$PZZA
PAPA JOHNS INTERNATIONAL INC

2013 Q2 Form 10-Q Financial Statement

#000115752313003912 Filed on August 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $349.2M $318.6M
YoY Change 9.61% 8.53%
Cost Of Revenue $254.0M $231.1M
YoY Change 9.91% 6.84%
Gross Profit $95.10M $87.50M
YoY Change 8.69% 13.34%
Gross Profit Margin 27.23% 27.47%
Selling, General & Admin $59.70M $54.50M
YoY Change 9.54% 12.37%
% of Gross Profit 62.78% 62.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.530M $8.100M
YoY Change 5.31% -3.57%
% of Gross Profit 8.97% 9.26%
Operating Expenses $68.20M $63.00M
YoY Change 8.25% 8.81%
Operating Profit $26.95M $24.33M
YoY Change 10.77% 27.0%
Interest Expense -$340.0K $282.0K
YoY Change -220.57% -3.75%
% of Operating Profit -1.26% 1.16%
Other Income/Expense, Net
YoY Change
Pretax Income $26.61M $23.47M
YoY Change 13.39% 23.07%
Income Tax $8.563M $8.005M
% Of Pretax Income 32.18% 34.11%
Net Earnings $17.15M $14.29M
YoY Change 20.02% 17.86%
Net Earnings / Revenue 4.91% 4.49%
Basic Earnings Per Share $0.39 $0.30
Diluted Earnings Per Share $0.39 $0.30
COMMON SHARES
Basic Shares Outstanding 43.48M shares 23.73M shares
Diluted Shares Outstanding 44.50M shares 24.11M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.20M $33.60M
YoY Change -16.07% 67.16%
Cash & Equivalents $28.24M $33.63M
Short-Term Investments
Other Short-Term Assets $7.804M $2.880M
YoY Change 170.97% -86.67%
Inventory $21.72M $19.70M
Prepaid Expenses $10.78M $10.55M
Receivables $43.24M $27.69M
Other Receivables $3.500M $4.400M
Total Short-Term Assets $122.9M $105.1M
YoY Change 16.94% 25.45%
LONG-TERM ASSETS
Property, Plant & Equipment $201.9M $186.6M
YoY Change 8.24% 2.06%
Goodwill $78.09M $78.34M
YoY Change -0.32%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.68M $26.83M
YoY Change 21.79% 19.77%
Total Long-Term Assets $326.5M $302.3M
YoY Change 8.02% 1.82%
TOTAL ASSETS
Total Short-Term Assets $122.9M $105.1M
Total Long-Term Assets $326.5M $302.3M
Total Assets $449.5M $407.4M
YoY Change 10.32% 7.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.73M $32.38M
YoY Change -11.28% 9.39%
Accrued Expenses $51.95M $49.67M
YoY Change 4.6% -0.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $82.09M $86.09M
YoY Change -4.65% -0.24%
LONG-TERM LIABILITIES
Long-Term Debt $133.2M $50.00M
YoY Change 166.48% 4.17%
Other Long-Term Liabilities $40.86M $23.64M
YoY Change 72.85% 23.76%
Total Long-Term Liabilities $174.1M $73.64M
YoY Change 136.43% 9.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.09M $86.09M
Total Long-Term Liabilities $174.1M $73.64M
Total Liabilities $274.9M $159.7M
YoY Change 72.09% -3.43%
SHAREHOLDERS EQUITY
Retained Earnings $392.9M $330.3M
YoY Change 18.95%
Common Stock $373.0K $371.0K
YoY Change 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $514.5M $390.8M
YoY Change 31.68%
Treasury Stock Shares
Shareholders Equity $167.8M $212.2M
YoY Change
Total Liabilities & Shareholders Equity $449.5M $407.4M
YoY Change 10.32% 7.02%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $17.15M $14.29M
YoY Change 20.02% 17.86%
Depreciation, Depletion And Amortization $8.530M $8.100M
YoY Change 5.31% -3.57%
Cash From Operating Activities $17.30M $21.10M
YoY Change -18.01% -19.47%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M -$8.600M
YoY Change 43.02% 13.16%
Acquisitions
YoY Change
Other Investing Activities -$400.0K -$4.400M
YoY Change -90.91% -540.0%
Cash From Investing Activities -$12.60M -$13.10M
YoY Change -3.82% 98.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K -19.30M
YoY Change -95.34% 42.96%
NET CHANGE
Cash From Operating Activities 17.30M 21.10M
Cash From Investing Activities -12.60M -13.10M
Cash From Financing Activities -900.0K -19.30M
Net Change In Cash 3.800M -11.30M
YoY Change -133.63% -285.25%
FREE CASH FLOW
Cash From Operating Activities $17.30M $21.10M
Capital Expenditures -$12.30M -$8.600M
Free Cash Flow $29.60M $29.70M
YoY Change -0.34% -12.13%

