Popeye's 2013 Annual Report Download - page 32

16
Item 6. SELECTED FINANCIAL DATA
The following data was derived from our Consolidated Financial Statements. Such data should be read in conjunction
with our Consolidated Financial Statements and the notes thereto and our “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” at Item 7 of this Annual Report.
(in millions, except per share data) 2013 2012 2011 2010 2009
Summary of Operations:
Revenues:(1)
Sales by company-operated restaurants(2) . . . . . . . . . . . . . . . $78.7 $64.0 $54.6 $52.7 $57.4
Franchise royalties and fees(3) . . . . . . . . . . . . . . . . . . . . . . . . 121.9 110.5 95.0 89.4 86.0
Rent from franchised restaurants(4) . . . . . . . . . . . . . . . . . . . . 5.4 4.3 4.2 4.3 4.6
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206.0 178.8 153.8 146.4 148.0
Expenses:
Restaurant food, beverages and packaging . . . . . . . . . . . . . . 26.1 21.7 18.3 16.8 18.9
Restaurant employee, occupancy and other expenses . . . . . . 37.9 31.2 26.1 25.8 29.5
General and administrative expenses. . . . . . . . . . . . . . . . . . . 73.4 67.6 61.3 56.4 56.0
Occupancy expenses - franchise restaurants . . . . . . . . . . . . . 3.4 2.9 2.7 2.1 2.6
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . 6.7 4.6 4.2 3.9 4.4
Other expenses (income), net(5). . . . . . . . . . . . . . . . . . . . . . . 0.3 (0.5)0.5 0.2 (2.1)
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147.8 127.5 113.1 105.2 109.3
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.2 51.3 40.7 41.2 38.7
Interest expense, net(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 3.6 3.7 8.0 8.4
Income before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . 54.5 47.7 37.0 33.2 30.3
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.4 17.3 12.8 10.3 11.5
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34.1 $30.4 $24.2 $22.9 $18.8
Earnings per common share, basic. . . . . . . . . . . . . . . . . . . . . . $1.44 $1.27 $0.99 $0.91 $0.74
Earnings per common share, diluted . . . . . . . . . . . . . . . . . . . . $1.41 $1.24 $0.97 $0.90 $0.74
Weighted average shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.6 23.9 24.5 25.3 25.3
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1 24.5 25.0 25.5 25.4
Summary of cash flow data:
Share repurchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19.9 $15.2 $22.3 $ — $ —
Year-end balance sheet data:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200.5 $172.4 $135.6 $123.9 $116.6
Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67.2 72.8 64.0 66.0 82.6
(1) Factors that impact the comparability of revenues for the years presented include:
(a) The effects of restaurant openings, closings, unit conversions, franchisee sales and same-store sales (see
“Summary of System-Wide Data” later in this Item 6).
(b) The Company’s fiscal year ends on the last Sunday in December. The 2012 fiscal year consisted of 53 weeks.
All other fiscal years presented consisted of 52 weeks each. The 53rd week in 2012 increased sales by
company-operated restaurants by approximately $1.2 million and increased franchise revenues by