Record second quarter 2002 results
ANN ARBOR, Mich. – July 30, 2002 – Domino's, Inc., the world leader in pizza delivery, today announced record results for the second quarter of 2002, which ended June 16, 2002. The Company also announced the completion of a new $465 million senior credit facility replacing the previously existing $545 million senior credit facility.
Financial Highlights
The following are highlights for the second quarter of 2002 compared to the same period in 2001.
- Net income increased 21.8% to $10.8 million.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13.9% to a second quarter record of $41.6 million.
- Domestic same store sales increased 4.2%, comprised of a 4.7% increase in domestic franchise same store sales and a 1.5% increase in domestic Company-owned same store sales. Domestic same store sales have shown positive growth in 34 of the last 36 quarters.
- International same store sales increased 4.7%, on a constant dollar basis, marking the 34th consecutive quarter of international same store sales growth.
- System-wide sales increased 6.0% to $904.3 million.
- The Company repaid $17.6 million of debt during the second quarter of 2002, bringing total debt repayments over the most recent four fiscal quarters to nearly $53 million.
"Domino's Pizza continues to produce record results despite the challenges associated with the current economic environment," said Domino's Chairman and Chief Executive Officer David A. Brandon. "We believe our sales momentum is a result of our improved store operations, stronger marketing, and, most importantly, the positive energy being generated by our outstanding franchisees and team members worldwide."
"We are also very pleased to announce our new $465 million senior credit facility," Brandon continued. "We believe the improved pricing and improved covenant flexibility contained in the new facility reflect our continued improvements in financial performance over the past several years, including significant repayments of outstanding debt. This new facility also reflects the credit rating upgrades recently received by Moody's and Standard & Poor's."