Papa Johns 1998 Annual Report Download - page 32

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29
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Year Ended
December 27, December 28, December 29,
1998 1997 1996
Revenues:
Restaurant sales $324,894 $ 251,153 $167,982
Franchise royalties 32,894 24,318 17,827
Franchise and development fees 5,605 5,327 4,286
Commissary sales 261,009 188,034 142,998
Equipment and other sales 45,404 39,952 26,959
Total revenues 669,806 508,784 360,052
Costs and expenses:
Restaurant expenses:
Cost of sales 87,487 66,417 47,092
Salaries and benefits 86,992 67,830 44,774
Advertising and related costs 28,358 23,298 16,074
Occupancy costs 15,765 12,785 8,527
Other operating expenses 42,759 33,882 22,801
261,361 204,212 139,268
Commissary, equipment and other expenses:
Cost of sales 240,717 177,263 134,771
Salaries and benefits 16,981 13,091 9,023
Other operating expenses 22,560 18,181 11,009
280,258 208,535 154,803
General and administrative expenses 50,537 37,051 26,694
Pre-opening and other general expenses (income) 2,729 1,074 (433)
Depreciation and amortization 19,404 19,792 13,658
Total costs and expenses 614,289 470,664 333,990
Operating income 55,517 38,120 26,062
Investment income 4,432 4,505 3,484
Income before income taxes and cumulative
effect of a change in accounting principle 59,949 42,625 29,546
Income tax expense 22,181 15,772 10,932
Income before cumulative effect of a
change in accounting principle 37,768 26,853 18,614
Cumulative effect of accounting change, net of tax (2,603) – –
Net income $ 35,165 $ 26,853 $ 18,614
Basic earnings per share:
Income before cumulative effect of a
change in accounting principle $ 1.28 $ .93 $ .66
Cumulative effect of accounting change,
net of tax (.09) – –
Basic earnings per share $ 1.19 $ .93 $ .66
Diluted earnings per share:
Income before cumulative effect
of a change in accounting principle $ 1.25 $ .91 $ .65
Cumulative effect of accounting change,
net of tax (.09) – –
Diluted earnings per share $ 1.16 $ .91 $ .65
Basic weighted average shares outstanding 29,409 28,916 28,010
Diluted weighted average shares outstanding 30,327 29,592 28,670
Supplemental data:
Revenues-affiliates $ 85,137 $ 62,986 $ 47,012
Other income-affiliates 570 514 85
See accompanying notes.