Papa John's Announces Third Quarter 2014 Results

Third Quarter Comparable Sales Increases of 7.4% for North America and 5.5% for International

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John's International, Inc. (NASDAQ: PZZA) today announced financial results for the three and nine months ended September 28, 2014.

Highlights

• Third quarter earnings per diluted share of $0.39 in 2014 compared to $0.32 in 2013, an increase of 21.9%
• Third quarter system-wide comparable sales increases of 7.4% for North America and 5.5% for international
• Increased 2014 diluted earnings per share guidance to a range of $1.68 to $1.74; Increased North America comparable sales guidance to a range of +5.0% to +7.0%

"I'd like to congratulate our corporate and franchise operators for continuing to drive excellent sales and bottom line results," said Papa John's Founder, Chairman, CEO and President John Schnatter. "Our focus on driving quality, digital innovation, and a better customer experience provides the foundation from which we will continue to consistently grow units and profitability."

Third quarter 2014 revenues were $390.4 million, a 12.7% increase from third quarter 2013 revenues of $346.3 million. Third quarter 2014 net income was $16.1 million, compared to third quarter 2013 net income of $14.3 million. Third quarter 2014 diluted earnings per share were $0.39, compared to third quarter 2013 diluted earnings per share of $0.32.

Revenues were $1.17 billion for the nine months ended September 28, 2014, an 11.6% increase from revenues of $1.05 billion for the same period in 2013. Net income was $52.1 million for the nine months ended September 28, 2014, compared to $50.7 million for the same period in 2013. Diluted earnings per share were $1.23 for the nine months ended September 28, 2014, compared to $1.13 for the same period in 2013.

Global Restaurant and Comparable Sales Information

			Three Months Ended						Nine Months Ended
			Sept. 28, 2014			Sept. 29, 2013			Sept. 28, 2014			Sept. 29, 2013
Global restaurant sales growth (a)			10.2%			6.9%			11.0%			6.7%
Global restaurant sales growth, excluding the impact of foreign currency (a)			10.7%			7.5%			11.5%			7.2%
Comparable sales growth (b)
Domestic company-owned restaurants			8.3%			5.1%			9.1%			5.0%
North America franchised restaurants			7.1%			0.6%			7.2%			1.3%
System-wide North America restaurants			7.4%			1.8%			7.7%			2.3%
System-wide international restaurants			5.5%			8.1%			6.9%			7.7%

(a)	Includes both company-owned and franchised restaurant sales.
(b)	Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States are reported on a constant dollar basis, which excludes the impact of foreign currency translation.

We believe global restaurant and comparable sales growth information, as defined in the table above, is useful in analyzing our results since our franchisees pay royalties that are based on a percentage of franchise sales. Franchise sales generate commissary revenue in the United States and in certain international markets. Global restaurant and comparable sales growth information is also useful in analyzing industry trends and the strength of our brand. Franchise restaurant sales are not included in company revenues.

Revenue and Operating Highlights

All revenue and operating highlights below are compared to the same period of the prior year, unless otherwise noted.

Revenue Highlights

Consolidated revenues increased $44.1 million, or 12.7%, for the third quarter of 2014 and increased $121.5 million, or 11.6%, for the nine months ended September 28, 2014. The increases in revenues were primarily due to the following:

• Domestic company-owned restaurant sales increased $16.4 million, or 10.8%, and $51.6 million, or 11.1%, for the three and nine months, respectively, primarily due to increases of 8.3% and 9.1% in comparable sales.
• North America franchise royalty revenue increased approximately $2.7 million, or 14.0%, and $5.3 million, or 8.9%, for the three and nine months, respectively, primarily due to increases of 7.1% and 7.2% in comparable sales. The three-month period was also favorably impacted by lower performance-based royalty incentives.
• Domestic commissary sales increased $11.2 million, or 8.1%, and $41.9 million, or 9.9%, for the three and nine months, respectively, due to increases in the prices of certain commodities, primarily cheese, and increases in sales volumes for the nine-month period.
• Other sales increased $9.8 million, or 72.2%, and $11.1 million, or 28.7%, for the three and nine months, respectively, primarily due to point-of-sale system ("FOCUS") equipment sales to franchisees. See the "FOCUS Update" section for additional information.
• International revenues increased $4.0 million, or 17.9%, and $12.1 million, or 19.1%, for the three and nine months, primarily due to increases in the number of restaurants and increases in comparable sales of 5.5% and 6.9%, respectively, calculated on a constant dollar basis.

