Papa Johns 2006 Annual Report Download - page 58

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55
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Year Ended
December 31, December 25, December 26,
2006 2005 2004
Domestic revenues:
Company-owned restaurant sales 447,938$ 434,525$ 412,676$
Variable interest entities restaurant sales 7,859 11,713 14,387
Franchise royalties 56,374 52,289 50,292
Franchise and development fees 2,597 3,026 2,475
Commissary sales 413,075 398,372 376,642
Other sales 50,505 50,474 53,117
International revenues:
Royalties and franchise and development fees 7,551 6,529 5,010
Restaurant and commissary sales 15,658 11,860 10,747
Total revenues 1,001,557 968,788 925,346
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 88,311 93,255 99,743
Salaries and benefits 131,946 131,654 130,642
Advertising and related costs 41,279 37,942 38,258
Occupancy costs 27,245 26,392 25,950
Other operating expenses 58,824 57,117 54,015
Total domestic Company-owned restaurant expenses 347,605 346,360 348,608
Variable interest entities restaurant expenses 6,708 10,188 12,667
Domestic commissary and other expenses:
Cost of sales 336,659 330,495 309,746
Salaries and benefits 32,363 28,583 28,458
Other operating expenses 45,153 49,140 57,100
Total domestic commissary and other expenses 414,175 408,218 395,304
Loss (income) from the franchise cheese-purchasing program, net of minority interest (15,247) (4,662) 16,599
International operating expenses 15,824 11,865 10,632
General and administrative expenses 102,920 88,464 71,047
Minority interests and other general expenses 4,409 6,905 2,648
Depreciation and amortization 27,208 28,750 31,159
Total costs and expenses 903,602 896,088 888,664
Operating income from continuing operations 97,955 72,700 36,682
Investment income 1,682 1,248 689
Interest expense (3,480) (4,316) (5,313)
Income from continuing operations before income taxes 96,157 69,632 32,058
Income tax expense 33,171 25,364 12,021
Income from continuing operations 62,986 44,268 20,037
Income from discontinued operations, net of tax 389 1,788 3,184
Net income 63,375$ 46,056$ 23,221$
Basic earnings per common share:
Income from continuing operations 1.95$ 1.32$ 0.58$
Income from discontinued operations, net of tax 0.01 0.05 0.09
Basic earnings per common share 1.96$ 1.37$ 0.67$
Earnings per common share - assuming dilution:
Income from continuing operations 1.91$ 1.29$ 0.58$
Income from discontinued operations, net of tax 0.01 0.05 0.09
Earnings per common share - assuming dilution 1.92$ 1.34$ 0.67$
Basic weighted average shares outstanding 32,312 33,594 34,414
Diluted weighted average shares outstanding 33,046 34,316 34,810
Supplemental data (see Note 16):
Revenues - affiliates 57,140$ 69,134$ 72,049$
Other income - affiliates 66 378 270
See accompanying notes.