Papa Johns 2014 Annual Report Download - page 37

24
Item 6. Selected Financial Data
The selected financial data presented for each of the fiscal years in the five-year period ended December
28, 2014, were derived from our audited consolidated financial statements. The selected financial data
below 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. 29, Dec. 30, Dec. 25, Dec. 26,
2014 2013 2012 2011 2010
Income Statement Data 52 weeks 52 weeks 53 weeks 52 weeks 52 weeks
North America revenues:
Domestic Company-owned restaurant sales 701,854$ 635,317$ 592,203$ 525,841$ 503,272$
Franchise royalties (2) 89,443 81,692 79,567 73,694 69,631
Franchise and development fees 726 1,181 806 722 610
Domestic commissary sales 629,492 578,870 545,924 508,155 454,506
Other sales 74,179 53,322 51,223 50,912 51,951
International revenues:
Royalties and franchise and development fees (3) 25,730 21,979 19,881 16,327 13,265
Restaurant and commissary sales (4) 76,725 66,661 53,049 42,231 33,162
Total revenues 1,598,149 1,439,022 1,342,653 1,217,882 1,126,397
Operating income (5) 117,630 106,503 99,807 87,017 86,744
Investment income 702 589 750 755 875
Interest expense (4,077) (983) (2,162) (2,981) (4,309)
Income before income taxes 114,255 106,109 98,395 84,791 83,310
Income tax expense 36,558 33,130 32,393 26,324 27,247
Net income before attribution to noncontrolling interests 77,697 72,979 66,002 58,467 56,063
Income attributable to noncontrolling interests (6) (4,382) (3,442) (4,342) (3,732) (3,485)
Net income attributable to the Company 73,315$ 69,537$ 61,660$ 54,735$ 52,578$
Net income attributable to common shareholders 72,869$ 68,497$ 61,660$ 54,735$ 52,578$
Basic earnings per common share 1.78$ 1.58$ 1.31$ 1.09$ 1.00$
Earnings per common share - assuming dilution 1.75$ 1.55$ 1.29$ 1.08$ 0.99$
Basic weighted average common shares outstanding 40,960 43,387 46,916 50,086 52,656
Diluted weighted average common shares outstanding 41,718 44,243 47,810 50,620 52,936
Dividends declared per common share 0.53$ 0.25$ -$ -$ -$
Balance Sheet Data
Total assets 512,803$ 464,291$ 438,408$ 390,382$ 417,492$
Total debt 230,451 157,900 88,258 51,489 99,017
Mandatorily redeemable noncontrolling interests (7) - 10,786 11,837 11,065 9,972
Redeemable noncontrolling interests 8,555 7,024 6,380 3,965 3,512
Total stockholders’ equity 98,715 138,184 181,514 205,647 195,608
Year Ended (1)
(1) We operate on a 52-53 week fiscal year ending on the last Sunday of December of each year. The
2012 fiscal year consisted of 53 weeks and all other years above consisted of 52 weeks. The
additional week resulted in additional revenues of approximately $21.5 million and additional
income before income taxes of approximately $4.1 million, or $0.05 per diluted share for 2012.
(2) North America franchise royalties were derived from franchised restaurant sales of $2.04 billion in
2014, $1.91 billion in 2013, $1.85 billion in 2012 ($1.82 billion on a 52 week basis), $1.71 billion in
2011 and $1.62 billion in 2010.
(3) International royalties were derived from franchised restaurant sales of $553.0 million in 2014,
$460.0 million in 2013, $388.4 million in 2012 ($379.4 million on a 52 week basis), $320.0 million
in 2011 and $258.8 million in 2010.
(4) Restaurant sales for international Company-owned restaurants were $23.7 million in 2014, $22.7
million in 2013, $16.2 million in 2012, $12.4 million in 2011 and $11.0 million in 2010.