Papa Johns 2009 Annual Report Download - page 71

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64
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Years Ended
December 27, December 28, December 30,
2009 2008 2007
Domestic revenues:
Company-owned restaurant sales 503,818$ 533,255$ 504,330$
Variable interest entities restaurant sales 37,735 8,328 7,131
Franchise royalties 61,012 59,704 55,283
Franchise and development fees 519 1,600 4,758
Commissary sales 407,437 429,068 399,099
Other sales 54,045 61,415 61,820
International revenues:
Royalties and franchise and development fees 13,244 12,868 10,314
Restaurant and commissary sales 28,223 25,849 20,860
Total revenues 1,106,033 1,132,087 1,063,595
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 100,863 120,545 112,773
Salaries and benefits 146,116 158,276 152,043
Advertising and related costs 45,593 48,547 47,121
Occupancy costs 31,685 34,973 31,866
Other operating expenses 69,946 72,349 68,460
Total domestic Company-owned restaurant expenses 394,203 434,690 412,263
Variable interest entities restaurant expenses 29,672 7,360 6,018
Domestic commissary and other expenses:
Cost of sales 341,775 363,042 332,163
Salaries and benefits 33,839 35,090 34,622
Other operating expenses 43,595 45,732 43,766
Total domestic commissary and other expenses 419,209 443,864 410,551
Loss (income) from the franchise cheese-purchasing program,
net of minority interest (18,079) 6,296 22,853
International operating expenses 24,356 22,822 18,718
General and administrative expenses 112,909 99,723 101,340
Other general expenses 15,728 19,000 6,914
Depreciation and amortization 32,756 32,846 31,866
Total costs and expenses 1,010,754 1,066,601 1,010,523
Operating income 95,279 65,486 53,072
Investment income 629 848 1,446
Interest expense (5,714) (7,536) (7,465)
Income before income taxes 90,194 58,798 47,053
Income tax expense 28,985 19,980 13,293
Net income, including noncontrolling interests 61,209$ 38,818$ 33,760$
Less: income attributable to noncontrolling interests (3,756) (2,022) (1,025)
Net income, net of noncontrolling interests 57,453$ 36,796$ 32,735$
Basic earnings per common share 2.07$ 1.31$ 1.10$
Earnings per common share - assuming dilution 2.06$ 1.30$ 1.09$
Basic weighted average shares outstanding 27,738 28,124 29,666
Diluted weighted average shares outstanding 27,909 28,264 30,017
Supplemental data (see Note 14):
Revenues - affiliates 22,473$ 25,070$ 24,250$
Other income - affiliates 57 - 61
See accompanying notes.