EX-99.1 2 a50831050_ex991.htm EXHIBIT 99.1 a50831050_ex991.htm
Exhibit 99.1
 
 
Papa John's International, Inc. and Subsidiaries
  
Consolidated Statements of Income
  
                                     
                                     
   
Quarter Ended Mar. 31, 2013
    
Quarter Ended Jun. 30, 2013
    
Quarter Ended Sept. 29, 2013
  
   
Reported
    
Reclassified
    
Reported
    
Reclassified
    
Reported
    
Reclassified
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
(In thousands, except per share amounts)
                                    
Revenues:
                                
North America:
                                    
Domestic Company-owned restaurant sales
   $ 157,898     $ 157,898     $ 155,153     $ 155,153     $ 152,662     $ 152,662  
Franchise royalties
     20,733       20,733       20,230       20,230       19,419       19,419  
Franchise and development fees
     546       546       219       219       263       263  
Domestic commissary sales
     143,894       143,894       140,003       140,003       138,044       138,044  
Other sales
     12,607       12,607       12,444       12,444       13,566       13,566  
International:
                                                
Royalties and franchise and development fees
     5,067       5,067       5,391       5,391       5,454       5,454  
Restaurant and commissary sales
     14,859       14,859       15,746       15,746       16,934       16,934  
Total revenues
     355,604       355,604       349,186       349,186       346,342       346,342  
                                                 
Costs and expenses:
                                                
Domestic Company-owned restaurant expenses:
                                          
Cost of sales
     37,073       37,073       37,825       37,825       38,233       38,233  
Salaries and benefits
     43,272       43,272       42,053       42,053       41,701       41,701  
Advertising and related costs
     14,793       14,793       14,677       14,677       14,424       14,424  
Occupancy costs
     8,711       8,711       8,939       8,939       9,583       9,583  
Other restaurant operating expenses
     22,745       22,745       22,431       22,431       23,061       23,061  
Total domestic Company-owned restaurant expenses
     126,594       126,594       125,925       125,925       127,002       127,002  
                                                 
Domestic commissary expenses:
                                                
Cost of sales
     117,778       110,923       114,045       107,676       115,563       107,930  
Salaries and benefits
     10,067       6,016       10,264       6,084       10,347       6,173  
Other commissary operating expenses
     16,007       15,461       15,768       15,185       15,965       15,262  
Total domestic commissary expenses
     143,852       132,400       140,077       128,945       141,875       129,365  
                                                 
Other operating expenses
     -       11,452       -       11,132       -       12,510  
International restaurant and commissary expenses
     12,653       12,653       12,983       12,983       14,372       14,372  
General and administrative expenses
     33,158       33,158       33,126       33,126       31,780       31,780  
Other general expenses
     1,185       1,185       1,597       1,597       1,260       1,260  
Depreciation and amortization
     8,537       8,537       8,530       8,530       8,605       8,605  
Total costs and expenses
     325,979       325,979       322,238       322,238       324,894       324,894  
                                                 
Operating income
     29,625       29,625       26,948       26,948       21,448       21,448  
Net interest income (expense)
     672       672       (340 )     (340 )     (185 )     (185 )
Income before income taxes
     30,297       30,297       26,608       26,608       21,263       21,263  
Income tax expense
     9,978       9,978       8,563       8,563       6,385       6,385  
Net income before attribution to noncontrolling interests
     20,319       20,319       18,045       18,045       14,878       14,878  
Income attributable to noncontrolling interests
     (1,013 )     (1,013 )     (895 )     (895 )     (602 )     (602 )
Net income attributable to the Company
   $ 19,306     $ 19,306     $ 17,150     $ 17,150     $ 14,276     $ 14,276  
                                                 
Calculation of income for earnings per share:
                                          
Net income attributable to the Company
   $ 19,306     $ 19,306     $ 17,150     $ 17,150     $ 14,276     $ 14,276  
Increase in noncontrolling interest redemption value
     -       -       -       -       -       -  
Net income attributable to participating securities
     -       -       -       -       -       -  
Net income attributable to common shareholders
   $ 19,306     $ 19,306     $ 17,150     $ 17,150     $ 14,276     $ 14,276  
                                                 
Basic earnings per common share
   $ 0.43     $ 0.43     $ 0.39     $ 0.39     $ 0.33     $ 0.33  
Earnings per common share - assuming dilution
   $ 0.42     $ 0.42     $ 0.39     $ 0.39     $ 0.32     $ 0.32  
                                                 
