ANN ARBOR, Mich., July 22, 2014 /PRNewswire/ -- Domino's
Pizza, Inc. (NYSE: DPZ), the recognized world leader in
pizza delivery, today announced results for the second quarter of
2014, comprised of strong growth in both same store sales and
global store counts, which resulted in 17.5% EPS growth, or
67 cents per share. Domestic same
store sales grew 5.4% during the quarter versus the year-ago
period, continuing the positive sales momentum in the Company's
domestic business. The international division also posted strong
results with same store sales growth of 7.7% during the quarter,
marking the 82nd consecutive quarter of international
same store sales growth. The Company had global net store growth of
133 stores in the second quarter of 2014.
During the quarter, the Company also repurchased and retired
687,750 shares of its common stock for approximately $49.9 million. Additionally, on
July 16, 2014, the Board of Directors
declared a 25 cent per share
quarterly dividend for shareholders of record as of September 15, 2014 to be paid on September 30, 2014.
J. Patrick Doyle, Domino's
President and Chief Executive Officer, said: "The first half of
2014 has proven to be yet another positive story for our global
brand and hardworking franchisees. We are performing well in the
U.S. and international markets by driving sales and building stores
around the world. We also opened our 11,000th
store this quarter, an important milestone for a growing
brand."
Second Quarter Highlights:
(dollars in
millions, except per share data)
|
Second
Quarter of
2014
|
|
Second
Quarter of
2013
|
|
Two Fiscal
Quarters of
2014
|
|
Two Fiscal
Quarters of
2013
|
Net
income
|
$ 38.5
|
|
$ 33.3
|
|
$ 78.9
|
|
$ 67.7
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares
|
57,124,457
|
|
57,960,232
|
|
57,246,871
|
|
58,091,126
|
|
|
|
|
|
|
|
|
Diluted earnings
per share, as reported
|
$ 0.67
|
|
$ 0.57
|
|
$ 1.38
|
|
$ 1.17
|
Items affecting
comparability*
|
-
|
|
-
|
|
(0.02)
|
|
-
|
Diluted earnings
per share, as adjusted*
|
$ 0.67
|
|
$ 0.57
|
|
$ 1.36
|
|
$ 1.17
|
|
|
|
|
|
|
|
|
* Refer to the
Items Affecting Comparability section on page three for
additional details.
|
- Revenues were up 8.8% for the second
quarter versus the prior year period, due primarily to higher
supply chain revenues from higher cheese and other commodity prices
as well as increased volumes, higher international revenues
resulting in part from same store sales and store count growth, and
increased domestic franchise revenues due primarily to same store
sales growth.
- Net Income was up 15.6% for the second
quarter versus the prior year period, driven by domestic and
international same store sales growth and global store count
growth.
- Diluted EPS was 67 cents for the second quarter versus
57 cents in the prior year quarter,
which represents an increase of 10
cents, or 17.5%. This increase was due to higher net income
and lower weighted average diluted shares outstanding.
The table below outlines certain statistical measures utilized
by the Company to analyze its performance. Refer to the
Comments on Regulation G section on page four for additional
details.
|
Second Quarter
of 2014
|
|
Second Quarter
of 2013
|
|
|
Same store sales
growth: (versus prior year period)
|
|
|
|
|
|
Domestic
Company-owned stores
|
+ 3.5%
|
|
+ 5.7%
|
|
|
Domestic
franchise stores
|
+ 5.5%
|
|
+ 6.8%
|
|
|
Domestic
stores
|
+ 5.4%
|
|
+ 6.7%
|
|
|
International
stores (excluding foreign currency impact)
|
+ 7.7%
|
|
+ 5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period)
|
|
|
|
|
|
Domestic
stores
|
+ 6.9%
|
|
+ 7.3%
|
|
|
International
stores
|
+15.6%
|
|
+11.2%
|
|
|
Total
|
+11.5%
|
|
+ 9.3%
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period,
excluding
foreign currency impact)
|
|
|
|
|
|
Domestic
stores
|
+ 6.9%
|
|
+ 7.3%
|
|
|
International
stores
|
+16.0%
|
|
+13.3%
|
|
|
Total
|
+11.7%
|
|
+10.4%
|
|
|
|
Domestic Company-
owned Stores
|
|
Domestic
Franchise
Stores
|
|
Total Domestic
Stores
|
|
International
Stores
|
|
Total
|
Store
counts:
|
|
|
|
|
|
|
|
|
|
Store count at
March 23, 2014
|
376
|
|
4,615
|
|
4,991
|
|
5,997
|
|
10,988
|
Openings
|
-
|
|
18
|
|
18
|
|
130
|
|
148
|
Closings
|
-
|
|
(7)
|
|
(7)
|
|
(8)
|
|
(15)
|
Store count at
June 15, 2014
|
376
|
|
4,626
|
|
5,002
|
|
6,119
|
|
11,121
|
Second quarter
2014 net change
|
-
|
|
11
|
|
11
|
|
122
|
|
133
|
Trailing four
quarters net change
|
(13)
|
|
83
|
|
70
|
|
611
|
|
681
|
Conference Call Information
The Company will file its quarterly report on Form 10-Q this
morning. Additionally, as previously announced, Domino's
Pizza, Inc. will hold a conference call today at
10 a.m. (Eastern) to review its 2014
second quarter financial results. The call can be accessed by
dialing (888) 400-9978 (U.S./Canada) or (706) 634-4947
(International). Ask for the Domino's Pizza conference
call. The call will also be webcast at www.dominosbiz.com.
