Income for Papa John's climbs 85% in quarter

by Bakingbusiness Staff
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LOUISVILLE, KY. — For the quarter ended June 28, Papa John’s International, Inc. had net income of $14,177,000, equal to 51c per share on the common stock, up 85% from $7,648,000, or 27c per share, during the same quarter of the previous year.

Revenue for the quarter was $276,637,000, down 2% from $283,408,000 during the same quarter of the previous year. The decrease was due to lower company-owned restaurant sales and a decline in sales at its print and promotions subsidiary.

"We are pleased with our first-half results, especially given the difficult economy and challenging competitive environment," said John Schnatter, founder and chief executive officer. "The investments we have made in our system this year are continuing to drive positive results for both our company-owned and franchised restaurants. Our strong cash flow and conservative balance sheet provide us the flexibility to continue to invest in our business even in the most challenging of times."

For the six months ended June 28, the company had net income of $32,016,000, or $1.15 per share, up 97% from $16,273,000, or 57c per share, during the same period of the previous year. Revenue for the six months was $561,609,000, down 2% from $572,413,000 during the same period of the previous year.

The company also said it has revised its previously announced full-year earnings per share range to $1.38 to $1.44 from $1.36 to $1.44.

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