Facts In Submission

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us-gaap Basis Of Accounting
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<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"> <td style="WIDTH: 18pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 1.</font></div> </td> <td> <div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Basis of Presentation</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ended December 29, 2013. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for Papa John&#x2019;s International, Inc. (referred to as the &#x201C;Company,&#x201D; &#x201C;Papa John&#x2019;s&#x201D; or in the first person notations of &#x201C;we,&#x201D; &#x201C;us&#x201D; and &#x201C;our&#x201D;) for the year ended December 30, 2012.</font></div> </div>
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
58806000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
545000 shares
us-gaap Depreciation And Amortization
DepreciationAndAmortization
17067000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3696000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
47232000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25369000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
44983000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-637000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58806000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25493000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
11840000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
66284000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22543000 shares
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
1954000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3696000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-496000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1038000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.66
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9933000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-2000000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1750000
us-gaap Stockholders Equity Other
StockholdersEquityOther
-188000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
73000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1841000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-1721000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
332000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
3803000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21998000 shares
us-gaap Other General Expense
OtherGeneralExpense
2782000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 Entity
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-456000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5870000
us-gaap Revenues
Revenues
704790000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-319000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
56905000
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
100643000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
3103000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
8256000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
151000 shares
us-gaap Net Income Loss
NetIncomeLoss
36456000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
3803000
us-gaap Interest Paid Net
InterestPaidNet
802000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18541000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-90000
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-9022000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
37326000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
1908000
pzza Potential Class Size
PotentialClassSize
28800 Employee
pzza Additional State Classes Pending
AdditionalStateClassesPending
5 Case
pzza Number Of Resultant Plaintiffs If Pending State Classes Are Granted
NumberOfResultantPlaintiffsIfPendingStateClassesAreGranted
14000 Employee
CY2013Q3 pzza Debt Instrument Interest Rate Swap Interest Rate
DebtInstrumentInterestRateSwapInterestRate
0.0142 pure
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
294252000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
24327000
CY2012Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-454000
CY2012Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-3000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13838000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1172000
CY2012Q2 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.013 pure
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.59
CY2012Q2 us-gaap Profit Loss
ProfitLoss
15461000
CY2012Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-3000
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
379000 shares
CY2012Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8104000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
31463000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24112000 shares
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-451000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-445000
CY2012Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-9000
CY2012Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-861000
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23733000 shares
CY2012Q2 us-gaap Other General Expense
OtherGeneralExpense
1135000
CY2012Q2 us-gaap Revenues
Revenues
318579000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23466000
CY2012Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
43234000
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
14289000
CY2012Q2 us-gaap Interest Paid Net
InterestPaidNet
232000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8005000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
15010000
CY2012Q2 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
1172000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
322238000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26948000
CY2013Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-396000
CY2013Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-146000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
16900000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
895000
CY2013Q2 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.011 pure
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2013Q2 us-gaap Profit Loss
ProfitLoss
18045000
CY2013Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
71000
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
508000 shares
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8530000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-217000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
33126000
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22250000 shares
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-250000
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.79
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-586000
CY2013Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
190000
CY2013Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-340000
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21742000 shares
CY2013Q2 us-gaap Other General Expense
OtherGeneralExpense
1597000
CY2013Q2 us-gaap Revenues
Revenues
349186000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26608000
CY2013Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
50058000
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
218000 shares
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
17150000
CY2013Q2 us-gaap Interest Paid Net
InterestPaidNet
424000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8563000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
17795000
CY2013Q2 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
895000

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