Papa Johns 1999 Annual Report Download - page 42

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(In thousands, except per share data) Year Ended (1)
Dec. 26, Dec. 27, Dec. 28, Dec. 29, Dec. 31,
1999 1998 1997 1996 1995
Systemwide Restaurant Sales
Company-owned $ 394,636 $ 344,089 $ 262,272 $ 171,457 $ 111,755
Franchised 1,038,080 812,182 605,337 447,739 346,995
Perfect Pizza: Company-owned 455 - - - -
Perfect Pizza: franchised 5,175 - - - -
Total $ 1,438,346 $ 1,156,271 $ 867,609 $ 619,196 $ 458,750
Income Statement Data
Revenues:
Restaurant sales $ 395,091 $ 344,089 $ 262,272 $ 171,457 $ 111,755
Franchise royalties 41,270 32,126 23,875 17,688 13,561
Franchise and development fees 6,871 5,450 5,162 4,061 3,385
Commissary sales 309,015 255,083 184,407 141,654 105,874
Equipment and other sales 53,078 45,404 39,952 26,959 18,665
Total revenues 805,325 682,152 515,668 361,819 253,240
Operating income 72,333 53,045 35,141 22,573 15,610
Investment income 3,384 4,100 4,196 3,484 1,659
Income before income taxes and cumulative effect
of a change in accounting principle 75,717 57,145 39,337 26,057 17,269
Income tax expense 28,431 22,181 15,772 10,932 6,525
Income before cumulative effect of a change
in accounting principle 47,286 34,964 23,565 15,125 10,744
Cumulative effect of accounting change,
net of tax (2) - (2,603) - - -
Net income $ 47,286 $ 32,361 $ 23,565 $ 15,125 $ 10,744
Basic earnings per share:
Income before cumulative effect of a change
in accounting principle $ 1.57 $ 1.18 $ .81 $ .54 $ .43
Cumulative effect of accounting change,
net of tax (2) - (.09) - - -
Basic earnings per share $ 1.57 $ 1.09 $ .81 $ .54 $ .43
Diluted earnings per share:
Income before cumulative effect of a change
in accounting principle $ 1.52 $ 1.15 $ .79 $ .53 $ .42
Cumulative effect of accounting change,
net of tax (2) - (.09) - - -
Diluted earnings per share $ 1.52 $ 1.06 $ .79 $ .53 $ .42
Basic weighted average shares outstanding 30,195 29,537 29,044 28,138 25,267
Diluted weighted average shares outstanding 31,080 30,455 29,720 28,798 25,680
Balance Sheet Data
Total assets $ 372,051 $ 319,724 $ 253,413 $ 214,392 $ 129,484
Debt 6,233 8,420 5,905 5,230 2,510
Stockholders’ equity 292,133 254,170 206,996 178,194 106,822
(1) We operate on a 52-53 week fiscal year ending on the last Sunday of December of each year. The 1999, 1998, 1997 and 1996 fiscal years consisted of 52 weeks and
the 1995 fiscal year consisted of 53 weeks.
(2) Reflects the cumulative effect on income and earnings per share of a change in accounting principle, net of tax, as required by Statement of Position 98-5 “Reporting
the Costs of Start-Up Activities”(see “Note 2”of “Notes to Consolidated Financial Statements”).
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