Operating Highlights

The table below summarizes income before income taxes on a reporting segment basis:

			Three Months Ended																Nine Months Ended
			Sept. 28,					Sept. 29,					Increase						Sept. 28,					Sept. 29,					Increase
(In thousands)			2014					2013					(Decrease)						2014					2013					(Decrease)
Domestic company-owned restaurants			$	8,133				$	5,535				$	2,598					$	32,069				$	24,666				$	7,403
Domestic commissaries				8,897					6,473					2,424						26,174					26,278					(104	)
North America franchising				19,023					16,516					2,507						56,389					52,134					4,255
International				1,436					945					491						4,071					2,152					1,919
All others				(298	)				590					(888	)					(150	)				2,402					(2,552	)
Unallocated corporate expenses				(12,242	)				(8,544	)				(3,698	)					(35,405	)				(28,475	)				(6,930	)
Elimination of intersegment losses (profits)				(731	)				(252	)				(479	)					(1,284	)				(989	)				(295	)
Total income before income taxes (a)			$	24,218				$	21,263				$	2,955					$	81,864				$	78,168				$	3,696

(a)	Includes FOCUS system rollout costs of approximately $1.2 million and $2.3 million for the three and nine months ended September 28, 2014, respectively. See the FOCUS Update section of this press release and the Quarterly Report on Form 10-Q for the three and nine months ended September 28, 2014 for additional information.
	Total income before income taxes and other measures excluding FOCUS system rollout costs included within this press release are not measures defined by accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures should not be construed as substitutes for or better indicators of the company's performance than the company's GAAP results. Management believes presenting income before income taxes and other measures excluding the FOCUS system rollout costs is important for purposes of comparison to prior year results and analyzing each segment's operating results. In addition, management uses these non-GAAP measures to allocate resources and analyze trends and underlying operating performance of the company.

Third quarter 2014 income before income taxes increased $3.0 million, or 13.9%. Excluding FOCUS rollout costs of approximately $1.2 million, income before income taxes increased approximately $4.1 million, or 19.5%. Significant results by segment are detailed as follows:

• Domestic company-owned restaurants results increased approximately $2.6 million primarily due to the 8.3% increase in comparable sales, partially offset by the impact of higher commodity costs. The market price for cheese averaged $2.14 per pound for the third quarter of 2014, compared to $1.74 per pound in the prior year. Additionally, the results for the third quarter of 2014 include approximately $450,000 of depreciation expense associated with FOCUS hardware costs.
• Domestic commissaries results increased approximately $2.4 million primarily due to a higher margin, partially offset by higher costs associated with various ongoing commissary initiatives. We manage commissary results on a full year basis and anticipate the 2014 full year profit margin percentage will approximate 2013.
• North America franchising increased $2.5 million primarily due to higher royalties attributable to the 7.1% increase in comparable sales and lower performance-based royalty incentives.
• International income increased approximately $500,000 primarily due to an increase in units and comparable sales of 5.5% which resulted in both higher royalties and an improvement in United Kingdom commissary results. These increases were partially offset by unfavorable results at our China company-owned restaurant operations, including an impairment charge of approximately $700,000 for eight restaurants.
• The results for the "All others" segment decreased approximately $900,000. The decrease was primarily due to higher infrastructure costs to support our digital ordering business and a lower margin at our print and promotions business.
• Unallocated corporate expenses were $3.7 million higher primarily due to the following:
  • General and administrative costs increased approximately $1.5 million primarily due to higher salaries, benefits, and equity compensation costs, increased professional and legal fees and higher insurance costs.
  • Interest costs were approximately $400,000 higher due to both a higher average outstanding debt balance and a higher effective interest rate.
  • The prior year included an approximate $375,000 benefit from a decrease in the redemption value of a mandatorily redeemable noncontrolling interest in a joint venture.
  • Depreciation expense increased approximately $1.0 million including depreciation expense of $600,000 for FOCUS capitalized software development costs.

