Papa John's International announced financial results for the three and nine months ended September 23, 2012.
Third quarter 2012 revenues were $325.5 million, a 6.5 percent increase from third quarter 2011 revenues of $305.7 million. Third quarter net income was $13.2 million, compared to third quarter 2011 net income of $11.1 million.
Third quarter earnings per diluted share were 55 cents in 2012, an increase of 25 percent over earning per diluted share of 44 cents in 2011.
Revenues were $975.4 million for the nine months ended September 23, 2012, a 7 percent increase from revenues of $911.7 million for the same period in 2011.
Domestic, company-owned restuarant sales increased $14.5 million, or 11.3 percent, and $35.5 million, or 9 percent, for the three and nine months ended September 23, 2012. This was due to increases in comparable sales of 5 percent and 5.1 percent, respectively, and the net acquisition of 50 restaurants in the Denver and Minneapolis markets from a franchisee in the second quarter of 2012.
Internation revenues increased $2.5 million, or 16.2 percent, and $9.7 million, or 22.8 percent, for the three and nine months ended September 23, 2012. This was primarily due to increases in the number of restaurants, as well as increases in comparable sales of 6.9 and 7.1 percent, respectively.
The company also had 56 global net restaurant openings during the quarter.
"During the third quarter, we achieved a significant milestone with the opening of our 4,000th restaurant," says John Schnatter, Papa John's founder, chairman, and CEO. "Consumers and franchisees continue to put a premium on quality and that's where Papa John's wins. This translates into both strong globabl development and solid comparable sales results."