Consolidated revenues were $331.3 million for the first quarter of 2012, an increase of $18.8 million, or 6.0%, over the corresponding 2011 period. This increase in revenues for the first quarter of 2012 was primarily due to the following:
- Domestic company-owned restaurant sales increased $5.1 million, or 3.7%, reflecting an increase of 3.0% in comparable sales during the first quarter of 2012.
- North America franchise royalty revenue increased approximately $800,000, or 4.0%, primarily due to an increase in net franchise units over the prior year.
- Domestic commissary sales increased $9.9 million, or 7.8%, due to an increase in the volume of sales and increases in the prices of certain commodities.
- International revenues increased $4.1 million, or 32.1%, primarily due to an increase in the number of restaurants and an increase in comparable sales of 8.4% calculated on a constant dollar basis.
First quarter 2012 income before income taxes was $27.1 million, compared to first quarter of 2011 income before income taxes of $26.8 million, or a 1.3% increase. Excluding the net impact of the Incentive Contribution discussed above, first quarter 2012 income before income taxes was $30.9 million, an increase of $4.1 million, or 15.2% over the prior year comparable period. Income before income taxes is summarized in the following table on a reporting segment basis (in thousands):
|Mar. 25,||Mar. 27,||Increase|
|Domestic company-owned restaurants (a)||$||12,321||$||10,883||$||1,438|
|North America franchising||18,140||18,009||131|
|Unallocated corporate expenses (b)||(15,166||)||(9,769||)||(5,397||)|
|Elimination of intersegment loss (profit)||10||(703||)||713|
|Total income before income taxes||$||27,138||$||26,780||$||358|
Includes the benefit of a $1.0 million advertising credit from PJNMF related to the Incentive Contribution in the first quarter of 2012.
Includes a $4.7 million net reduction related to the Incentive Contribution in the first quarter of 2012.
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