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Papa John’s Announces Third Quarter 2012 Results

Stocks in this article: PZZA

Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three and nine months ended September 23, 2012.

Highlights

  • Third quarter earnings per diluted share of $0.55 in 2012, an increase of 25.0% over earnings per diluted share of $0.44 in 2011
  • 56 global net restaurant openings during the quarter
  • 2012 earnings guidance raised to a range of $2.53 to $2.63; comparable sales guidance raised for both North America (updated guidance range of +3.0% to +4.0%) and International (updated guidance range of +6.0% to +7.0%)

“During the third quarter, we achieved a significant milestone with the opening of our 4,000th restaurant,” said Papa John’s founder, chairman, and chief executive officer, John Schnatter. “Consumers and franchisees continue to put a premium on quality and that’s where Papa John’s wins. This translates into both strong global development and solid comparable sales results.”

Third quarter 2012 revenues were $325.5 million, a 6.5% increase from third quarter 2011 revenues of $305.7 million. Third quarter 2012 net income was $13.2 million compared to third quarter 2011 net income of $11.1 million. Third quarter 2012 diluted earnings per share were $0.55, compared to third quarter 2011 diluted earnings per share of $0.44.

Revenues were $975.4 million for the nine months ended September 23, 2012, a 7.0% increase from revenues of $911.7 million for the same period in 2011. Net income was $44.7 million for the nine months ended September 23, 2012 ($46.8 million excluding the $2.1 million Incentive Contribution discussed later in this press release), compared to net income of $39.7 million for the same period in 2011. Diluted earnings per share were $1.85 for the nine months ended September 23, 2012 ($1.94 excluding the Incentive Contribution), compared to $1.55 in the prior year.

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