Domino's Pizza Announces 2009 Financial Results

Strong Fourth Quarter Builds Momentum for 2010

ANN ARBOR, Mich. /PRNewswire via COMTEX/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the fourth quarter and fiscal 2009, each ended January 3, 2010. During the fourth quarter, the Company's domestic same store sales grew 1.4% as a result of increased store traffic. International same store sales grew 3.9% in the fourth quarter, marking the 64th consecutive quarter of same store sales growth for this division. Fourth quarter diluted EPS as reported was 41 cents, and was $1.38 for fiscal 2009. On an as adjusted basis, diluted EPS was 30 cents for the fourth quarter, a 58% increase over the fourth quarter of 2008, and was 87 cents for fiscal 2009, a 16% increase over fiscal 2008. During fiscal 2009, the Company repurchased approximately $189 million in principal amount of its fixed rate notes, and has repurchased approximately $239 million in principal amount over the past 14 months. Late in the fourth quarter of 2009, the Company successfully introduced a new core pizza product, continuing to build momentum for 2010.

David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."

Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."


Fourth Quarter and Fiscal 2009 Highlights:

Fourth Fourth
(dollars in millions, Quarter of Quarter of Fiscal Fiscal
except per share data) 2009 2008 2009 2008
---------- ---------- ------- -------
Net income $23.6 $11.0 $79.7 $54.0

Weighted average
diluted shares 58,206,371 57,101,782 57,827,697 58,339,535

Diluted earnings per
share, as reported $0.41 $0.19 $1.38 $0.93
Items affecting
comparability (see
section below) $(0.11) $- $(0.51) $(0.18)
------ --- ------ ------
Diluted earnings per
share, as adjusted $0.30 $0.19 $0.87 $0.75
===== ===== ===== =====

Included within the Items Affecting Comparability is the impact of the 53rd week in 2009, which occurs in the fourth quarter every five or six years. This 53rd week positively impacted the Company's financial results in the fourth quarter and fiscal 2009. Management noted that this should be taken into account with 2010 comparables.

  • Revenues were up 8.1% for the fourth quarter, due primarily to the positive impact of the 53rd week in 2009 and, to a lesser extent, higher same store sales in both domestic and international stores and store count growth in international markets. Partially offsetting these increases were lower commodity costs, which negatively impacted supply chain revenues.Management noted that revenues may not be representative of the Company's absolute growth, as they can be affected by store divestitures and acquisitions and commodity costs.

  • Net Income in the fourth quarter was up $12.6 million, or 114%, versus the prior year, driven primarily by gains on debt repurchases and related lower interest expense, improved sales and operating margins and international store growth. Additionally, the 53rd week positively impacted net income in the fourth quarter by approximately $2.9 million.

  • Diluted EPS was 41 cents on an as reported basis for the fourth quarter, up 22 cents, or 116%, from the prior year period. Excluding items affecting comparability, diluted EPS increased 11 cents, or 58%, primarily due to higher domestic and international same store sales, operating margin improvements in both the supply chain and Company-owned store businesses and lower interest expense. The Company's 53rd week in 2009 benefited diluted EPS by approximately 5 cents per share for both the fourth quarter and full year. (See the Items Affecting Comparability section and the Comments on Regulation G section.)

  • Global Retail Sales were up 16.4% in the fourth quarter, or up 13.5% when excluding the impact of foreign currency. For fiscal 2009, global retail sales were up 2.2%, or up 7.1% when excluding the impact of foreign currency. The 53rd week favorably impacted global retail sales by approximately 8.6% in the fourth quarter and 2.5% for the full year.

    Fourth
    Quarter of Fiscal
    2009 2009
    ---------- ---------
    Same store sales growth: (versus prior
    year period)
    Domestic Company-owned stores +0.9% (0.9)%
    Domestic franchise stores +1.5% +0.6%
    ----- --------
    Domestic stores +1.4% +0.5%
    ===== ========
    International stores +3.9% +4.3%
    ===== =======

    Global retail sales growth: (versus
    prior year period)
    Domestic stores +7.4% +1.3%
    International stores +28.1% +3.3%
    ------ -------
    Total +16.4% +2.2%
    ====== =======
    Total (on a 52-week basis) +7.8% (0.3)%
    ===== ======

    Global retail sales growth: (versus
    prior year period, excluding foreign
    currency impact)
    Domestic stores +7.4% +1.3%
    International stores +21.6% +14.4%
    ------ ------
    Total +13.5% +7.1%
    ====== ======
    Total (on a 52-week basis) +4.9% +4.6%
    ====== ======


