Popeye's 2014 Annual Report Download - page 32

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14
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) 2014 2013 2012 2011 2010
Summary of Operations:
Revenues:(1)
Sales by company-operated restaurants(2) $ 97.2 $ 78.7 $ 64.0 $ 54.6 $ 52.7
Franchise royalties and fees(3) 131.3 121.9 110.5 95.0 89.4
Rent from franchised restaurants(4) 7.1 5.4 4.3 4.2 4.3
Total revenues 235.6 206.0 178.8 153.8 146.4
Expenses:
Restaurant food, beverages and packaging 32.0 26.1 21.7 18.3 16.8
Restaurant employee, occupancy and other expenses 46.8 37.9 31.2 26.1 25.8
General and administrative expenses 78.9 73.4 67.6 61.3 56.4
Occupancy expenses - franchise restaurants 3.2 3.4 2.9 2.7 2.1
Depreciation and amortization 8.7 6.7 4.6 4.2 3.9
Other expenses (income), net(5) 1.2 0.3 (0.5) 0.5 0.2
Total expenses 170.8 147.8 127.5 113.1 105.2
Operating profit 64.8 58.2 51.3 40.7 41.2
Interest expense, net(6) 3.0 3.7 3.6 3.7 8.0
Income before income taxes 61.8 54.5 47.7 37.0 33.2
Income tax expense 23.8 20.4 17.3 12.8 10.3
Net income $ 38.0 $ 34.1 $ 30.4 $ 24.2 $ 22.9
Earnings per common share, basic $ 1.63 $ 1.44 $ 1.27 $ 0.99 $ 0.91
Earnings per common share, diluted $ 1.60 $ 1.41 $ 1.24 $ 0.97 $ 0.90
Weighted average shares outstanding:
Basic 23.3 23.6 23.9 24.5 25.3
Diluted 23.8 24.1 24.5 25.0 25.5
Summary of cash flow data:
Share repurchases $ 40.0 $ 19.9 $ 15.2 $ 22.3 $ —
Year-end balance sheet data:
Total assets $ 260.3 $ 200.5 $ 172.4 $ 135.6 $ 123.9
Total debt 109.9 67.2 72.8 64.0 66.0
(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 approximately $1.7 million. The net
impact of the 53rd week earnings per share was approximately $0.01 per diluted share.
(2) Factors that impact the comparability of sales by Company-operated restaurants for the years presented include:
(a) The Company opened thirteen, nine, five and two company restaurants in 2014, 2013, 2012 and 2011, respectively.
The impact of new restaurant openings net of one closure in 2014 and 2013 was an increase in company-operated sales