Basic weighted average common shares outstanding
     44,512       44,512       43,484       43,484       43,182       43,182  
Diluted weighted average common shares outstanding
     45,612       45,612       44,500       44,500       44,168       44,168  
                                                 
Dividends declared per common share
   $ -     $ -     $ -     $ -     $ 0.125     $ 0.125  
                                                 
 
Note:  In the fourth quarter of 2013, the Company elected to separate the Domestic commissary expenses from other operating expenses.  This schedule is being provided to report the first, second and third quarters of 2013 consistent with the fourth quarter and full year of 2013.  The "Reported" columns are as reported in prior earnings press releases, Forms 10-Q and Form 10-K and the "Reclassified" columns show the amounts that the Company intends to report in the 2014 Forms 10-Q. There was no impact on Net income attributable to the Company or earnings per share, as adjusted for the two-for-one stock split distributed on December 27, 2013.
 
 
 
 
 
Papa John's International, Inc. and Subsidiaries
  
Consolidated Statements of Income
  
             
   
Quarter Ended
    
Year Ended
  
   
Dec. 29, 2013
    
Dec. 29, 2013
  
   
Reported
    
Reported
  
   
(Unaudited)
        
(In thousands, except per share amounts)
            
Revenues:
        
North America:
            
Domestic Company-owned restaurant sales
   $ 169,604     $ 635,317  
Franchise royalties
     21,310       81,692  
Franchise and development fees
     153       1,181  
Domestic commissary sales
     156,929       578,870  
Other sales
     14,705       53,322  
International:
                
Royalties and franchise and development fees
     6,067       21,979  
Restaurant and commissary sales
     19,122       66,661  
Total revenues
     387,890       1,439,022  
                 
Costs and expenses:
                
Domestic Company-owned restaurant expenses:
          
Cost of sales
     43,106       156,237  
Salaries and benefits
     46,290       173,316  
Advertising and related costs
     15,278       59,172  
Occupancy costs
     9,313       36,546  
Other restaurant operating expenses
     24,043       92,280  
Total domestic Company-owned restaurant expenses
     138,030       517,551  
                 
Domestic commissary expenses:
                
Cost of sales
     122,164       448,693  
Salaries and benefits
     6,850       25,123  
Other commissary operating expenses
     14,618       60,526  
Total domestic commissary expenses
     143,632       534,342  
                 
Other operating expenses
     12,917       48,011  
International restaurant and commissary expenses
     16,601       56,609  
General and administrative expenses
     36,164       134,228  
Other general expenses
     2,631       6,673  
Depreciation and amortization
     9,433       35,105  
Total costs and expenses
     359,408       1,332,519  
                 
Operating income
     28,482       106,503  
Net interest income (expense)
     (541 )     (394 )
Income before income taxes
     27,941       106,109  
Income tax expense
     8,204       33,130  
Net income before attribution to noncontrolling interests
     19,737       72,979  
Income attributable to noncontrolling interests
     (932 )     (3,442 )
Net income attributable to the Company
   $ 18,805     $ 69,537  
                 
Calculation of income for earnings per share:
          
Net income attributable to the Company
   $ 18,805     $ 69,537  
Increase in noncontrolling interest redemption value
     (510 )     (510 )
Net income attributable to participating securities
     (530 )     (530 )
Net income attributable to common shareholders
   $ 17,765     $ 68,497  
                 
Basic earnings per common share
   $ 0.42     $ 1.58  
Earnings per common share - assuming dilution
   $ 0.41     $ 1.55  
                 
Basic weighted average common shares outstanding
     42,417       43,387  
Diluted weighted average common shares outstanding
     43,301       44,243  
                 
Dividends declared per common share
   $ 0.125     $ 0.250  
                 
 
Note:  In the fourth quarter of 2013, the Company elected to separate the Domestic commissary expenses from other operating expenses.  This schedule is being provided to report the first, second and third quarters of 2013 consistent with the fourth quarter and full year of 2013.  The "Reported" columns are as reported in prior earnings press releases, Forms 10-Q and Form 10-K and the "Reclassified" columns show the amounts that the Company intends to report in the 2014 Forms 10-Q. There was no impact on Net income attributable to the Company or earnings per share, as adjusted for the two-for-one stock split distributed on December 27, 2013.