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Papa John’s Announces First Quarter 2012 Results

Stocks in this article: PZZA

Revenue Highlights

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.

Operating Highlights

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):

        First Quarter
    Mar. 25,     Mar. 27,       Increase
        2012     2011       (Decrease)
 
Domestic company-owned restaurants (a) $ 12,321 $ 10,883 $ 1,438
Domestic commissaries 11,166 9,554 1,612
North America franchising 18,140 18,009 131
International 272 (816 ) 1,088
All others 395 (378 ) 773
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  
 

(a)

Includes the benefit of a $1.0 million advertising credit from PJNMF related to the Incentive Contribution in the first quarter of 2012.

(b)

Includes a $4.7 million net reduction related to the Incentive Contribution in the first quarter of 2012.

 




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