Popeye's 2014 Annual Report Download - page 62
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44
Popeyes Louisiana Kitchen, Inc.
Consolidated Statements of Operations
For Fiscal Years 2014, 2013, and 2012
(In millions, except per share data)
2014 2013 2012
Revenues:
Sales by company-operated restaurants $ 97.2 $ 78.7 $ 64.0
Franchise royalties and fees 131.3 121.9 110.5
Rent from franchised restaurants 7.1 5.4 4.3
Total revenues 235.6 206.0 178.8
Expenses:
Restaurant food, beverages and packaging 32.0 26.1 21.7
Restaurant employee, occupancy and other expenses 46.8 37.9 31.2
General and administrative expenses 78.9 73.4 67.6
Occupancy expenses - franchise restaurants 3.2 3.4 2.9
Depreciation and amortization 8.7 6.7 4.6
Other expenses (income), net 1.2 0.3 (0.5)
Total expenses 170.8 147.8 127.5
Operating profit 64.8 58.2 51.3
Interest expense, net 3.0 3.7 3.6
Income before income taxes 61.8 54.5 47.7
Income tax expense 23.8 20.4 17.3
Net income $ 38.0 $ 34.1 $ 30.4
Earnings per common share, basic: $ 1.63 $ 1.44 $ 1.27
Earnings per common share, diluted: $ 1.60 $ 1.41 $ 1.24
Weighted-average shares outstanding:
Basic 23.3 23.6 23.9
Diluted 23.8 24.1 24.5
The accompanying notes are an integral part of these consolidated financial statements.