.92$ 1.34$ 0.67$
Basic weighted average shares outstanding 28,124 29,666 32,312 33,594 34,414
Diluted weighted average shares outstanding 28,264 30,017 33,046 34,316 34,810
Balance Sheet Data
Total assets 386,468$ 401,817$ 379,639$ 350,562$ 374,487$
Total debt 130,654 142,706 97,036 55,116 94,230
Total stockholders’ equity 129,986 126,903 146,168 161,279 139,223
Year Ended (1)