SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 25, 2005
Domino’s Pizza, Inc.
(Exact name of registrant as specified in its charter)
Commission file number:
333-114442
| Delaware | 38-2511577 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
30 Frank Lloyd Wright Drive
Ann Arbor, Michigan 48106
(Address of principal executive offices)
(734) 930-3030
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On October 25, 2005, the Company issued a press release announcing financial results for the third quarter of 2005, which ended September 11, 2005. A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto are being furnished pursuant to Item 2.02 of Form 8-K and therefore shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.
| (1) | The domestic franchise store counts at September 11, 2005 reflect 14 closed stores as a result of Hurricane Katrina. |
Revenues
| Third Quarter |
First Three Quarters |
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| (dollars in thousands)
|
2005 |
2004 |
% Change |
2005 |
2004 |
% Change |
||||||||||||
| Domestic Company-owned stores |
$ | 91,024 | $ | 87,471 | 4.1 | % | $ | 280,923 | $ | 259,497 | 8.3 | % | ||||||
| Domestic franchise |
35,914 | 35,199 | 2.0 | % | 112,384 | 103,604 | 8.5 | % | ||||||||||
| Domestic distribution |
182,085 | 177,422 | 2.6 | % | 572,127 | 529,199 | 8.1 | % | ||||||||||
| International |
28,553 | 24,886 | 14.7 | % | 88,764 | 75,669 | 17.3 | % | ||||||||||
| Total revenues (1) |
$ | 337,576 | $ | 324,978 | 3.9 | % | $ | 1,054,198 | $ | 967,969 | 8.9 | % | ||||||
| (1) | Total revenues primarily include retail sales at Company-owned stores, royalties from franchise stores, and related sales from distribution operations, which sell food and equipment to all Company-owned stores and certain franchise stores. Company-owned store and franchise store revenues may vary significantly from period to period due to changes in store count mix, while distribution revenues may vary significantly as a result of fluctuations in food prices, primarily cheese prices. |
The increases in third quarter and year-to-date total revenues versus the prior year periods were due primarily to increases in domestic Company-owned store revenues, which were driven by higher same store sales, and increases in distribution volumes which were driven by increases in domestic franchise retail sales, offset in part by lower cheese costs. The published cheese block price-per-pound averaged $1.48 and $1.51 in the third quarter and first three quarters of 2005, respectively, down from $1.60 and $1.65 in the comparable periods of 2004. Total revenues were also positively impacted by increases in revenues from international operations, primarily as a result of higher same store sales and store counts.
Operating Margin
| Third Quarter |
First Three Quarters |
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| (dollars in thousands)
|
2005 |
% of Revenues |
2004 |
% of Revenues |
2005 |
% of Revenues |
2004 |
% of Revenues |
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| Domestic Company-owned stores |
$ | 19,240 | 21.1 | % | $ | 15,353 | 17.6 | % | $ | 57,906 | 20.6 | % | $ | 48,305 | 18.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic franchise (1) |
35,914 | 100.0 | % | 35,199 | 100.0 | % | 112,384 | 100.0 | % | 103,604 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic distribution |
17,655 | 9.7 | % | 16,420 | 9.3 | % | 55,374 | 9.7 Item 9.01. Financial Statements and Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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