Income before income taxes increased $3.7 million, or 4.7%, for the nine-month period ended September 28, 2014. Excluding FOCUS system rollout costs of approximately $2.3 million, income before income taxes increased by approximately $6.0 million, or 7.7% for the nine-month period. The increase was primarily due to the same reasons as noted above, except the domestic commissaries segment which decreased approximately $100,000 due to higher insurance costs of approximately $1.1 million and higher costs associated with ongoing commissary initiatives. These decreases were substantially offset by a higher margin.

The effective income tax rates were 30.0% and 32.4% for the three and nine months ended September 28, 2014, representing a decrease of 0.1% for the three-month period and an increase of 0.5% for the nine-month period. Our effective income tax rate may fluctuate from quarter to quarter for various reasons. The higher tax rate for the nine months of 2014 was primarily due to the prior year including both favorable state tax settlements and the reinstatement of certain 2012 tax credits under the American Taxpayer Relief Act of 2012.

The company's free cash flow, a non-GAAP financial measure, was as follows (in thousands):

					Nine Months Ended
					Sept. 28,							Sept. 29,
					2014							2013
Net cash provided by operating activities (a)					$	84,826						$	74,833
Purchases of property and equipment (b)						(37,700	)						(38,537	)
Free cash flow					$	47,126						$	36,296

(a)	The increase of approximately $10.0 million was primarily due to higher net income and favorable changes in working capital and other operating activities including higher depreciation and amortization expense.
(b)	Purchases of property and equipment were relatively consistent for the nine-month periods. The current year period includes FOCUS hardware costs for domestic company-owned restaurants. The prior year period includes expenditures on equipment for New Jersey commissary dough production as well as technology investments, including FOCUS software development costs.

We define free cash flow as net cash provided by operating activities (from the consolidated statements of cash flows) less the amounts spent on the purchase of property and equipment. We view free cash flow as an important measure because it is a factor that management uses in determining the amount of cash available for discretionary investment, dividends or share repurchases. Free cash flow is not a term defined by GAAP and as a result our measure of free cash flow might not be comparable to similarly titled measures used by other companies. Free cash flow should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP measures.

See the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) for additional information concerning our operating results and cash flow for the three and nine months ended September 28, 2014.

FOCUS Update

As previously disclosed, the company is implementing a new, proprietary point-of-sale system ("FOCUS") in substantially all domestic system-wide restaurants. As of September 28, 2014, we had installed FOCUS in almost 50% of our domestic restaurants, including all company-owned restaurants and almost 800 franchised restaurants. Substantial completion is expected to occur by the end of the first quarter of 2015.

The costs related to implementing FOCUS are projected to decrease income before income taxes by approximately $4.0 million in 2014, or a $0.06 negative impact on diluted earnings per share, as compared to 2013. For the three and nine months ended September 28, 2014, the impact was a $1.2 million and $2.3 million reduction in income before income taxes, or a $0.02 and $0.04 reduction in diluted earnings per share, respectively. For additional information, see the Quarterly Report on Form 10-Q for the three- and nine-month periods ended September 28, 2014.

Global Restaurant Unit Data

At September 28, 2014, there were 4,537 Papa John's restaurants operating in all 50 states and in 36 international countries and territories, as follows:

			Domestic Company- owned				Franchised North America				Total North America				International				System-wide
Third Quarter
Beginning - June 29, 2014			672				2,614				3,286				1,201				4,487
Opened			5				37				42				54				96
Closed			(1	)			(14	)			(15	)			(31	)			(46	)
Acquired (divested)			7				(7	)			-				-				-
Ending - September 28, 2014			683				2,630				3,313				1,224				4,537
Year-to-date
Beginning - December 29, 2013			665				2,621				3,286				1,142				4,428
Opened			9				86				95				124				219
Closed			(3	)			(65	)			(68	)			(42	)			(110	)
Acquired (divested)			12				(12	)			-				-				-
Ending - September 28, 2014			683				2,630				3,313				1,224				4,537
Unit growth			18				9				27				82				109
% increase			2.7	%			0.3	%			0.8	%			7.2	%			2.5	%

Our development pipeline as of September 28, 2014 included approximately 1,300 restaurants (300 units in North America and 1,000 units internationally), the majority of which are scheduled to open over the next six years.

