Feb 26 Papa John's International Inc said it would restate financial results dating back to 2009 after the company found accounting errors in a joint venture agreement.
The pizza maker said it will take a charge of $3.7 million related to the restatement in the fiscal year ended Dec. 30.
The company said in a regulatory filing that it will restate financial results for 2009, 2010 and 2011 fiscal years, as well as the first three quarters of 2012.
The company's earnings were reduced by 13 cents a share to $1.93 a share for 2009. Earnings for 2010 were raised by 3 cents a share to $1.99 a share, and 2011 earnings were cut by 4 cents a share to $2.16 a share.
The corrections had no impact on total revenues, operating income or operating cash flows, Papa John's said.