Papa Johns 2002 Annual Report Download - page 41

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40
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 29, December 30, December 31,
2002 2001 2000
Domestic revenue s:
Restaurant sales 429,813$ 445,849$ 456,637$
Franchise royalties 51,386 50,768 47,145
Franchise and development fees 1,734 2,927 5,559
Commissary sales 381,217 390,889 356,101
Equipment and other sales 50,055 52,730 53,233
International revenues:
Royalties and franchise and development fees 5,846 5,895 5,302
Restaurant and commissary sales 26,168 26,014 25,546
To t a l r e ve n u e s 946,219 975,072 949,523
Costs an d e xpe nse s:
Domestic restaurant expenses:
Cost of sales 98,717 110,632 111,609
Salaries and benefits 125,473 130,882 127,318
Advertising and related costs 35,810 35,297 41,729
Occupancy costs 23,571 25,326 23,248
Other operating expenses 56,517 60,721 65,074
340,088 362,858 368,978
Domestic commissary, equipment and other expenses:
Cost of sales 309,021 323,954 304,338
Salaries and benefits 29,823 30,124 27,682
Other operating expenses 49,831 44,893 35,582
388,675 398,971 367,602
International operating expenses 21,918 21,739 21,700
General and administrative expenses 72,403 69,487 72,402
Special charges - - 20,922
Provision for uncollectible notes receivable 2,838 537 4,200
Pre-opening and other general expenses 7,129 3,521 2,158
Depreciation and amortization 31,741 35,176 34,172
Total costs and expe nses 864,792 892,289 892,134
Operating income 81,427 82,783 57,389
Investment income 1,126 1,958 1,943
Interest expense (7,677) (8,857) (7,746)
Income before income taxes 74,876 75,884 51,586
Income tax expense 28,079 28,639 19,762
Net income 46,797$ 47,245$ 31,824$
Basic earnings per common share 2.33$ 2.09$ 1.29$
Earnings per common share - assuming dilution 2.31$ 2.08$ 1.28$
Basic weighted average shares outstanding 20,068 22,600 24,703
Diluted weighted average shares oustanding 20,300 22,753 24,907
Supplemental data:
Revenues - affiliates 108,755$ 114,616$ 116,770$
Other income - affiliates 264 660 920
See accompanying notes.