SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended September 29, 2002 |
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OR |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Commission File Number: 0-21660 |
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PAPA JOHN’S INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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61-1203323 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification |
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2002
Papa Johns Boulevard |
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(Address of principal executive offices) |
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(502) 261–7272 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
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Yes ý |
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No o |
At November 7, 2002, there were outstanding 18,678,915 shares of the registrant’s common stock, par value $.01 per share.
INDEX
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Condensed Consolidated Balance Sheets – September 29, 2002 and December 30, 2001 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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1
Papa John’s International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
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(In thousands) |
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September 29, 2002 |
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December 30, 2001 |
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(Unaudited) |
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(Note) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
10,422 |
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$ |
17,609 |
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Accounts receivable |
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16,752 |
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23,238 |
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Inventories |
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15,523 |
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12,659 |
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Prepaid expenses and other current assets |
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11,455 |
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8,986 |
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Deferred income taxes |
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2,639 |
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2,639 |
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Total current assets |
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56,791 |
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65,131 |
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Investments |
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6,542 |
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3,424 |
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Net property and equipment |
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228,582 |
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238,945 |
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Notes receivable from franchisees and affiliates |
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15,249 |
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17,574 |
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Goodwill |
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48,891 |
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48,274 |
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Other assets |
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14,091 |
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14,091 |
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Total assets |
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$ |
370,146 |
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$ |
387,439 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
21,248 |
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$ |
23,808 |
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Income and other taxes |
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19,180 |
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15,628 |
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Accrued expenses |
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36,982 |
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26,773 |
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Short-term debt |
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129,335 |
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225 |
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Total current liabilities |
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206,745 |
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66,434 |
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Unearned franchise and development fees |
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2,696 |
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3,292 |
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Long-term debt, net of current portion |
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250 |
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105,085 |
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Deferred income taxes |
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2,429 |
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3,467 |
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Other long-term liabilities |
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21,814 |
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13,529 |
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Stockholders’ equity: |
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Preferred stock |
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— |
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— |
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Common stock |
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314 |
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310 |
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Additional paid-in capital |
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211,408 |
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201,797 |
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Accumulated other comprehensive loss |
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(5,461 |
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(2,934 |
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Retained earnings |
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249,282 |
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213,561 |
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Treasury stock |
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(319,331 |
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(217,102 |
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Total stockholders’ equity |
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136,212 |
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195,632 |
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Total liabilities and stockholders’ equity |
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$ |
370,146 |
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$ |
387,439 |
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Note: The balance sheet at December 30, 2001 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements.
See accompanying notes.
2
Papa John’s International, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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(In thousands, except per share amounts) |
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Sept. 29, 2002 |
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Sept. 30, 2001 |
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Sept. 29, 2002 |
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Sept. 30, 2001 |
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Domestic revenues: |
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Restaurant sales |
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$ |
102,638 |
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$ |
107,753 |
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$ |
323,435 |
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$ |
336,888 |
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Franchise royalties |
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12,579 |
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12,446 |
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38,649 |
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37,934 |
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Franchise and development fees |
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371 |
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806 |
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1,323 |
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2,456 |
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