If you are unable to participate on the call, a replay will
be available for thirty days by dialing (855) 859-2056
(U.S./Canada) or (404) 537-3406
(International), Conference ID 34199171. The webcast will
also be archived for 30 days on www.dominosbiz.com.
Share Repurchases
During the second quarter of 2014, the Company repurchased and
retired 687,750 shares of its common stock under its open market
share repurchase program for approximately $49.9 million, or an average price of
$72.52 per share. As of July 15, 2014, the Company had authorization for
repurchases of approximately $149.8
million remaining under the program.
Dividends
On July 16, 2014, the Board of
Directors declared a 25 cent per
share quarterly dividend for shareholders of record as of
September 15, 2014 to be paid on
September 30, 2014.
Items Affecting Comparability
The Company's reported financial results for the two fiscal
quarters of 2014 are not comparable to the reported financial
results for the equivalent period in 2013. The table below presents
certain items that affect comparability between 2014 and 2013
financial results. The Company believes that including such
information is critical to the understanding of its financial
results for the two fiscal quarters of 2014 as compared to the same
period in 2013 (See the Comments on Regulation G section on
page four for additional details).
In addition to the items noted in the table below, the Company
had lower weighted average diluted shares outstanding in 2014 that
resulted in an increase in diluted EPS of approximately
one cent in the second quarter of
2014 and two cents in the two fiscal
quarters of 2014.
|
Second
Quarter
|
|
Two Fiscal
Quarters
|
(in thousands,
except per share data)
|
Pre-tax
|
|
After-tax
|
|
Diluted
EPS
Impact
|
|
Pre-tax
|
|
After-tax
|
|
Diluted
EPS
Impact
|
2014 items
affecting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Gain on the sale of
Company-owned stores (1)
|
$ -
|
|
$
-
|
|
$ -
|
|
$ 1,652
|
|
$ 1,033
|
|
$ 0.02
|
Deferred tax asset
valuation allowance reversal (2)
|
-
|
|
-
|
|
-
|
|
-
|
|
329
|
|
0.01
|
Total of 2014
items*
|
$ -
|
|
$
-
|
|
$ -
|
|
$ 1,652
|
|
$ 1,362
|
|
$ 0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
* Diluted earnings
per share figures may not sum to the total due to the rounding of
each individual calculation.
|
1) Represents the gain recognized on the sale of 14
Company-owned stores to a franchisee. The gain is net of a
reduction in goodwill of approximately $0.5
million.
2) As a result of the capital gain recognized in connection with
the sale of Company-owned stores, the Company was able to utilize a
portion of a previously unrecognized benefit of a capital loss
carry forward.
Liquidity
As of June 15, 2014, the Company
had approximately:
- $15.3 million of unrestricted
cash and cash equivalents;
- $1.52 billion in total debt;
and
- $57.9 million of available
borrowings under its $100.0 million
variable funding notes, net of letters of credit issued of
$42.1 million.
The Company's cash borrowing rate averaged 5.3% in the second
quarter of 2014 and averaged 5.4% in the second quarter of
2013. Additionally, the Company invested $18.9 million in capital expenditures during the
two fiscal quarters of 2014, compared to $11.6 million in the two fiscal quarters of
2013.
Free cash flow, as reconciled below to cash flows from
operations as determined under generally accepted accounting
principles (GAAP), was approximately $41.8
million in the two fiscal quarters of 2014.
