Popeye's 2015 Annual Report Download - page 30

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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) 2015 2014 2013 2012 2011
Summary of Operations:
Revenues:(1)
Sales by company-operated restaurants(2) $ 109.5 $ 97.2 $ 78.7 $ 64.0 $ 54.6
Franchise royalties and fees(3) 144.0 131.3 121.9 110.5 95.0
Rent from franchised restaurants(4) 5.5 7.1 5.4 4.3 4.2
Total revenues 259.0 235.6 206.0 178.8 153.8
Expenses:
Restaurant food, beverages and packaging 35.3 32.0 26.1 21.7 18.3
Restaurant employee, occupancy and other expenses 52.3 46.8 37.9 31.2 26.1
General and administrative expenses 84.3 78.9 73.4 67.6 61.3
Occupancy expenses - franchise restaurants 3.1 3.2 3.4 2.9 2.7
Depreciation and amortization 9.7 8.7 6.7 4.6 4.2
Other expenses (income), net(5) — 1.2 0.3 (0.5) 0.5
Total expenses 184.7 170.8 147.8 127.5 113.1
Operating profit 74.3 64.8 58.2 51.3 40.7
Interest expense, net(6) 3.7 3.0 3.7 3.6 3.7
Income before income taxes 70.6 61.8 54.5 47.7 37.0
Income tax expense 26.5 23.8 20.4 17.3 12.8
Net income $ 44.1 $ 38.0 $ 34.1 $ 30.4 $ 24.2
Earnings per common share, basic $ 1.94 $ 1.63 $ 1.44 $ 1.27 $ 0.99
Earnings per common share, diluted $ 1.91 $ 1.60 $ 1.41 $ 1.24 $ 0.97
Weighted average shares outstanding:
Basic 22.7 23.3 23.6 23.9 24.5
Diluted 23.1 23.8 24.1 24.5 25.0
Summary of cash flow data:
Share repurchases $ 62.0 $ 40.0 $ 19.9 $ 15.2 $ 22.3
Year-end balance sheet data:
Total assets $ 266.7 $ 260.3 $ 200.5 $ 172.4 $ 135.6
Total debt 112.6 109.9 67.2 72.8 64.0
(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) The comparability of sales by Company-operated restaurants are impacted by the five, thirteen, nine, five and two
company restaurants openings in 2015, 2014, 2013, 2012 and 2011, respectively. The impact of new restaurant
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