Popeye's 2014 Annual Report Download - page 87

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Popeyes Louisiana Kitchen, Inc.
Notes to Consolidated Financial Statements
For Fiscal Years 2014, 2013, and 2012 — (Continued)
69
Note 21— Quarterly Financial Data (Unaudited)
(in millions, except per share data) 2014
Results of Operations
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total revenues $ 70.1 $ 53.7 $ 54.9 $ 56.9
Operating profit 18.7 14.1 16.7 15.3
Net income 11.1 8.3 9.8 8.8
Basic earnings per common share 0.47 0.36 0.42 0.38
Diluted earnings per common share 0.46 0.35 0.42 0.37
(in millions, except per share data) 2013
Results of Operations
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
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
(a) The Company’s first quarters for 2014 and 2013 contained sixteen weeks. The remaining quarters of 2014 and 2013 were
twelve weeks.
(b) The Company opened seven company-operated restaurants during the fourth quarter 2014 compared to five during the
same period last year. Total sales of the seven company-operated restaurants were $1.2 million for the fourth quarter 2014.
(c) The Company recognized a $0.9 million in net gains on sale assets during the fourth quarter 2014 associated with the sale
of real estate to franchisees and the recognition of deferred gains related to seven properties formerly leased to a franchisee.
The Company recognized $0.9 million in lease termination fees associated with the sale of real estate.
(d) The Company's net income in the fourth quarter was impacted by the $0.5 million out of period adjustment. See Note 2
for the Condensed Consolidated for further information.