(in
thousands)
|
Two Fiscal
Quarters
of
2014
|
Net cash provided by
operating activities
|
$ 60,790
|
Capital
expenditures
|
(18,948)
|
|
|
Free cash
flow
|
$ 41,842
|
Comments on Regulation G
In addition to the GAAP financial measures set forth in this
press release, the Company has included non-GAAP financial measures
within the meaning of Regulation G due to items affecting
comparability between fiscal quarters. The Company has also
included metrics such as global retail sales growth and same store
sales growth, which are commonly used statistical measures in the
quick-service restaurant industry that are important to
understanding Company performance.
The Company uses "Diluted EPS, as adjusted," which is
calculated as reported Diluted EPS adjusted for the items that
affect comparability to the prior year period discussed
above. The most directly comparable financial measure
calculated and presented in accordance with GAAP is Diluted
EPS. The Company believes that the Diluted EPS, as adjusted
measure is important and useful to investors and other interested
persons and that such persons benefit from having a consistent
basis for comparison between reporting periods. The Company
uses Diluted EPS, as adjusted to internally evaluate operating
performance, to evaluate itself against its peers and to determine
future performance targets and long-range planning.
Additionally, the Company believes that analysts covering the
Company's stock performance generally eliminate these items
affecting comparability when preparing their financial models, when
determining their published EPS estimates and when benchmarking the
Company against its competitors.
The Company uses "Global retail sales" to refer to total
worldwide retail sales at Company-owned and franchise stores. The
Company believes global retail sales information is useful in
analyzing revenues because franchisees pay royalties that are based
on a percentage of franchise retail sales. The Company reviews
comparable industry global retail sales information to assess
business trends and to track the growth of the Domino's
Pizza® brand. In addition, domestic supply chain
revenues are directly impacted by changes in domestic franchise
retail sales. Retail sales for franchise stores are reported to the
Company by its franchisees and are not included in Company
revenues.
The Company uses "Same store sales growth," calculated by
including only sales from stores that also had sales in the
comparable period of the prior year. International same store
sales growth is calculated similarly to domestic same store sales
growth. Changes in international same store sales are
reported excluding foreign currency impacts, which reflect changes
in international local currency sales.
The Company uses "Free cash flow," calculated as cash
flows from operations less capital expenditures, both as reported
under GAAP. The Company believes that the free cash flow
measure is important to investors and other interested persons, and
that such persons benefit from having a measure which communicates
how much cash flow is available for working capital needs or to be
used for repurchasing debt, making acquisitions, repurchasing
common stock, paying dividends or other similar uses of cash.
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the recognized world leader
in pizza delivery, with a significant business in carryout pizza.
It ranks among the world's top public restaurant brands with its
global enterprise of more than 11,000 stores in over 70
international markets. Domino's had global retail sales of over
$8.0 billion in 2013, comprised of
nearly $3.8 billion in the U.S. and
over $4.2 billion internationally. In
the second quarter of 2014, Domino's had global retail sales of
over $2.0 billion, comprised of
$0.9 billion in the U.S. and
$1.1 billion internationally. Its
system is made up of franchise owners who accounted for nearly 97%
of the Domino's Pizza stores as of the second quarter of 2014. The
emphasis on technology innovation helped Domino's generate
approximately 40% of U.S. sales from its digital channels in 2013,
as well as reach an estimated $3
billion annually in global digital sales. Domino's recently
launched its ordering app for iPad®, adding to an existing ordering
app lineup that covers nearly 95% of the smartphone market. In
June 2014, Domino's debuted voice
ordering for its iPhone® and Android™ apps, a
true technology first within both traditional and e-commerce
retail.