    Domestic
    Company- Domestic Total
    Owned Franchise Domestic International
    Stores Stores Stores Stores Total
    -------- --------- -------- ------------- -----
    Store counts:
    Store count at
    September 6, 2009 481 4,456 4,937 3,949 8,886
    Openings - 49 49 140 189
    Closings (14) (45) (59) (17) (76)
    Transfers (1) 1 - - -
    --- --- --- --- ---
    Store count at
    January 3, 2010 466 4,461 4,927 4,072 8,999
    === ===== ===== ===== =====
    Fourth quarter 2009
    net growth (15) 5 (10) 123 113
    === === === === ===
    Fiscal 2009 net growth (23) (97) (120) 346 226
    === === ==== === ===

  • Conference Call Information

    The Company plans to file its annual report on Form 10-K this morning. Additionally, as previously announced, Domino's Pizza, Inc. will hold a conference call today at 11:00 a.m. (Eastern) to review its fiscal 2009 financial results. The call can be accessed by dialing (888) 306-6182 (U.S./Canada) or (706) 634-4947 (International). Ask for the Domino's Pizza conference call. The call will also be available via webcast at www.dominosbiz.com. If you are unable to participate on the call, a replay will be available for 30 days by dialing (800) 642-1687 (U.S./Canada) or (706) 645-9291 (International), Conference ID 45887215. The webcast will also be archived for 30 days on www.dominosbiz.com.

    Debt Repurchases

    During the fourth quarter, the Company repurchased and retired $49.2 million in principal amount of its fixed rate senior notes and approximately $189.2 million during fiscal 2009. These activities resulted in pre-tax gains of approximately $7.9 million in the fourth quarter and $56.3 million for fiscal 2009, which were recorded in "Other" in the Company's consolidated statements of income.

    Subsequent to the fourth quarter of 2009, the Company repurchased and retired an additional $50.0 million in principal amount of its fixed rate senior notes, which resulted in a pre-tax gain of approximately $5.2 million that will be recorded in the first quarter of 2010. This $50.0 million principal amount of fixed rate senior notes is classified as a current liability in the Company's consolidated balance sheet as of January 3, 2010.

    Items Affecting Comparability

    The Company's reported financial results for the fourth quarter and fiscal 2009 are not comparable to the reported financial results for the prior year comparable periods. The table below presents items that affect comparability between 2009 and 2008 financial results. Management believes that including such information is critical to the understanding of the Company's comparable financial results. (See the Comments on Regulation G section.)

    In addition to the items noted in the table below, the Company experienced lower interest expense primarily as a result of lower debt levels. This impacted comparability to periods in the prior year. The decrease in ongoing interest expense resulted in an increase in diluted EPS of approximately 5 cents in the fourth quarter of 2009 and 9 cents in fiscal 2009, versus the comparable periods in 2008.


    Fourth Quarter Full Year
    ------------------------ -------------------------
    (in thousands, Diluted Diluted
    except per After- EPS After- EPS
    share data) Pre-tax tax Impact Pre-tax tax Impact
    ------- ------ ------- ------- ------ -------
    2009 items
    affecting
    comparability:
    ---------------
    Gain on debt
    extinguishment (1) $7,874 $4,685 $0.08 $56,275 $33,655 $0.58
    Deferred financing
    fee write-off (2) (554) (330) (0.01) (2,277) (1,359) (0.02)
    Stock option plan
    changes (3) - - - (4,937) (2,962) (0.05)
    Tax reserves (4) - - - (525) (1,986) (0.03)
    Store
    rationalization (5) (1,711) (1,018) (0.02) (1,711) (1,018) (0.02)
    53rd week
    adjustment (6) 4,850 2,886 0.05 4,850 2,886 0.05
    ----- ----- ---- ----- ----- ----
    Total of 2009 items $10,459 $6,223 $0.11 $51,675 $29,216 $0.51
    ======= ====== ===== ======= ======= =====

    2008 items
    affecting
    comparability:
    ---------------
    Gain on the sale
    of Company-owned
    stores (7) $1,254 $790 $0.01 $14,223 $8,571 $0.15
    Tax reserve
    reversals (8) 20 133 0.00 1,011 3,424 0.06
    Deferred financing
    fee write-off (9) (1,278) (805) (0.01) (1,278) (805) (0.01)
    Separation
    expenses (10) - - - (1,445) (867) (0.01)
    --- --- --- ------ ---- -----
    Total of 2008 items $(4) $118 $0.00 $12,511 $10,323 $0.18
    === ==== ===== ======= ======= =====

