Papa Johns 2012 Annual Report Download - page 34

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28
provision contained in the 2009 contract amendment was not previously considered in determining the
classification and measurement of the noncontrolling interest. In addition, we determined an additional
redeemable noncontrolling interest was incorrectly classified in shareholders’ equity and should be
classified as temporary equity, which impacted the consolidated balance sheets and statements of
stockholders’ equity. As such, we are restating our previously issued consolidated financial statements
for the fiscal years 2011, 2010 and 2009. The correction of the error related to the mandatorily
redeemable noncontrolling interest had an impact on our consolidated statements of income, interest
expense, income tax expense, and net income which is reflected herein for 2011 and 2010. The
corrections were recorded to our “Unallocated Corporate Expenses” segment. Additionally, the
corrections had no impact on total revenues, operating income, or operating cash flows and had no impact
on our compliance with debt covenants in any periods presented. See “Note 3” of “Notes to Consolidated
Financial Statements” for additional information.
Items Impacting Comparability; Non-GAAP Measures
The following table reconciles our financial results as reported under accounting principles generally
accepted in the United States (“GAAP”) to certain non-GAAP measures. We present these non-GAAP
measures to adjust for certain items which we believe impact the comparability of our results of
operations.
Year Ended
Dec. 30, Dec. 25, Dec. 26,
(In thousands, except per share amounts) 2012 2011 2010
(As Restated) (As Restated)
Total revenues, as reported 1,342,653$ 1,217,882$ 1,126,397$
53rd week of operations (a) (21,500) - -
Total revenues, as adjusted 1,321,153$ 1,217,882$ 1,126,397$
Income before income taxes, as reported 98,395$ 84,791$ 83,310$
53rd week of operations (a) (4,145) - -
Incentive Contribution (b) 2,971 - -
Income from BIBP cheese purchasing entity (c) - - (6,804)
Income before income taxes, as adjusted 97,221$ 84,791$ 76,506$