Papa Johns 2006 Annual Report Download - page 92

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89
23. Quarterly Data - unaudited, in thousands, except per share data (continued)
(1) During 2006, we recorded pre-tax gains of $5.4 million ($3.4 million after tax or $0.10 per diluted
share) in the first quarter, pre-tax gains of $6.3 million ($4.0 million after tax or $0.12 per diluted
share) in the second quarter, pre-tax gains of $5.3 million ($3.0 million after tax or $0.09 per diluted
share) in the third quarter and pre-tax gains of $2.0 million ($1.4 million after tax or $0.04 per
diluted share) in the fourth quarter upon consolidation of BIBP. BIBP’s total pre-tax income for
2006 was $19.0 million, or $0.36 per diluted share.
(2) During 2005, we recorded pre-tax losses of $1.6 million ($1.0 million after tax or $0.03 per diluted
share) in the first quarter, pre-tax losses of $185,000 ($117,000 after tax or $0.00 per diluted share)
in the second quarter, pre-tax gains of $3.0 million ($1.9 million after tax or $0.05 per diluted share)
in the third quarter and pre-tax gains of $3.2 million ($2.0 million after tax or $0.06 per diluted
share) in the fourth quarter upon consolidation of BIBP. BIBP’s total pre-tax income for 2005 was
$4.5 million, or $0.08 per diluted share.
All quarterly information except for the fourth quarter of 2006 above is presented in 13-week periods.
The fourth quarter of 2006 includes a 14-week period. The additional week in the fourth quarter of 2006
increased pre-tax income approximately $3.5 million, or $0.07 per diluted share. Quarterly earnings per
share on a full-year basis may not agree to the Consolidated Statements of Income due to rounding.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision
and with the participation of our management, including our CEO and CFO, of the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities
Exchange Act of 1934, as amended). Based upon our evaluation, we concluded that the disclosure
controls and procedures are effective to provide reasonable assurance in ensuring all required
information relating to Papa John’s is included in this annual report.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended
December 31, 2006 that have materially affected, or are reasonably likely to materially affect, the
Company’s internal control over financial reporting.
See “Management’s Report on Internal Control over Financial Reporting” in Item 8.
Item 9B. Other Information
None.