Share Repurchase Activity

In October 2014, the company's Board of Directors approved a $125 million increase in the amount of common stock that may be purchased under the company's share repurchase program through December 31, 2015, bringing the total authorized under the program to $1.325 billion since its inception in 1999. Approximately $142.9 million remains available under the company's share repurchase program as of October 28, 2014.

The following table reflects our repurchases for the three and nine months ended September 28, 2014 and subsequent repurchases through October 28, 2014 (in thousands):

Period					Number of Shares					Cost
Three Months Ended September 28, 2014					756					$	30,848
Nine Months Ended September 28, 2014					2,060					$	94,152
September 29, 2014 through October 28, 2014					240					$	9,851

There were 41.4 million and 42.0 million diluted weighted average shares outstanding for the three and nine months ended September 28, 2014, representing decreases of 6.3% and 6.1%, respectively, over the prior year comparable periods. Diluted earnings per share increased $0.03 and $0.08, respectively, for the three and nine months ended September 28, 2014 due to the reduction in shares outstanding, primarily resulting from the share repurchase program. Approximately 40.4 million actual shares of the company's common stock were outstanding as of September 28, 2014.

2014 Guidance Update

The company provided the following 2014 guidance updates:

					Updated Guidance				Previous Guidance
	Diluted earnings per share (a)				$1.68 to $1.74				$1.64 to $1.72
	North America comparable sales				+5.0% to +7.0%				+4.0% to +6.0%
(a)	Includes the approximate $0.06 per share impact of implementing FOCUS, which was previously estimated to be $0.08 per share.

Conference Call

A conference call is scheduled for November 5, 2014 at 8:00 a.m. Eastern Time to review our third quarter 2014 earnings results. The call can be accessed from the company's web page at www.papajohns.com in a listen-only mode, or dial 877-312-8816 (U.S. and Canada) or 253-237-1189 (international). The conference call will be available for replay, including by downloadable podcast, from the company's web site at www.papajohns.com. The Conference ID is 17449361.

Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We intend to use our investor relations website as a means of disclosing information about our business, our financial condition and results of operations and other matters and for complying with our disclosure obligations under Regulation FD. The information we post on our investor relations website, including information contained in investor presentations, may be deemed material. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings and public conference calls and webcasts. We encourage investors and others to sign up for email alerts at our investor relations page under Shareholder Tools at the bottom right side of the page. These email alerts are intended to help investors and others to monitor our investor relations website by notifying them when new information is posted on the site.

Forward-Looking Statements

Certain matters discussed in this press release and other company communications constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as "expect," "estimate," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. Such forward-looking statements may relate to projections or guidance concerning business performance, revenue, earnings, contingent liabilities, resolution of litigation, commodity costs, profit margins, unit growth, capital expenditures, and other financial and operational measures. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to:

