Papa Johns 2007 Annual Report Download - page 68

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61
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Year Ended
December 30, December 31, December 25,
2007 2006 2005
Domestic revenues:
Company-owned restaurant sales 504,330$ 447,938$ 434,525$
Variable interest entities restaurant sales 7,131 7,859 11,713
Franchise royalties 55,283 56,374 52,289
Franchise and development fees 4,758 2,597 3,026
Commissary sales 399,099 413,075 398,372
Other sales 61,820 50,505 50,474
International revenues:
Royalties and franchise and development fees 10,314 7,551 6,529
Restaurant and commissary sales 20,860 15,658 11,860
Total revenues 1,063,595 1,001,557 968,788
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 112,773 88,311 93,255
Salaries and benefits 152,043 131,946 131,654
Advertising and related costs 47,121 41,279 37,942
Occupancy costs 31,866 27,245 26,392
Other operating expenses 68,460 58,824 57,117
Total domestic Company-owned restaurant expenses 412,263 347,605 346,360
Variable interest entities restaurant expenses 6,018 6,708 10,188
Domestic commissary and other expenses:
Cost of sales 332,163 336,659 330,495
Salaries and benefits 34,622 32,363 28,583
Other operating expenses 43,766 45,153 49,140
Total domestic commissary and other expenses 410,551 414,175 408,218
Loss (income) from the franchise cheese-purchasing program, net of minority interest 22,853 (15,247) (4,662)
International operating expenses 18,718 15,824 11,865
General and administrative expenses 101,340 102,920 88,464
Minority interests and other general expenses 7,939 4,409 6,905
Depreciation and amortization 31,866 27,208 28,750
Total costs and expenses 1,011,548 903,602 896,088
Operating income from continuing operations 52,047 97,955 72,700
Investment income 1,446 1,682 1,248
Interest expense (7,465) (3,480) (4,316)
Income from continuing operations before income taxes 46,028 96,157 69,632
Income tax expense 13,293 33,171 25,364
Income from continuing operations 32,735 62,986 44,268
Income from discontinued operations, net of tax - 389 1,788
Net income 32,735$ 63,375$ 46,056$
Basic earnings per common share:
Income from continuing operations 1.10$ 1.95$ 1.32$
Income from discontinued operations, net of tax - 0.01 0.05
Basic earnings per common share 1.10$ 1.96$ 1.37$
Earnings per common share - assuming dilution:
Income from continuing operations 1.09$ 1.91$ 1.29$
Income from discontinued operations, net of tax - 0.01 0.05
Earnings per common share - assuming dilution 1.09
$ 1.92$ 1.34$
Basic weighted average shares outstanding 29,666 32,312 33,594
Diluted weighted average shares outstanding 30,017 33,046 34,316
Supplemental data (see Note 16):
Revenues - affiliates 24,250$ 57,140$ 69,134$
Other income - affiliates 61 66 378
See accompanying notes.