Papa Johns 2001 Annual Report Download - page 40

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36
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 30, December 31, December 26,
2001 2000 1999
Domestic re ve nues:
Restaurant sales 445,849$ 456,637$ 394,636$
Franchise royalties 50,768 47,145 40,567
Franchise and development fees 2,927 5,559 6,511
Commissary sales 387,049 351,255 306,909
Equipment and other sales 52,730 53,233 53,078
International revenues:
Royalties and franchise and development fees 5,895 5,302 1,063
Restaurant and commissary sales 26,014 25,546 2,561
To t a l r e ve n u e s 971,232 944,677 805,325
Costs an d expe nse s:
Domestic restaurant expenses:
Cost of sales 110,632 111,609 100,261
Salaries and benefits 130,882 127,318 106,713
Advertising and related costs 35,297 41,729 36,008
Occupancy costs 25,326 23,248 19,541
Other operating expenses 60,721 65,074 53,463
362,858 368,978 315,986
Domestic commissary, equipment and other expenses:
Cost of sales 323,954 304,338 274,613
Salaries and benefits 30,124 27,682 23,719
Other operating expenses 41,053 30,736 27,702
395,131 362,756 326,034
International operating expenses 21,739 21,700 2,090
General and administrative expenses 69,487 72,402 54,386
Special charges - 20,922 6,104
Provision for uncollectible notes receivable 537 4,200 -
Pre-opening and other general expenses 3,521 2,158 3,414
Depreciation and amortization 35,176 34,172 24,827
Total costs an d e xpe n se s 888,449 887,288 732,841
Operating income 82,783 57,389 72,484
Other income (expense):
Investment income 1,958 1,943 3,384
Interest expense (8,857) (7,746) (151)
Income before income taxes 75,884 51,586 75,717
Income tax expense 28,639 19,762 28,431
Net income 47,245$ 31,824$ 47,286$
Basic earnings per common share 2.09$ 1.29$ 1.57$
Earnings per common share - assuming dilution 2.08$ 1.28$ 1.52$
Basic weighted average shares outstanding 22,600 24,703 30,195
Diluted weighted average shares oustanding 22,753 24,907 31,080
Supplemental data:
Revenues - affiliates 114,616$ 116,770$ 102,863$
Other income - affiliates 660 920 314
See accompanying notes.