Papa John’s International, Inc. (NASDAQ: PZZA – News)reported first quarter earnings yesterday.
The company announced revenues of $285.0 million for the first quarter of 2009, representing a decrease of 1.4 percent from revenues of $289.0 million for the same period in 2008 primarily due to the divestiture of 62 company-owned restaurants to franchisees during the fourth quarter of 2008.
Net income for the first quarter of 2009 was $17.8 million, or $0.64 per diluted share (including after-tax income of $5.9 million, or $0.21 per diluted share, from the consolidation of the results of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc. (“BIBP”), a variable interest entity), compared to 2008 first quarter net income of $8.6 million, or $0.30 per diluted share (including a net loss of about $5.2 million, or $0.18 per diluted share, from the consolidation of BIBP and a net charge of approximately $700,000, or $0.02 per diluted share, related to restaurant impairment and disposition losses).
Other highlights include:
* First quarter earnings per diluted share of $0.64 in 2009 vs. $0.30 in 2008
* Comparable first quarter earnings per diluted share, excluding the consolidation of BIBP and restaurant impairment and disposition losses, were $0.43 in 2009 vs. $0.50 in 2008, a decrease of 14.0 percent
* Domestic system-wide comparable sales increase of 0.3 percent for the quarter
* 24 net Papa John’s worldwide unit openings during the quarter
* Earnings guidance for 2009 reaffirmed at a range of $1.36 to $1.44 per diluted share, excluding the impact of consolidating BIBP