Order - www.dominos.com
Mobile – http://mobile.dominos.com
Info - www.dominosbiz.com
Twitter - http://twitter.com/dominos
Facebook - http://www.facebook.com/dominos
YouTube - http://www.youtube.com/dominos
Please visit our Investor Relations website at
www.dominosbiz.com to view a schedule of upcoming earnings
releases, significant announcements and conference webcasts.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995:
This press release contains forward-looking statements. You can
identify forward-looking statements because they contain words such
as "believes," "expects," "may," "will," "should," "seeks,"
"approximately," "intends," "plans," "estimates," or "anticipates"
or similar expressions that concern our strategy, plans or
intentions. These forward-looking statements relating to our
anticipated profitability, estimates in same store sales growth,
the growth of our international business, ability to service our
indebtedness, our future cash flows, our operating performance,
trends in our business and other descriptions of future events
reflect the Company's expectations based upon currently available
information and data. However, actual results are subject to
future risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. The risks and uncertainties that
could cause actual results to differ materially include: the level
of our long-term and other indebtedness; uncertainties relating to
litigation; consumer preferences, spending patterns and demographic
trends; the effectiveness of our advertising, operations and
promotional initiatives; our reputation and the strength of our
brand in the markets in which we compete; our ability to retain key
personnel; new product and concept developments by us, and other
food-industry competitors; the ongoing level of profitability of
our franchisees; and our ability and that of our franchisees to
open new restaurants and keep existing restaurants in operation;
changes in food prices, particularly cheese, labor, utilities,
insurance, employee benefits and other operating costs; the impact
that widespread illness or general health concerns may have on our
business and the economy of the countries where we operate; severe
weather conditions and natural disasters; cyber-attacks or other
catastrophic events; changes in our effective tax rate; changes in
foreign currency exchange rates; changes in government legislation
and regulations; adequacy of our insurance coverage; costs related
to future financings; our ability and that of our franchisees to
successfully operate in the current credit environment; changes in
the level of consumer spending given the general economic
conditions including interest rates, energy prices and weak
consumer confidence; availability of borrowings under our variable
funding notes and our letters of credit; and changes in accounting
policies. Important factors that could cause actual results to
differ materially from our expectations are more fully described in
our other filings with the Securities and Exchange Commission,
including under the section headed "Risk Factors" in our annual
report on Form 10-K. These forward-looking statements speak
only as of the date of this press release, and you should not rely
on such statements as representing the views of the Company as of
any subsequent date. Except as required by applicable
securities laws, we do not undertake to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
TABLES TO FOLLOW
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Income
(Unaudited)
|
|
|
|
Fiscal Quarter
Ended
|
|
June
15,
2014
|
% of
Total Revenues
|
|
June
16,
2013
|
% of
Total Revenues
|
(In thousands, except
per share data)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Domestic
Company-owned stores
|
$ 78,814
|
|
|
$ 78,509
|
|
Domestic
franchise
|
52,038
|
|
|
48,167
|
|
Domestic
supply chain
|
257,552
|
|
|
233,307
|
|
International
|
62,059
|
|
|
54,026
|
|
Total
revenues
|
450,463
|
100.0%
|
|
414,009
|
100.0%
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Domestic
Company-owned stores
|
60,717
|
|
|
59,536
|
|
Domestic
supply chain
|
230,698
|
|
|
207,319
|
|
International
|
24,403
|
|
|
21,167
|
|
Total cost of
sales
|
315,818
|
70.1%
|
|
288,022
|
69.6%
|
Operating
margin
|
134,645
|
29.9%
|
|
125,987
|
30.4%
|
|
|
|
|
|
|
General and
administrative
|
53,282
|
11.8%
|
|
52,146
|
12.6%
|
Income from
operations
|
81,363
|
18.1%
|
|
73,841
|
17.8%
|
|
|
|
|
|
|
Interest expense,
net
|
(19,824)
|
(4.4)%
|
|
(20,396)
|
(4.9)%
|
Income before
provision for
income
taxes
|
61,539
|
13.7%
|
|
53,445
|
12.9%
|
|
|
|
|
|
|
Provision for income
taxes
|
23,077
|
5.2%
|
|
20,175
|
4.9%
|
Net income
|
$ 38,462
|
8.5%
|
|
$ 33,270
|
8.0%
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Common
stock – diluted
|
$ 0.67
|
|
|
$ 0.57
|
|
Dividends declared
per share
|
$ 0.25
|
|
|
$ 0.20
|
|
