Papa John's Announces December, Fourth Quarter and Full Year Comparable Sales Results
System Company-owned Franchised
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Period 0.2% 0.6% 0.1%
Quarter (0.5)% 0.3% (0.7)%
Year 3.1% 3.6% 2.9%
The Company follows a fiscal year ending on the last Sunday of December, generally consisting of 52 weeks made up of four 13-week quarters, which are in turn made up of two four-week periods followed by one five-week period. In 2006, the Company's fiscal year consisted of 53 weeks, with the additional week added to the December period (six weeks) and fourth quarter (14 weeks) results. The above comparable sales results are based upon comparisons against the same number of weeks from the prior year for each reported period.
Total system-wide international sales increased 60.6% for December, 37.4% for the quarter and 30.4% for the year, on a constant U.S. dollar basis, over the same reporting periods last year. Excluding sales for the 53rd week, international sales increased 34.5% in December, 27.2% for the quarter and 27.6% for the year.
The company also announced that its earnings for 2006 are expected to be near the high end of the previously communicated range of $1.45 to $1.49 per share, excluding the impact of the consolidation of the BIBP Commodities, Inc. franchisee-owned cheese purchasing entity (BIBP). The consolidation of BIBP results for 2006 is expected to increase earnings by approximately $0.33 per share (an increase in operating income of approximately $18.0 million). The guidance includes approximately $0.07 per share of earnings related to the 53rd week of operations in the fourth quarter of 2006 and approximately $0.03 per share of earnings related to the settlement of certain tax issues during the third quarter of 2006.
Fourth quarter and full year 2006 earnings results will be released at the close of business on February 27, 2007. A conference call with management will be held on February 28, 2007 at 10:00 a.m. eastern time to discuss these results. As previously announced, beginning with the first quarter of 2007, the company will report sales results on a quarterly basis only.
At December 31, 2006, there were 3,026 Papa John's restaurants (589 company-owned and 2,437 franchised) operating in 49 states and 29 international markets. For more information about the company, visit Papa John's at http://www.papajohns.com.
SOURCE: Papa John's International, Inc.
Papa John's International, Inc.
David Flanery,
Chief Financial Officer,
502-261-4753