Papa Johns 2011 Annual Report Download - page 60

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55
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Years Ended
December 25, December 26, December 27,
2011 2010 2009
North America revenues:
Domestic Company-owned restaurant sales 525,841$ 503,272$ 503,818$
Franchise royalties 73,694 69,631 62,083
Franchise and development fees 722 610 912
Domestic commissary sales 508,155 454,506 417,689
Other sales 50,912 51,951 54,045
International revenues:
Royalties and franchise and development fees 16,327 13,265 11,780
Restaurant and commissary sales 42,231 33,162 28,223
Total revenues 1,217,882 1,126,397 1,078,550
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 126,887 111,010 100,863
Salaries and benefits 142,093 137,840 146,116
Advertising and related costs 49,035 47,174 45,593
Occupancy costs 32,278 32,343 31,685
Other operating expenses 75,558 72,997 69,946
Total domestic Company-owned restaurant expenses 425,851 401,364 394,203
Domestic commissary and other expenses:
Cost of sales 426,955 382,150 348,265
Salaries and benefits 35,141 34,063 33,839
Other operating expenses 53,188 46,890 43,595
Total domestic commissary and other expenses 515,284 463,103 425,699
Income from the franchise cheese-purchasing program,
net of noncontrolling interest - (5,634) (18,079)
International operating expenses 35,674 29,429 24,356
General and administrative expenses 111,608 109,954 111,361
Other general expenses 9,767 9,030 14,346
Depreciation and amortization 32,681 32,407 31,446
Total costs and expenses 1,130,865 1,039,653 983,332
Operating income 87,017 86,744 95,218
Investment income 755 875 629
Interest expense (1,497) (5,338) (5,653)
Income before income taxes 86,275 82,281 90,194
Income tax expense 26,888 26,856 28,985
Net income, including noncontrolling interests 59,387 55,425 61,209
Less: income attributable to noncontrolling interests (3,732) (3,485) (3,756)
Net income, net of noncontrolling interests 55,655$ 51,940$ 57,453$
Basic earnings per common share 2.22$ 1.97$ 2.07$
Earnings per common share - assuming dilution 2.20$ 1.96$ 2.06$
Basic weighted average shares outstanding 25,043 26,328 27,738
Diluted weighted average shares outstanding 25,310 26,468 27,909
Supplemental data (see Note 14):
Revenues - affiliates 28,078$ 24,290$ 22,473$
Other income - affiliates - - 57
See accompanying notes.