    (1) Represents the gains recognized in the fourth quarter and fiscal
    2009 on the repurchase and retirement of $49.2 million and $189.2
    million in principal of the fixed rate senior notes for a total
    purchase price of $41.6 million and $133.9 million.
    (2) Represents the write-off of deferred financing fees in connection
    with debt extinguishment.
    (3) Includes $1.0 million of stock compensation expense and $0.2 million
    of legal and professional fees incurred in connection with a stock
    option exchange program, as well as $0.3 million of incremental
    compensation expense and, separately, $3.4 million acceleration of
    compensation expense for a retirement provision added to existing
    stock option agreements.
    (4) Represents $1.6 million of income tax provision in fiscal 2009 and
    $0.5 million ($0.3 million after-tax) of interest expense in fiscal
    2009, both relating to required tax reserves for certain state tax
    matters.
    (5) Represents expenses related to the closure of 14 Company-owned
    stores during the fourth quarter of 2009 in five different markets,
    including losses on asset disposals and lease liabilities.
    (6) Represents the estimated impact on income of the 53rd week in the
    fourth quarter and fiscal 2009.
    (7) The gain recognized relates to the sale of 82 Company-owned stores
    in California, Georgia, Washington, Tennessee and Minnesota in fiscal
    2008, including 22 Company-owned stores in California, Washington
    and Minnesota in the fourth quarter of 2008.
    (8) Represents $0.1 million and $2.8 million of income tax benefit in
    the fourth quarter and fiscal 2008 and $1.0 million ($0.6 million
    after-tax) of contra interest expense in fiscal 2008 relating to
    required tax reserve reversals due to outcomes of related state tax
    matters.
    (9) Represents the write-off of deferred financing fees in connection
    with the $90.0 million reduction of the variable funding notes in
    2008 resulting from the bankruptcy of one of the Company's variable
    funding notes providers.
    (10) Represents separation and related expenses incurred in connection
    with a previously announced restructuring action and other staffing
    reduction costs related to the sale of Company-owned stores in
    California.

    Long Range Outlook

    The Company does not provide quarterly or annual earnings estimates. The following long range outlook does not constitute specific earnings guidance, but management believes these ranges to be appropriate and achievable over the long term.

    Year-Over-Year
    Growth
    --------------

    Domestic same store sales 1% - 3%
    International same store sales 3% - 5%
    Net units 200 - 250
    Global retail sales 4% - 6%

    Liquidity

    As of January 3, 2010, the Company had:

  • approximately $1.57 billion in total debt,
  • $42.4 million of unrestricted cash and cash equivalents,
  • $91.1 million of restricted cash and cash equivalents, and
  • $57.6 million of borrowings under its $60.0 million variable funding note facility.

  • The Company's fixed rate notes require interest-only payments for the first five years. This interest-only period can be extended for two additional one-year periods if the Company meets a certain debt service coverage ratio at the time of each extension, in April 2012 and in April 2013. Based on 2009 financial results, this ratio already exceeds the required threshold for extension. Management currently intends to take advantage of this interest-only structure for the full seven years to the extent such extension periods remain available to the Company; however, it will give due consideration to attractive refinancing opportunities in the interim.

    Subsequent to the fourth quarter of 2009, the Company terminated its last remaining letter of credit under its variable funding note facility, which provided an additional $2.4 million of borrowing capacity. As a result, subsequent to the fourth quarter of 2009, the Company borrowed the additional $2.4 million and is now fully drawn on the $60.0 million facility.

    The Company's cash borrowing rate for fiscal 2009 was 6.0% versus 6.1% in fiscal 2008. The Company incurred $22.9 million in capital expenditures during fiscal 2009 versus $19.4 million during fiscal 2008. The increase was due primarily to investments in a new thin crust manufacturing center as well as investments in our technology platforms.

    The Company's free cash flow, as reconciled below to cash flows from operations as determined under generally accepted accounting principles (GAAP), was $78.4 million in fiscal 2009.


