Papa John's net up 87 percent

 
Aug. 4, 2009
Domestic systemwide comparable sales at Papa John's restaurants increased 0.1 percent for the company's second quarter ended June 28, comprised of a 0.4 percent decrease at company-owned restaurants and a 0.2 percent increase at franchised restaurants. Domestic systemwide comparable sales for the year to date increased 0.2 percent, comprised of flat sales at company-owned restaurants and a 0.2 percent increase at franchised restaurants.
 
The company estimates that the timing of the Easter holiday weekend had a negative impact of 0.3 percent on the second quarter results and an estimated beneficial 0.3 percent impact on the first quarter 2009 results.
 
Revenues for the quarter were $276.6 million, off 2 percent compared with revenues of $283.4 million in the 2008 second quarter. Year-to-date revenues were $561.6 million, off 2 percent compared with revenues of $572.4 million in the first six months of last year.
 
Net income for the quarter was $14.2 million, up 87 percent compared with net income of $7.6 million in the 2008 second quarter. Year-to-date net income was $32 million, up 96 percent compared with net income of $16.3 million for the same period last year.
 
Net income was boosted by results from the company's franchisee-owned cheese purchasing entity.
 
Papa John's has revised its previously announced 2009 earnings per diluted share guidance from a range of $1.36 to $1.44 to a range of $1.38 to $1.44 for the year.
 
The company opened 11 domestic franchised restaurants and closed one company-owned and 17 franchised restaurants during the quarter. The company opened one company-owned and 28 international franchised restaurants during the quarter and closed eight international franchised restaurants.

Topics: Papa John's , Public Companies


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