Papa John‘s International, Inc.
Aug 2, 2005

Papa John's Reports Second Quarter Earnings; July Comparable Sales Results Announced; 2005 Earnings Guidance Increased

LOUISVILLE, Ky.--(BUSINESS WIRE)--Aug. 2, 2005--Papa John's International, Inc. (Nasdaq:PZZA):



Papa John's International, Inc. (Nasdaq:PZZA) today announced revenues of $242.1 million for the second quarter of 2005, representing an increase of 5.3% from revenues of $230.0 million for the same period in 2004. Net income for the second quarter of 2005 was $10.9 million, or $0.64 per share, (including a net loss of $117,000, or $0.01 per share, from the consolidation of the results of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc. (BIBP), a variable interest entity) compared to last year's net loss of $2.6 million, or a loss per share of $0.15 (including a net loss of $11.5 million, or $0.66 per share, from the consolidation of BIBP).

Revenues were $494.5 million for the six months ended June 26, 2005, representing an increase of 5.9% from revenues of $466.9 million for the same period in 2004. Net income for the six months ended June 26, 2005 was $20.8 million, or $1.24 per share (including a net loss of $1.1 million, or $0.06 per share, from the consolidation of BIBP), compared to last year's net income of $5.9 million, or $0.33 per share (including a net loss of $12.5 million, or $0.70 per share, from the consolidation of BIBP). The 2005 operating results also include a Q1 pre-tax charge of $925,000 ($0.03 per share) associated with the closing of one of our commissary facilities.

Revenues Comparison

The primary factors impacting the year-over-year increases in revenues for the three- and six-month periods ended June 26, 2005 were an increase in comparable sales for our company-owned restaurants (see more detailed information below) and the favorable impact of higher commodity prices, primarily cheese, on commissary sales.

Operating Results and Cash Flow

Operating Results

Our pre-tax income for the second quarter of 2005 was $17.3 million compared to a pre-tax loss of $4.1 million for the corresponding period in 2004. For the six months ended June 26, 2005, pre-tax income was $33.1 million compared to $9.5 million for the corresponding period in 2004. Excluding the impact of the consolidation of BIBP, second quarter 2005 pre-tax income was $17.4 million, an increase of $3.2 million over 2004 comparable results, and pre-tax income for the six months ended June 26, 2005 was $34.9 million, an increase of $5.4 million over 2004 comparable results. The increase of $3.2 million and $5.4 million, respectively, in pre-tax income for the three- and six-month periods ended June 26, 2005 (excluding the consolidation of BIBP) is principally due to the following:

Cash Flow

Cash flow from operations increased to $37.8 million in the first six months of 2005 from $6.1 million for the comparable period in 2004. The consolidation of BIBP reduced cash flow from operations by approximately $1.8 million in 2005 and $20.0 million in 2004. The primary reasons for the $13.5 million increase in cash flow from operations in the first six months of 2005 (prior to BIBP consolidation) were the above noted increases in operating income, net of income taxes, and favorable working capital changes.

Form 10-Q Filing

See the Management Discussion & Analysis section of our second quarter Form 10-Q filed with the Securities and Exchange Commission on August 3, 2005 for additional information concerning the operating results and cash flows for the three- and six-month periods ended June 26, 2005.



Comparable Sales and Unit Count

As previously announced, domestic system-wide comparable sales for the second quarter increased 6.1% (composed of a 7.6% increase at company-owned restaurants and a 5.6% increase at franchised restaurants). The second quarter of 2005 featured two system-wide national promotions supported by national television as compared to one such promotion in the second quarter of 2004. The company noted that the previously announced June 2005 implementation of delivery fees at a majority of company-owned restaurants had a low single-digit favorable impact on comparable sales for the quarter. Total system-wide international sales increased 14.2% for the second quarter of 2005, on a constant U.S. dollar basis, over the comparable period in 2004, primarily as a result of additional franchised restaurants in 2005 as compared to 2004.

