Papa Johns 2008 Annual Report Download - page 71

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64
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Year Ended
December 28, December 30, December 31,
2008 2007 2006
Domestic revenues:
Company-owned restaurant sales 533,255$ 504,330$ 447,938$
Variable interest entities restaurant sales 8,328 7,131 7,859
Franchise royalties 59,704 55,283 56,374
Franchise and development fees 1,600 4,758 2,597
Commissary sales 429,068 399,099 413,075
Other sales 61,415 61,820 50,505
International revenues:
Royalties and franchise and development fees 12,868 10,314 7,551
Restaurant and commissary sales 25,849 20,860 15,658
Total revenues 1,132,087 1,063,595 1,001,557
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 120,545 112,773 88,311
Salaries and benefits 158,276 152,043 131,946
Advertising and related costs 48,547 47,121 41,279
Occupancy costs 34,973 31,866 27,245
Other operating expenses 72,349 68,460 58,824
Total domestic Company-owned restaurant expenses 434,690 412,263 347,605
Variable interest entities restaurant expenses 7,360 6,018 6,708
Domestic commissary and other expenses:
Cost of sales 363,042 332,163 336,659
Salaries and benefits 35,090 34,622 32,363
Other operating expenses 45,732 43,766 45,153
Total domestic commissary and other expenses 443,864 410,551 414,175
Loss (income) from the franchise cheese-purchasing program, net of minority interest 6,296 22,853 (15,247)
International operating expenses 22,822 18,718 15,824
General and administrative expenses 99,723 101,340 102,920
Minority interests and other general expenses 21,022 7,939 4,409
Depreciation and amortization 32,846 31,866 27,208
Total costs and expenses 1,068,623 1,011,548 903,602
Operating income from continuing operations 63,464 52,047 97,955
Investment income 848 1,446 1,682
Interest expense (7,536) (7,465) (3,480)
Income from continuing operations before income taxes 56,776 46,028 96,157
Income tax expense 19,980 13,293 33,171
Income from continuing operations 36,796 32,735 62,986
Income from discontinued operations, net of tax - - 389
Net income 36,796$ 32,735$ 63,375$
Basic earnings per common share:
Income from continuing operations 1.31$ 1.10$ 1.95$
Income from discontinued operations, net of tax - - 0.01
Basic earnings per common share 1.31$ 1.10$ 1.96$
Earnings per common share - assuming dilution:
Income from continuing operations 1.30$ 1.09$ 1.91$
Income from discontinued operations, net of tax - - 0.01
Earnings per common share - assuming dilution 1.30$ 1.09$ 1.92$
Basic weighted average shares outstanding 28,124 29,666 32,312
Diluted weighted average shares outstanding 28,264 30,017 33,046
Supplemental data (see Note 15):
Revenues - affiliates 25,070$ 24,250$ 57,140$
Other income - affiliates - 61 66
See accompanying notes.