Papa Johns 2003 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 of the 2003 Papa Johns annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 81

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81

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 28,
December 29,
December 30,
2003
2002
2001
Domestic revenues:
Restaurant sales
416,049
$
429,813
$
445,849
$
Franchise royalties
49,851
51,386
50,768
Franchise and development fees
1,475
1,734
2,927
Commissary sales
369,825
381,217
390,889
Other sales
48,541
50,055
52,730
International revenues:
Royalties and franchise and development fees
6,297
5,846
5,895
Restaurant and commissary sales
25,340
26,168
26,014
Total revenues
917,378
946,219
975,072
Costs and expenses:
Domestic restaurant expenses:
Cost of sales
92,488
98,717
110,632
Salaries and benefits
135,295
125,473
130,882
Advertising and related costs
38,329
35,810
35,297
Occupancy costs
25,406
23,571
25,326
Other operating expenses
54,405
56,517
60,721
Total domestic restaurant expenses
345,923
340,088
362,858
Domestic commissary and other expenses:
Cost of sales
292,226
309,021
323,954
Salaries and benefits
28,925
29,823
30,124
Other operating expenses
59,127
49,831
44,893
Total domestic commissary and other expenses
380,278
388,675
398,971
International operating expenses
21,736
21,918
21,739
General and administrative expenses
67,191
72,403
69,487
Provision for uncollectible notes receivable
1,868
2,838
537
Restaurant closure, impairment and disposition losses (gains)
5,469
1,051
(1,249)
Other general expenses
3,314
6,078
4,770
Depreciation and amortization
31,059
31,741
35,176
Total costs and expenses
856,838
864,792
892,289
Operating income
60,540
81,427
82,783
Investment income
672
1,126
1,958
Interest expense
(6,851)
(7,677)
(8,857)
Income before income taxes and cumulative effect of a
change in accounting principle
54,361
74,876
75,884
Income tax expense
20,385
28,079
28,639
Income before cumulative effect of a change in accounting principle
33,976
46,797
47,245
Cumulative effect of accounting change, net of tax
(413)
-
-
Net income
33,563
$
46,797
$
47,245
$
Basic earnings per common share:
Income before cumulative effect of a change in accounting principle
1.89
$
2.33
$
2.09
$
Cumulative effect of accounting change, net of tax
(0.02)
-
-
Basic earnings per common share
1.87
$
2.33
$
2.09
$
Earnings per common share - assuming dilution:
Income before cumulative effect of a change in accounting principle
1.88
$
2.31
$
2.08
$
Cumulative effect of accounting change, net of tax
(0.02)
-
-
Earnings per common share - assuming dilution
1.86
$
2.31
$
2.08
$
Basic weighted average shares outstanding
17,938
20,068
22,600
Diluted weighted average shares oustanding
18,037
20,300
22,753
Supplemental data (see Note 14):
Revenues - affiliates
88,056
$
108,755
$
114,616
$
Other income - affiliates
285
264
660
See accompanying notes.