    Fiscal
    (in thousands) 2009
    ------
    Net cash provided by operating activities (as reported) $101,274
    Capital expenditures (as reported) (22,870)
    -------

    Free cash flow $78,404
    =======


    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 and fiscal years. Additionally, the Company has included metrics such as global retail sales and same store sales growth, which are commonly used in the quick-service restaurant industry and 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 periods discussed above. The most directly comparable financial measure calculated and presented in accordance with GAAP is Diluted EPS. The Company's management 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. Management 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 bench-marking us against our competitors.

    The Company uses "Global retail sales" to refer to total worldwide retail sales at Company-owned and franchise stores. Management believes global retail sales information is useful in analyzing revenues because franchisees pay royalties that are based on a percentage of franchise retail sales. Management reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino's Pizza(R) 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 on a constant dollar basis, which reflects changes in international local currency sales.

    The Company uses "Free cash flow," calculated as cash flows from operations less capital expenditures, both as reported. Management 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 shares or other similar uses of cash.

    About Domino's Pizza(R)

    Founded in 1960, Domino's Pizza is the recognized world leader in pizza delivery. Domino's is listed on the NYSE under the symbol "DPZ." Through its primarily locally-owned and operated franchised system, Domino's operates a network of 8,999 franchised and Company-owned stores in the United States and over 60 international markets. The Domino's Pizza(R) brand, named a Megabrand by Advertising Age magazine, had global retail sales of over $5.6 billion in 2009, comprised of nearly $3.1 billion domestically and over $2.5 billion internationally. Domino's Pizza was named "Chain of the Year" by Pizza Today magazine, the leading publication of the pizza industry. In 2009, Domino's ranked number one in customer satisfaction in a survey of consumers of the U.S. largest limited service restaurants, according to the annual American Customer Satisfaction Index (ACSI). Domino's has expanded its menu significantly since 2008 to include Oven Baked Sandwiches and BreadBowl Pasta(TM), and recently debuted its 'Inspired New Pizza' - a permanent change to its core hand-tossed product, reinvented from the crust up with new sauce, cheese and garlic seasoned crust.

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, the growth of our international business, ability to service our indebtedness, our intentions with respect to the extension of the interest-only period on our fixed rate notes, our operating performance, the anticipated success of our new core pizza product, trends in our business and other descriptions of future events reflect management'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; the strength of our brand in the markets in which we compete; our ability to retain key personnel; new product and concept developments by Domino's, such as the Inspired New Pizza and other food-industry competitors; the ongoing level of profitability of our franchisees; and the ability of Domino's and 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; changes in our effective tax rate; 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 weakening 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 ("cautionary statement") 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 for the fiscal year ended January 3, 2010. 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

    Fiscal Quarter Ended
    -------------------------------------------------
    January 3, % of Total December 28, % of Total
    2010 Revenues 2008 Revenues
    ---- -------- ---- --------
    (In thousands, except
    per share data)
    Revenues:
    Domestic Company-
    owned stores $105,355 $101,836
    Domestic franchise 50,897 46,987
    Domestic supply
    chain 254,537 237,501
    International 52,093 41,843
    ------ ------
    Total revenues 462,882 100.0% 428,167 100.0%
    ------- ----- ------- -----

    Cost of sales:
    Domestic Company-
    owned stores 86,982 85,831
    Domestic supply
    chain 225,279 214,907
    International 21,572 18,682
    ------ ------
    Total cost of sales 333,833 72.1% 319,420 74.6%
    ------- ---- ------- ----
    Operating margin 129,049 27.9% 108,747 25.4%

    General and
    administrative 65,213 14.1% 56,856 13.3%
    ------ ---- ------ ----
    Income from operations 63,836 13.8% 51,891 12.1%

    Interest expense, net (33,313) (7.2)% (35,736) (8.3)%
    Other 7,874 1.7% - -
    ----- --- --- ---
    Income before provision
    for income taxes 38,397 8.3% 16,155 3.8%

    Provision for income
    taxes 14,778 3.2% 5,129 1.2%
    ------ --- ----- ---
    Net income $23,619 5.1% $11,026 2.6%
    ======= === ======= ===

    Earnings per share:
    Common stock
    - diluted $0.41 $0.19



    Domino's Pizza, Inc. and Subsidiaries
    Condensed Consolidated Statements of Income

    Fiscal Year Ended
    -------------------------------------------------
    % of % of
    January 3, Total December 28, Total
    2010 Revenues 2008 Revenues
    ---- -------- ---- --------
    (In thousands, Except
    per share data)
    Revenues:
    Domestic Company-
    owned stores $335,779 $357,703
    Domestic franchise 157,780 153,858
    Domestic supply
    chain 763,733 771,106
    International 146,765 142,447
    ------- -------
    Total revenues 1,404,057 100.0% 1,425,114 100.0%
    --------- ----- --------- -----

