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Papa John's net off 60 percent
February 26, 2008
LOUISVILLE, Ky. — Comparable-store sales at domestic Papa John's International Inc. restaurants increased 2.1 percent for the fourth quarter ended Dec. 30, the company announced. For the year, domestic comparable-store sales increased 0.4 percent. Revenues for the fourth quarter were $283.9 million, up 2 percent compared with revenues of $277.9 million for the 2006 fourth quarter. For the year, revenues were $1.1 billion, up 6 percent compared with revenues of $1 billion in 2006.
Net income for the fourth quarter was $7.7 million, off 60 percent compared with net income of $19 million for the 2006 fourth quarter. Net income for the year as $32.7 million, off 48 percent compared with net income of $63.4 million in 2006.
Results for the fourth quarter and full year 2006 included an extra week of operations, which contributed $40 million in additional revenues and $3.5 million in net income for that year, the company said.
Net income for the 2007 fourth quarter included an after-tax loss of $8 million associated with the consolidation of the franchisee-owned cheese purchasing company BIBP Commodities Inc., as well as a gain of $1 million from the finalization of certain tax issues. Full year 2007 results included a loss of $20.5 million related to the BIBP Commodities consolidation and a gain of $2.5 million from the finalization of tax issues.
Papa John's opened 49 domestic restaurants during the 2007 fourth quarter, consisting of five company-owned and 44 franchised restaurants Additionally, the company opened 38 international restaurants, consisting of three company-owned and 35 franchised restaurants, while 16 domestic and two international franchised restaurants were closed.There were 193 net openings worldwide in 2007.
As of Dec. 30, 2007, there were 3,208 Papa John's restaurants, consisting of 662 company-owned and 2,546 franchised restaurants, operating in all 50 states and 28 countries.
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