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Papa John’s Announces Third Quarter 2013 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 29, 2013.


  • Third quarter diluted earnings per share of $0.65 in 2013 compared to $0.55 in 2012, an increase of 18%
  • System-wide comparable sales increases of 1.8% for North America and 8.1% for international during the quarter
  • 2013 diluted earnings per share guidance increased to a range of $3.02 to $3.10
  • 2013 guidance increased for North America comparable sales, international comparable sales, and worldwide net unit openings

“I’d like to congratulate our operators on yet another solid quarter,” said Papa John's Founder, Chairman and Chief Executive Officer, John Schnatter. “Papa John's brand promise of delivering Better Ingredients, Better Pizza is resonating with customers around the world reflected by our strong international comp sales and unit growth. Having just initiated a regular cash dividend, today’s announcement of a two-for-one stock split demonstrates our Company’s sustained commitment to building value for our shareholders and our confidence in the fundamentals and growth potential of our business.”

Third quarter 2013 revenues were $346.3 million, a 6.4% increase from third quarter 2012 revenues of $325.5 million. Third quarter 2013 net income was $14.3 million, compared to third quarter 2012 net income of $13.0 million. Third quarter 2013 diluted earnings per share were $0.65 compared to third quarter 2012 diluted earnings per share of $0.55.

Revenues were $1.05 billion for the nine months ended September 29, 2013, a 7.8% increase from revenues of $975.4 million for the same period in 2012. Net income was $50.7 million for the nine months ended September 29, 2013, compared to $44.3 million for the same period in 2012 ($50.2 million and $46.4 million, for the nine-month periods in 2013 and 2012, respectively, excluding the impact of the previously disclosed 2012 Incentive Contribution). Diluted earnings per share were $2.27 for the nine months ended September 29, 2013, compared to $1.84 for the same period in 2012 ($2.24 and $1.93, for the nine-month periods in 2013 and 2012, respectively, excluding the impact of the 2012 Incentive Contribution).


Global Restaurant and Comparable Sales Information

Three Months Ended   Nine Months Ended

Sept. 29, 2013


Sept. 23, 2012


Sept. 29, 2013


Sept. 23, 2012

Global restaurant sales growth (a) 6.9 % 7.1 % 6.7 % 7.6 %

Global restaurant sales growth, excluding the impact of foreign currency (a)

7.5 % 7.4 % 7.2 % 8.0 %
Comparable sales growth (b)
Domestic company-owned restaurants 5.1 % 5.0 % 5.0 % 5.1 %
North America franchised restaurants 0.6 % 1.7 % 1.3 % 2.4 %
System-wide North America restaurants 1.8 % 2.5 % 2.3 % 3.0 %
System-wide international restaurants 8.1 % 6.9 % 7.7 % 7.1 %

(a) Includes both company-owned and franchised restaurant sales.


(b) Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States are reported on a constant dollar basis, which excludes the impact of foreign currency conversion.


Management believes global restaurant and comparable sales growth information, as defined in the table above, is useful in analyzing our results since our franchisees pay royalties that are based on a percentage of franchise sales. Franchise sales generate commissary revenue in the United States and in certain international markets. Global restaurant and comparable sales growth information is also useful in analyzing industry trends and the strength of our brand. Franchise restaurant sales are not included in company revenues.

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