    Cost of sales:
    Domestic Company-
    owned stores 274,474 298,857
    Domestic supply chain 680,427 699,669
    International 62,180 63,327
    ------ ------
    Total cost of sales 1,017,081 72.4% 1,061,853 74.5%
    --------- ---- --------- ----
    Operating margin 386,976 27.6% 363,261 25.5%

    General and
    administrative 197,467 14.1% 168,231 11.8%
    ------- ---- ------- ----
    Income from operations 189,509 13.5% 195,030 13.7%

    Interest expense, net (110,262) (7.9)% (112,160) (7.9)%
    Other 56,275 4.0% - -
    ------ --- --- ---
    Income before Provision
    for income taxes 135,522 9.7% 82,870 5.8%

    Provision for Income
    taxes 55,778 4.0% 28,899 2.0%
    ------ --- ------ ---
    Net income $79,744 5.7% $53,971 3.8%
    ======= === ======= ===

    Earnings per share:
    Common stock -
    diluted $1.38 $0.93



    Domino's Pizza, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets


    January 3, 2010 December 28, 2008
    --------------- -----------------
    (In thousands)
    Assets
    Current assets:
    Cash and cash equivalents $42,392 $45,372
    Restricted cash and cash equivalents 91,141 78,871
    Accounts receivable 76,273 69,390
    Inventories 25,890 24,342
    Advertising fund assets, restricted 25,116 20,377
    Other assets 17,856 15,899
    ------ ------
    Total current assets 278,668 254,251

    Property, plant and equipment, net 102,776 108,430

    Other assets 72,317 101,113
    ------ -------

    Total assets $453,761 $463,794
    ======== ========

    Liabilities and stockholders' deficit
    Current liabilities:
    Current portion of long-term debt $50,370 $340
    Accounts payable 64,120 56,906
    Advertising fund liabilities 25,116 20,377
    Other accrued liabilities 79,817 71,931
    ------ ------
    Total current liabilities 219,423 149,554

    Long-term liabilities:
    Long-term debt, less current portion 1,522,463 1,704,444
    Other accrued liabilities 32,869 34,419
    ------ ------
    Total long-term liabilities 1,555,332 1,738,863

    Total stockholders' deficit (1,320,994) (1,424,623)
    ---------- ----------

    Total liabilities and
    stockholders' deficit $453,761 $463,794
    ======== ========



    Domino's Pizza, Inc. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows

    Fiscal Year Ended
    -----------------

    January 3, December 28,
    2010 2008
    ---- ----
    (In thousands)
    Cash flows from operating activities:
    Net income $79,744 $53,971
    Adjustments to reconcile net income to net
    cash flows provided by operating
    activities:
    Depreciation and amortization 24,064 28,377
    Gains on debt extinguishment (56,275) -
    (Gains) losses on sale/disposal of
    assets 1,843 (13,752)
    Amortization of deferred financing
    costs, debt discount and other 9,621 11,103
    Provision for deferred income taxes 19,476 2,046
    Non-cash compensation expense 17,254 9,059
    Other 1,542 7,714
    Changes in operating assets and
    liabilities 4,005 (23,261)
    ----- -------
    Net cash provided by operating activities 101,274 75,257

    Cash flows from investing activities:
    Capital expenditures (22,870) (19,411)
    Proceeds from sale of assets 3,730 28,874
    Changes in restricted cash (12,270) 2,080
    Other (1,481) 549
    ------ ---
    Net cash (used in) provided by
    investing activities (32,891) 12,092

    Cash flows from financing activities:
    Purchase of common stock - (42,976)
    Proceeds from issuance of long-term debt 60,995 3,000
    Repayments of long-term debt and
    capital lease obligation (136,679) (18,312)
    Tax benefit from stock options 383 272
    Other 4,505 4,485
    ----- -----
    Net cash used in financing activities (70,796) (53,531)

    Effect of exchange rate changes on
    cash and cash equivalents (567) 210
    ---- ---

    Change in cash and cash equivalents (2,980) 34,028

    Cash and cash equivalents, at
    beginning of period 45,372 11,344
    ------ ------

    Cash and cash equivalents, at end of period $42,392 $45,372
    ======= =======


    SOURCE Domino's Pizza, Inc.

    ###

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