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Papa John’s Announces Second Quarter 2013 Results

Stocks in this article: PZZA

Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three and six months ended June 30, 2013.

Highlights

  • Second quarter diluted earnings per share of $0.77 in 2013 compared to $0.59 in 2012
  • System-wide comparable sales increases of 3.4% for North America and 6.8% for international during the quarter
  • 1,000th international restaurant opening; 55 worldwide net unit openings during the quarter
  • 2013 earnings guidance updated to a range of $2.92 to $3.00 per diluted share, from prior guidance of $2.90 to $3.00 per diluted share
  • Board declares regular quarterly cash dividend of $0.25 per share and increases share repurchase authorization

“Our commitment to delivering a quality product around the globe continues to pay off, with excellent financial performance, a top ranking by the prestigious American Customer Satisfaction Index for the 12th time in 14 years, and the milestone opening of the 1,000 th international Papa John’s restaurant,” said Papa John’s Founder, Chairman and Chief Executive Officer John Schnatter. “I am also pleased to announce a quarterly dividend. The combination of share repurchases and quarterly dividends reflects the strength of our brand and our long term commitment to deliver increasing shareholder value.”

Second quarter 2013 revenues were $349.2 million, a 9.6% increase from second quarter 2012 revenues of $318.6 million. Second quarter 2013 net income was $17.2 million, compared to second quarter 2012 net income of $14.3 million ($17.0 million and $14.1 million, for the second quarter of 2013 and 2012, respectively, excluding the impact of the previously disclosed 2012 Incentive Contribution). Second quarter 2013 diluted earnings per share were $0.77 compared to second quarter 2012 diluted earnings per share of $0.59 ($0.76 for the second quarter of 2013 and $0.59 for the second quarter of 2012, excluding the impact of the 2012 Incentive Contribution).

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