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Papa John’s Announces Second Quarter 2012 Results

Stocks in this article: PZZA

Income before income taxes is summarized in the following table on a reporting segment basis (in thousands):

      Three Months Ended   Six Months Ended
    June 24,   June 26,   Increase   June 24,   June 26,   Increase
      2012   2011   (Decrease)   2012   2011   (Decrease)
 

Domestic company-owned restaurants (a)

$ 9,358 $ 7,421 $ 1,937 $ 21,679 $ 18,304 $ 3,375
Domestic commissaries 7,978 4,321 3,657 19,144 13,875 5,269
North America franchising 16,619 16,240 379 34,759 34,249 510
International 320 (250 ) 570 592 (1,066 ) 1,658
All others 471 (298 ) 769 866 (676 ) 1,542
Unallocated corporate expenses (b) (10,025 ) (8,517 ) (1,508 ) (25,191 ) (18,286 ) (6,905 )

Elimination of intersegment losses (profits)

    (481 )     150       (631 )     (471 )     (553 )     82  
Income before income taxes 24,240 19,067 5,173 51,378 45,847 5,531

Incentive Contribution (income) expense

    (250 )     -       (250 )     3,471       -       3,471  

Income before income taxes, excluding Incentive Contribution

  $ 23,990     $ 19,067     $ 4,923     $ 54,849     $ 45,847     $ 9,002  
 

(a) The six months ended June 24, 2012 includes the benefit of a $1.0 million advertising credit from the Papa John’s Marketing Fund related to the Incentive Contribution.

(b) Includes the impact of the Incentive Contribution in 2012 ($250,000 increase for the three-month period and a $4.5 million reduction for the six-month period).

 

The increase in income before income taxes for the three months ended June 24, 2012, of $4.9 million is primarily due to the following:

  • Domestic company-owned restaurants operating income improved approximately $1.9 million primarily due to comparable sales increases as well as favorable commodity costs.
  • Domestic commissaries income improved approximately $3.7 million primarily due to the increase in net units and comparable sales.
  • North America Franchising and International improved due to the increase in net units and strong comparable sales results.
  • These increases were slightly offset by higher unallocated corporate expenses of $1.5 million primarily due to an increase in short-term management incentive costs.

The increase in income before income taxes for the six months ended June 24, 2012, of $9.0 million is primarily due to the same reasons noted above.

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