Popeye's 2013 Annual Report Download - page 89

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Popeyes Louisiana Kitchen, Inc.
Notes to Consolidated Financial Statements
For Fiscal Years 2013, 2012, and 2011 — (Continued)
73
Note 21— Quarterly Financial Data (Unaudited)
2013
(in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Results of Operations
Total revenues $ 60.4 $47.9 $49.3 $48.4
Operating profit 16.2 14.5 15.4 12.1
Net income 9.6 8.5 9.0 7.0
Basic earnings per common share 0.41 0.36 0.38 0.30
Diluted earnings per common share 0.40 0.35 0.37 0.29
2012
(in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Results of Operations
Total revenues $ 52.8 $39.6 $38.9 $47.5
Operating profit 14.2 11.4 11.1 14.6
Net income 8.3 6.6 6.9 8.6
Basic earnings per common share 0.34 0.28 0.29 0.36
Diluted earnings per common share 0.34 0.27 0.29 0.35
(a) The Company’sfirst quarters for 2013 and 2012 contained sixteen weeks. The fourth quarter 2012 included 13
weeks. The remaining quarters of 2013 and 2012 were twelve weeks. The 53rd week in 2012 increased sales
by company-operated restaurants by approximately $1.2 million and increased franchise revenues by
approximately $1.7 million.The net impact of the 53rd week earnings per share was approximately $0.01 per
diluted share.
(b) The Company opened four company-operated restaurants during the fourth quarter 2013 compared to five
during the same period last year. Total sales of the four company-operated restaurants were $0.9 million for the
fourth quarter 2013.
(c) The Company recorded $1.8 million in franchise revenues related to two significant franchisee transfers during
the fourth quarter 2012.
(d) The Company recognized a $0.8 million in net gains on sale assets during the fourth quarter 2012 associated
with the sale of real estate to a franchisee and the recognition of deferred gains related to seven properties
formerly leased to a franchisee.