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54
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts) Years Ended
December 30, December 25, December 26,
2012 2011 2010
North America revenues: (As Restated) (As Restated)
Domestic Company-owned restaurant sales 592,203$ 525,841$ 503,272$
Franchise royalties 79,567 73,694 69,631
Franchise and development fees 806 722 610
Domestic commissary sales 545,924 508,155 454,506
Other sales 51,223 50,912 51,951
International revenues:
Royalties and franchise and development fees 19,881 16,327 13,265
Restaurant and commissary sales 53,049 42,231 33,162
Total revenues 1,342,653 1,217,882 1,126,397
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales 137,378 126,887 111,010
Salaries and benefits 163,260 142,093 137,840
Advertising and related costs 54,583 49,035 47,174
Occupancy costs 34,734 32,278 32,343
Other operating expenses 85,847 75,558 72,997
Total domestic Company-owned restaurant expenses 475,802 425,851 401,364
Domestic commissary and other expenses:
Cost of sales 454,108 426,955 382,150
Salaries and benefits 38,083 35,141 34,063
Other operating expenses 57,298 53,188 46,890
Total domestic commissary and other expenses 549,489 515,284 463,103
Income from the franchise cheese-purchasing program,
net of noncontrolling interest - - (5,634)
International operating expenses 44,853 35,674 29,429
General and administrative expenses 131,591 111,608 109,954
Other general expenses 8,313 9,767 9,030
Depreciation and amortization 32,798 32,681 32,407
Total costs and expenses 1,242,846 1,130,865 1,039,653
Operating income 99,807 87,017 86,744
Investment income 750 755 875
Interest expense (2,162) (2,981) (4,309)
Income before income taxes 98,395 84,791 83,310
Income tax expense 32,393 26,324 27,247
Net income, including redeemable noncontrolling interests 66,002 58,467 56,063
Less: income attributable to redeemable noncontrolling interests (4,342) (3,732) (3,485)
Net income, net of redeemable noncontrolling interests 61,660$ 54,735$ 52,578$
Basic earnings per common share 2.63$ 2.19$ 2.00$
Earnings per common share - assuming dilution 2.58$ 2.16$ 1.99$
Basic weighted average shares outstanding 23,458 25,043 26,328
Diluted weighted average shares outstanding 23,905 25,310 26,468
Supplemental data (see Note 16):
Revenues - affiliates 29,310$ 28,078$ 24,290$
See accompanying notes.