• aggressive changes in pricing or other marketing or promotional strategies by competitors, which may adversely affect sales; and new product and concept developments by food industry competitors;
• changes in consumer preferences or consumer buying habits, including the impact of adverse general economic conditions, such as increasing tax rates;
• the impact that product recalls, food quality or safety issues, incidences of foodborne illness and other general public health concerns, including potential epidemics, could have system-wide on our restaurants or our results;
• failure to maintain our brand strength and quality reputation;
• the ability of the company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably;
• increases in or sustained high costs of food ingredients or other restaurant costs. This could include increased employee compensation, benefits, insurance, tax rates, regulatory compliance and similar costs, including increased costs resulting from federal health care legislation;
• disruption of our supply chain or commissary operations which could be caused by sole or limited source of suppliers or weather, drought, disease or other disruptions beyond our control;
• increased risks associated with our international operations, including economic and political conditions and instability in our international markets and difficulty in meeting planned sales targets and new store growth. This could include our expansion into emerging or underpenetrated markets, such as China, where we have a company-owned presence. Based on prior experience in underpenetrated markets, operating losses are likely to occur as the market is being established;
• the credit performance of our franchise loan or guarantee programs;
• the impact of the resolution of current or future claims and litigation;
• current or proposed legislation impacting our business;
• the impact of changes in currency exchange and interest rates;
• failure to effectively execute succession planning, and our reliance on the multiple roles of our Founder, Chairman, President and Chief Executive Officer, who also serves as our brand spokesperson;
• disruption of critical business or information technology systems, and risks associated with systems failures and data privacy and security breaches, including theft of company, employee and customer information.

These and other risk factors are discussed in detail in "Part I. Item 1A. - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 29, 2013. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

For more information about the company, please visit www.papajohns.com.

Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
					Three Months Ended										Nine Months Ended
					Sept. 28, 2014					Sept. 29, 2013					Sept. 28, 2014					Sept. 29, 2013
(In thousands, except per share amounts)					(Unaudited)					(Unaudited)					(Unaudited)					(Unaudited)
Revenues:
	North America:
		Domestic company-owned restaurant sales			$	169,076				$	152,662				$	517,269				$	465,713
		Franchise royalties				22,131					19,419					65,728					60,382
		Franchise and development fees				217					263					493					1,028
		Domestic commissary sales				149,224					138,044					463,852					421,941
		Other sales				23,359					13,566					49,704					38,617
	International:
		Royalties and franchise and development fees				6,673					5,454					18,769					15,912
		Restaurant and commissary sales				19,719					16,934					56,825					47,539
Total revenues						390,399					346,342					1,172,640					1,051,132
Costs and expenses:
	Domestic company-owned restaurant expenses:
		Cost of sales				42,460					38,233					129,646					113,131
		Salaries and benefits				45,835					41,701					139,223					127,026
		Advertising and related costs				15,369					14,424					46,979					43,894
		Occupancy costs				10,344					9,583					29,101					27,233
		Other restaurant operating expenses				25,343					23,061					75,850					68,237
	Total domestic company-owned restaurant expenses					139,351					127,002					420,799					379,521
	Domestic commissary expenses:
		Cost of sales				116,908					107,930					364,302					326,529
		Salaries and benefits				7,208					6,173					21,079					18,273
		Other commissary operating expenses				15,013					15,262					47,083					45,908
	Total domestic commissary expenses					139,129					129,365					432,464					390,710
	Other operating expenses					22,794					12,510					47,446					35,094
	International restaurant and commissary expenses					16,605					14,372					47,366					40,008
	General and administrative expenses					33,671					31,780					104,199					98,064
	Other general expenses					3,143					1,260					6,640					4,042
	Depreciation and amortization					10,520					8,605					29,539					25,672
Total costs and expenses						365,213					324,894					1,088,453					973,111
Operating income						25,186					21,448					84,187					78,021
	Net interest (expense) income					(968	)				(185	)				(2,323	)				147
Income before income taxes						24,218					21,263					81,864					78,168
	Income tax expense					7,256					6,385					26,522					24,926
Net income before attribution to noncontrolling interests						16,962					14,878					55,342					53,242
	Income attributable to noncontrolling interests					(887	)				(602	)				(3,208	)				(2,510	)
Net income attributable to the company					$	16,075				$	14,276				$	52,134				$	50,732
Calculation of income for earnings per share:
Net income attributable to the company					$	16,075				$	14,276				$	52,134				$	50,732
Increase in noncontrolling interest redemption value						(42	)				-					(81	)				-
Net income attributable to participating securities						(77	)				-					(295	)				-
Net income attributable to common shareholders					$	15,956				$	14,276				$	51,758				$	50,732
Basic earnings per common share					$	0.39				$	0.33				$	1.25				$	1.16
Diluted earnings per common share					$	0.39				$	0.32				$	1.23				$	1.13
Basic weighted average common shares outstanding						40,739					43,182					41,248					43,710
Diluted weighted average common shares outstanding						41,386					44,168					42,021					44,762
Dividends declared per common share					$	0.14				$	0.125				$	0.39				$	0.375

Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
			September 28,			December 29,
			2014			2013
(In thousands)			(Unaudited)			(Note)
Assets
Current assets:
Cash and cash equivalents			$	17,148		$	13,670
Accounts receivable, net				57,262			53,203
Notes receivable, net				6,064			3,566
Inventories				34,428			23,035
Deferred income taxes				6,924			8,004
Prepaid expenses and other current assets				21,696			23,562
Total current assets				143,522			125,040
Property and equipment, net				218,453			212,097
Notes receivable, less current portion, net				12,359			13,239
Goodwill				82,689			79,391
Other assets				35,158			34,524
Total assets			$	492,181		$	464,291
Liabilities and stockholders' equity
Current liabilities:
Accounts payable			$	34,273		$	35,653
Income and other taxes payable				10,837			4,401
Accrued expenses and other current liabilities				52,866			57,807
Total current liabilities				97,976			97,861
Deferred revenue				4,887			5,827
Long-term debt				224,684			157,900
Deferred income taxes				12,604			14,660
Other long-term liabilities				39,180			42,835
Total liabilities				379,331			319,083
Redeemable noncontrolling interests				8,970			7,024
Total stockholders' equity				103,880			138,184
Total liabilities, redeemable noncontrolling interests and stockholders' equity			$	492,181		$	464,291
Note: The Condensed Consolidated Balance Sheet has been derived from the audited consolidated financial statements, but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements.

Papa John's International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
			Nine Months Ended
(In thousands)			September 28, 2014						September 29, 2013
			(Unaudited)						(Unaudited)
Operating activities
Net income before attribution to noncontrolling interests			$	55,342					$	53,242
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for uncollectible accounts and notes receivable				1,714						1,130
Depreciation and amortization				29,539						25,672
Deferred income taxes				7,687						6,994
Stock-based compensation expense				5,958						5,642
Excess tax benefit on equity awards				(8,493	)					(4,108	)
Other				3,916						1,260
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable				(6,861	)					(4,666	)
Inventories				(9,792	)					(740	)
Prepaid expenses and other current assets				2,148						281
Other assets and liabilities				3,887						(3,254	)
Accounts payable				(1,380	)					1,457
Income and other taxes payable				6,434						(4,511	)
Accrued expenses and other current liabilities				(5,163	)					(3,217	)
Deferred revenue				(110	)					(349	)
Net cash provided by operating activities				84,826						74,833
Investing activities
Purchases of property and equipment				(37,700	)					(38,537	)
Loans issued				(5,221	)					(3,830	)
Repayments of loans issued				3,371						3,687
Acquisitions, net of cash acquired				(4,264	)					-
Other				25						324
Net cash used in investing activities				(43,789	)					(38,356	)
Financing activities
Net proceeds on line of credit facility				66,784						31,742
Cash dividends paid				(16,119	)					(5,414	)
Excess tax benefit on equity awards				8,493						4,108
Tax payments for equity award issuances				(7,540	)					(1,862	)
Proceeds from exercise of stock options				4,752						4,193
Acquisition of Company common stock				(94,152	)					(69,137	)
Contributions from noncontrolling interest holders				1,086						850
Distributions to noncontrolling interest holders				(1,200	)					(3,200	)
Other				423						(501	)
Net cash used in financing activities				(37,473	)					(39,221	)
Effect of exchange rate changes on cash and cash equivalents				(86	)					37
Change in cash and cash equivalents				3,478						(2,707	)
Cash and cash equivalents at beginning of period				13,670						16,396
Cash and cash equivalents at end of period			$	17,148					$	13,689

Papa John's International, Inc.
Lance Tucker, 502-261-4218
Chief Financial Officer

Source: Papa John's International, Inc.

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