Papa Johns 2000 Annual Report Download - page 44

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39
Item 8. Financial Statements and Supplementary Data
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Year Ended
December 31, December 26, December 27,
2000 1999 1998
Domestic revenues:
Restaurant sales 456,637$ 394,636$ 344,089$
Franchise royalties 47,145 40,567 32,120
Franchise and development fees 5,559 6,511 5,325
Commissary sales 351,255 306,909 255,083
Equipment and other sales 53,233 53,078 45,404
International revenues:
Royalties and franchise and development fees 5,302 1,063 131
Restaurant and commissary sales 25,546 2,561 -
Total revenues 944,677 805,325 682,152
Costs and expenses:
Domestic restaurant expenses:
Cost of sales 111,609 100,261 92,612
Salaries and benefits 127,318 106,713 92,372
Advertising and related costs 41,729 36,008 29,846
Occupancy costs 23,248 19,541 17,138
Other operating expenses 65,074 53,463 44,685
368,978 315,986 276,653
Domestic commissary, equipment and other expenses:
Cost of sales 304,338 274,613 235,934
Salaries and benefits 27,682 23,719 16,981
Other operating expenses 30,736 27,702 22,560
362,756 326,034 275,475
International operating expenses 21,700 2,090 -
General and administrative expenses 72,402 54,386 53,008
Advertising litigation expense 1,017 6,104 -
Special charge 24,105 - -
Pre-opening and other general expenses 2,158 3,414 2,838
Depreciation and amortization 34,172 24,827 20,490
Total costs and expenses 887,288 732,841 628,464
Operating income 57,389 72,484 53,688
Other income (expense):
Investment income 1,943 3,384 4,100
Interest expense (7,746) (151) (643)
Income before income taxes and cumulative effect of a
change in accounting principle 51,586 75,717 57,145
Income tax expense 19,762 28,431 22,181
Income before cumulative effect of a change in accounting principle 31,824 47,286 34,964
Cumulative effect of accounting change, net of tax - - (2,603)
Net income 31,824$ 47,286$ 32,361$
Basic earnings per common share:
Income before cumulative effect of a change in accounting principle 1.29$ 1.57$ 1.18$
Cumulative effect of accounting change, net of tax - - (.09)
Basic earnings per common share 1.29$ 1.57$ 1.09$
Earnings per common share - assuming dilution:
Income before cumulative effect of a change in accounting principle 1.28$ 1.52$ 1.15$
Cumulative effect of accounting change, net of tax - - (.09)
Earnings per common share - assuming dilution 1.28$ 1.52$ 1.06$
Basic weighted average shares outstanding 24,703 30,195 29,537
Diluted weighted average shares oustanding 24,907 31,080 30,455
Supplemental data: