Papa Johns 2011 Annual Report Download - page 89

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84
20. Quarterly Data - Unaudited, in Thousands, except Per Share Data
Our quarterly financial data is as follows:
2011 1st 2nd 3rd 4th
Total revenues 312,467$ 293,534$ 305,668$ 306,213$
Operating income 27,211 19,155 16,958 23,693
Net income 16,427 12,124 11,123 15,981
Basic earnings per common share 0.64$ 0.48$ 0.45$ 0.66$
Earnings per common share - assuming dilution 0.64$ 0.47$ 0.44$ 0.65$
2010 1st 2nd 3rd 4th
Total revenues 285,786$ 280,647$ 273,126$ 286,838$
Operating income (1) 27,942 22,799 13,783 22,220
Net income (1) 16,875 13,192 7,848 14,025
Basic earnings per common share (1) 0.62$ 0.49$ 0.30$ 0.55$
Earnings per common share - assuming dilution (1) 0.62$ 0.49$ 0.30$ 0.55$
Quarter
Quarter
(1)
During 2010, we recorded pre-tax income of $3.5 million ($2.2 million after tax or $0.08 per diluted
share) in the first quarter, pre-tax income of $2.7 million ($1.7 million after tax or $0.06 per diluted
share) in the second quarter, pre-tax losses of $658,000 ($417,000 after tax or $0.02 per diluted
share) in the third quarter and pre-tax income of $1.3 million ($843,000 after tax or $0.04 per diluted
share) in the fourth quarter upon consolidation of BIBP. BIBP’s total pre-tax income, excluding the
reduction in BIBP’s cost of sales of $14.2 million associated with PJFS’s agreement to pay to BIBP
for past cheese purchases an amount equal to its accumulated deficit, for 2010 was $6.8 million
($4.3 million after tax or $0.16 per diluted share).
All quarterly information above is presented in 13-week periods. 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 this evaluation, the CEO and CFO concluded that the
disclosure controls and procedures are effective.