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Income
(Unaudited)
|
|
|
|
Two Fiscal
Quarters Ended
|
|
June
15,
2014
|
% of
Total
Revenues
|
|
June
16,
2013
|
% of
Total
Revenues
|
(In thousands, except
per share data)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Domestic
Company-owned stores
|
$ 161,271
|
|
|
$ 159,603
|
|
Domestic
franchise
|
105,459
|
|
|
99,485
|
|
Domestic
supply chain
|
515,079
|
|
|
464,839
|
|
International
|
122,506
|
|
|
107,700
|
|
Total
revenues
|
904,315
|
100.0%
|
|
831,627
|
100.0%
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Domestic
Company-owned stores
|
123,508
|
|
|
120,804
|
|
Domestic
supply chain
|
461,065
|
|
|
412,732
|
|
International
|
48,055
|
|
|
42,298
|
|
Total cost of
sales
|
632,628
|
70.0%
|
|
575,834
|
69.2%
|
Operating
margin
|
271,687
|
30.0%
|
|
255,793
|
30.8%
|
|
|
|
|
|
|
General and
administrative
|
106,149
|
11.7%
|
|
106,427
|
12.8%
|
Income from
operations
|
165,538
|
18.3%
|
|
149,366
|
18.0%
|
|
|
|
|
|
|
Interest expense,
net
|
(40,119)
|
(4.4)%
|
|
(41,299)
|
(5.0)%
|
Income before
provision for
income
taxes
|
125,419
|
13.9%
|
|
108,067
|
13.0%
|
|
|
|
|
|
|
Provision for income
taxes
|
46,483
|
5.2%
|
|
40,377
|
4.9%
|
Net income
|
$ 78,936
|
8.7%
|
|
$ 67,690
|
8.1%
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Common
stock – diluted
|
$ 1.38
|
|
|
$ 1.17
|
|
Dividends declared
per share
|
$ 0.50
|
|
|
$ 0.40
|
|
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
June 15,
2014
|
|
December 29,
2013
|
(In
thousands)
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
15,304
|
|
$
|
14,383
|
|
Restricted cash and
cash equivalents
|
|
|
74,710
|
|
|
125,453
|
|
Accounts
receivable
|
|
|
105,970
|
|
|
105,779
|
|
Inventories
|
|
|
33,542
|
|
|
30,321
|
|
Advertising fund
assets, restricted
|
|
|
51,713
|
|
|
44,695
|
|
Other
assets
|
|
|
39,741
|
|
|
30,909
|
Total current
assets
|
|
|
320,980
|
|
|
351,540
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
98,056
|
|
|
97,584
|
|
|
|
|
|
|
|
Other
assets
|
|
|
76,635
|
|
|
76,131
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
495,671
|
|
$
|
525,255
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' deficit
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
538
|
|
$
|
24,144
|
|
Accounts
payable
|
|
|
73,184
|
|
|
83,408
|
|
Dividends
payable
|
|
|
14,437
|
|
|
11,849
|
|
Advertising fund
liabilities
|
|
|
51,713
|
|
|
44,695
|
|
Other accrued
liabilities
|
|
|
76,135
|
|
|
90,515
|
Total current
liabilities
|
|
|
216,007
|
|
|
254,611
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
1,523,882
|
|
|
1,512,299
|
|
Other accrued
liabilities
|
|
|
45,464
|
|
|
48,547
|
Total long-term
liabilities
|
|
|
1,569,346
|
|
|
1,560,846
|
|
|
|
|
|
|
|
Total stockholders'
deficit
|
|
|
(1,289,682)
|
|
|
(1,290,202)
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' deficit
|
|
$
|
495,671
|
|
$
|
525,255
|
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
Two Fiscal
Quarters Ended
|
|
June
15,
2014
|
|
June
16,
2013
|
(In
thousands)
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Net
income
|
$ 78,936
|
|
$ 67,690
|
Adjustments to
reconcile net income to net
cash
flows provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
13,077
|
|
11,407
|
Gains on sale/disposal
of assets
|
(1,687)
|
|
(285)
|
Amortization of
deferred financing costs
|
2,771
|
|
2,853
|
Provision (benefit)
for deferred income taxes
|
(2,187)
|
|
2,557
|
Non-cash compensation
expense
|
8,080
|
|
10,240
|
Tax impact from
equity-based compensation
|
(8,319)
|
|
(6,043)
|
Other
|
(623)
|
|
(1,090)
|
Changes in operating
assets and liabilities
|
(29,258)
|
|
(20,489)
|
Net cash provided by
operating activities
|
60,790
|
|
66,840
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(18,948)
|
|
(11,587)
|
Proceeds from
sale of assets
|
4,967
|
|
2,077
|
Changes in
restricted cash
|
50,743
|
|
303
|
Other
|
(1,049)
|
|
1,266
|
Net cash provided by
(used in) investing activities
|
35,713
|
|
(7,941)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Repayments of
long-term debt and capital lease obligations
|
(12,022)
|
|
(12,219)
|
Proceeds from
exercise of stock options
|
2,648
|
|
3,738
|
Tax impact
from equity-based compensation
|
8,319
|
|
6,043
|
Purchases of
common stock
|
(65,006)
|
|
(56,057)
|
Tax payments
for restricted stock upon vesting
|
(4,363)
|
|
(2,845)
|
Payments of
common stock dividends and equivalents
|
(25,130)
|
|
(11,454)
|
Net cash used in
financing activities
|
(95,554)
|
|
(72,794)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(28)
|
|
(80)
|
|
|
|
|
Change in cash and
cash equivalents
|
921
|
|
(13,975)
|
|
|
|
|
Cash and cash
equivalents, at beginning of period
|
14,383
|
|
54,813
|
|
|
|
|
Cash and cash
equivalents, at end of period
|
$ 15,304
|
|
$ 40,838
|
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SOURCE Domino's Pizza, Inc.