Papa Johns 2012 Annual Report Download - page 30

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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
30, 2012, were derived from our audited consolidated financial statements. The selected financial data
below 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. As described in “Note 3” of “Notes to
Consolidated Financial Statements,” we restated certain financial data to correct errors in our accounting
for noncontrolling interests related to our joint ventures.
(In thousands, except per share data)
Dec. 30, Dec. 25, Dec. 26, Dec. 27, Dec. 28,
2012 2011 2010 2009 2008
(As Restated) (As Restated) (Unaudited -
As Restated)
Income Statement Data 53 weeks 52 weeks 52 weeks 52 weeks 52 weeks
North America revenues:
Domestic Company-owned restaurant sales 592,203$ 525,841$ 503,272$ 503,818$ 533,255$
Franchise royalties (2) 79,567 73,694 69,631 62,083 60,592
Franchise and development fees 806 722 610 912 1,722
Domestic commissary sales 545,924 508,155 454,506 417,689 431,650
Other sales 51,223 50,912 51,951 54,045 61,415
International revenues:
Royalties and franchise and development fees (3) 19,881 16,327 13,265 11,780 11,858
Restaurant and commissary sales (4) 53,049 42,231 33,162 28,223 25,849
Total revenues 1,342,653 1,217,882 1,126,397 1,078,550 1,126,341
Operating income (5) 99,807 87,017 86,744 95,218 65,486
Investment income 750 755 875 629 848
Interest expense (2,162) (2,981) (4,309) (11,660) (7,536)
Income before income taxes 98,395 84,791 83,310 84,187 58,798
Income tax expense 32,393 26,324 27,247 26,702 19,980
Net income, including redeemable noncontrolling interests 66,002 58,467 56,063 57,485 38,818
Income attributable to redeemable noncontrolling interests (6) (4,342) (3,732) (3,485) (3,756) (2,022)
Net income, net of redeemable noncontrolling interests 61,660$ 54,735$ 52,578$ 53,729$ 36,796$
Basic earnings per common share 2.63$ 2.19$ 2.00$ 1.94$ 1.31$
Earnings per common share - assuming dilution 2.58$ 2.16$ 1.99$ 1.93$ 1.30$
Basic weighted average shares outstanding 23,458 25,043 26,328 27,738 28,124
Diluted weighted average shares outstanding 23,905 25,310 26,468 27,909 28,264
Balance Sheet Data
Total assets 438,408$ 390,382$ 417,492$ 396,009$ 385,464$
Total debt 88,258 51,489 99,017 99,050 130,654
Redeemable noncontrolling interests, including
mandatorily redeemable 18,217 15,030 13,484 14,175 11,594
Total stockholders’ equity 181,514 205,647 195,608 173,145 129,986
Year Ended (1)
(1) We operate on a 52-53 week fiscal year ending on the last Sunday of December of each year. The
2012 fiscal year consisted of 53 weeks and all other years above consisted of 52 weeks. The
additional week resulted in additional revenues of approximately $21.5 million and additional
income before income taxes of approximately $4.1 million, or $0.11 per diluted share for 2012.
(2) North America franchise royalties were derived from franchised restaurant sales of $1.85 billion in
2012, $1.71 billion in 2011, $1.62 billion in 2010, $1.58 billion in 2009 and $1.53 billion in 2008.
(3) International royalties were derived from franchised restaurant sales of $388.4 million in 2012,
$320.0 million in 2011, $258.8 million in 2010, $222.2 million in 2009 and $196.5 million in 2008.
(4) Restaurant sales for international Company-owned restaurants were $16.2 million in 2012, $12.4
million in 2011, $11.0 million in 2010, $10.3 million in 2009 and $8.1 million in 2008.