Papa Johns 2011 Annual Report Download - page 31

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Item 6. Selected Financial Data
The selected financial data presented for each of the fiscal years in the five-year period ended December
25, 2011, was derived from our audited consolidated financial statements. The selected financial data
should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and the “Consolidated Financial Statements” and Notes thereto included in Item 7
and Item 8, respectively, of this Form 10-K.
(In thousands, except per share data)
Dec. 25, Dec. 26, Dec. 27, Dec. 28, Dec. 30,
2011 2010 2009 2008 2007
Income Statement Data
North America revenues:
Domestic Company-owned restaurant sales 525,841$ 503,272$ 503,818$ 533,255$ 504,330$
Franchise royalties (2) (3) 73,694 69,631 62,083 60,592 56,278
Franchise and development fees (2) 7 2 2 610 912 1,722 4,767
Domestic commissary sales 508,155 454,506 417,689 431,650 401,081
Other sales 50,912 51,951 54,045 61,415 61,820
International revenues:
Royalties and franchise and development fees (2) (4) 16,327 13,265 11,780 11,858 9,310
Restaurant and commissary sales (5) 42,231 33,162 28,223 25,849 20,860
Total revenues 1,217,882 1,126,397 1,078,550 1,126,341 1,058,446
Operating income (6) 87,017 86,744 95,218 65,486 53,072
Investment income 7 5 5 875 629 848 1,446
Interest expense (1,497) (5,338) (5,653) (7,536) (7,465)
Income before income taxes 86,275 82,281 90,194 58,798 47,053
Income tax expense 26,888 26,856 28,985 19,980 13,293
Net income, including noncontrolling interests 59,387 55,425 61,209 38,818 33,760
Income attributable to noncontrolling interests (7) (3,732) (3,485) (3,756) (2,022) (1,025)
Net income, net of noncontrolling interests 55,655$ 51,940$ 57,453$ 36,796$ 32,735$
Basic earnings per common share 2.22$ 1.97$ 2.07$ 1.31$ 1.10$
Earnings per common share - assuming dilution 2.20$ 1.96$ 2.06$ 1.30$ 1.09$
Basic weighted average shares outstanding 25,043 26,328 27,738 28,124 29,666
Diluted weighted average shares outstanding 25,310 26,468 27,909 28,264 30,017
Balance Sheet Data
Total assets 390,382$ 415,941$ 393,726$ 385,464$ 400,885$
Total debt 51,489 99,017 99,050 130,654 142,706
Total stockholders’ equity 218,222 207,200 185,037 138,238 134,938
Year Ended (1)
(1) We operate on a 52-53 week fiscal year ending on the last Sunday of December of each year. All
fiscal years presented consisted of 52 weeks.
(2) Prior years’ financial data has been adjusted to reclassify revenues for restaurants operating in
Hawaii, Alaska and Canada from international to North America franchising in order to conform to
the current year presentation.
(3) North America franchise royalties were derived from franchised restaurant sales of $1.71 billion in
2011, $1.62 billion in 2010, $1.58 billion in 2009, $1.53 billion in 2008 and $1.49 billion in 2007.
(4) International royalties were derived from franchised restaurant sales of $320.0 million in 2011,
$258.8 million in 2010, $222.2 million in 2009, $196.5 million in 2008 and $152.5 million in 2007.
(5) Restaurant sales for international Company-owned restaurants were $12.4 million in 2011, $11.0
million in 2010, $10.3 million in 2009, $8.1 million in 2008 and $4.0 million in 2007.