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Papa John’s Announces Second Quarter 2012 Results

Revenue and Operating Highlights

Revenues

Consolidated revenues increased $25.0 million, or 8.5%, for the second quarter of 2012 and increased $43.9 million, or 7.2%, for the six months ended June 24, 2012. The increases in revenues were due to the following:

  • Domestic company-owned restaurant sales increased $15.9 million, or 12.4%, and $21.0 million, or 7.9%, for the three and six months ended June 24, 2012, respectively, due to increases in comparable sales of 7.4% and 5.1% and the net acquisition of 50 restaurants in Denver and Minneapolis from a franchisee in the second quarter of 2012.
  • North America franchise royalty revenue increased approximately $1.0 million, or 5.5%, and $1.8 million, or 4.7%, for the three and six months ended June 24, 2012, respectively, primarily due to increases in comparable sales of 5.1% and 2.7% and increases in net franchise units over the prior year.
  • Domestic commissary sales increased $5.6 million, or 4.6%, and $15.5 million, or 6.2%, for the three and six months ended June 24, 2012, respectively, primarily due to an increase in the volume of restaurant sales.
  • International revenues increased $3.1 million, or 21.8%, and increased $7.2 million, or 26.7%, for the three and six months ended June 24, 2012, respectively, primarily due to increases in the number of restaurants and increases in comparable sales of 6.1% and 7.2%, calculated on a constant dollar basis.

Operating Highlights

All comparisons are versus the same period of the prior year and exclude the Incentive Contribution. See “Marketing Incentive Contribution” below for further information.

Second quarter 2012 income before income taxes was $24.0 million, compared to $19.1 million, or a 25.8% increase. Income before income taxes was $54.8 million for the six months ended June 24, 2012, compared to $45.8 million, or a 19.6% increase.

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