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Papa John's International Inc Announces Restatement of 2009, 2010 and 2011 Financial Statements


Tuesday, 26 Feb 2013 05:37pm EST 

Papa John's International Inc announced that in connection with the evaluation of the accounting for newly formed joint ventures in 2012, the Company reviewed the accounting for previously existing joint venture arrangements. As a result of review, determined an error occurred in the accounting for one of joint venture agreements, which contained a mandatorily redeemable feature added through a contract amendment in the third quarter of 2009. This provision was not previously considered in determining the classification and measurement of the noncontrolling interest. In addition, the Company determined that an additional redeemable noncontrolling interest was incorrectly classified in shareholders' equity and should be classified as temporary equity. As such, the Company is restating previously issued consolidated financial statements for the years ended December 27, 2009, December 26, 2010 and December 25, 2011 to correct the errors. To correctly reflect the measurement of the mandatorily redeemable noncontrolling interest, it recorded a $3.7 million charge, net of income taxes, to 2009 retained earnings in consolidated statements of stockholders’ equity to adjust the previously reported balance to the redemption value as of December 27, 2009. Additionally, corrected the classification errors of redeemable noncontrolling interests from permanent equity to either other long-term liabilities or redeemable noncontrolling interests in the consolidated balance sheets. 

Company Quote

41.72
0.65 +1.58%
3:18pm EDT