Domestic system-wide comparable sales for the first six months of 2005 increased 4.9% (composed of a 5.7% increase at company-owned restaurants and a 4.6% increase at franchised restaurants). Total system-wide international sales increased 13.5% for the six months ended June 2005, on a constant U.S. dollar basis, over the comparable period in 2004.

The company today announced that domestic system-wide comparable sales for the four weeks ended July 24, 2005 increased approximately 2.7% (composed of a 8.0% increase at company-owned restaurants and a 1.0% increase at franchised restaurants). The company expects delivery charges to have a low-to-mid single-digit favorable impact on comparable sales until such time as the implementation date is lapped in June 2006. The company also announced today that the domestic system has voted to increase the contribution rate into the national marketing fund, as a percentage of unit sales, effective as of January 2006 (from the current 2.25% level to 2.60%). Total system-wide international sales for the four weeks ended July 24, 2005 increased 15.1%, on a constant U.S. dollar basis, over the comparable period last year.

During the second quarter of 2005, 55 domestic and international restaurants were opened (one company-owned and 52 franchised Papa John's restaurants and two franchised Perfect Pizza restaurants in the United Kingdom) and 25 restaurants closed (24 franchised Papa John's restaurants and one franchised Perfect Pizza restaurant). For the first six months of 2005, 96 domestic and international restaurants were opened (two company-owned and 91 franchised Papa John's restaurants and three franchised Perfect Pizza restaurants) and 54 restaurants closed (48 franchised Papa John's restaurants and six franchised Perfect Pizza restaurants). At June 26, 2005, there were 2,875 Papa John's restaurants (571 company-owned and 2,304 franchised) operating in 49 states and 19 countries. The company is also the franchisor of 114 Perfect Pizza restaurants in the United Kingdom.

Share Repurchase Activity



The company did not repurchase any shares of common stock during the second quarter of 2005 and has not repurchased any shares subsequent to June 26, 2005. The company repurchased 403,000 shares of common stock at an average price of $34.56 per share during the first quarter of 2005. The company's board of directors has authorized the repurchase of up to an aggregate $450.0 million of common stock through December 25, 2005. Through March 27, 2005, $434.5 million of common stock had been repurchased (representing 16.1 million shares at an average price of $26.95 per share) since the program began in 1999. Approximately 17.0 million actual shares were outstanding as of June 26, 2005, an increase of approximately 425,000 shares since March 27, 2005, due to second-quarter stock option exercise activity.

The company's share repurchase activity during the past twelve months increased earnings per share by approximately $0.03 for the second quarter of 2005 and $0.06 on a year-to-date basis.

Update of 2005 Earnings Guidance

In connection with the first-quarter earnings release, the company previously announced an increase in the 2005 earnings per share guidance to a range of $2.35 to $2.41, excluding the impact from the required consolidation of BIBP. Based upon actual second-quarter operating results and July sales results, the company is now further increasing its 2005 EPS guidance to a range of $2.42 to $2.48. The favorable impact of the year-to-date results on full-year 2005 earnings is expected to be somewhat mitigated by the company's plans to spend approximately $2.0 million to $3.0 million for certain marketing and other operational initiatives during the last half of 2005 on behalf of the domestic system, with resulting benefits expected to appear primarily in 2006.

The updated full-year 2005 guidance assumes that domestic comparable sales will increase 4% to 6% for the year and domestic company-owned restaurant operating margin will approximate 19.0% to 21.0% for the full year. Additionally, commissary and other operating margin is expected to approximate 8.5% to 9.0% for the full year and G&A expenses are expected to approximate 8.5% to 9.0% of total revenues for the full year. Other general expenses are expected to approximate $5.5 to $6.0 million, a $2.5 million increase from previous guidance as a result of the above-noted plans related to certain marketing and other operational initiatives. There are no other significant changes in the assumptions we provided in our press release dated December 15, 2004.

Based on actual results to date and current Chicago Mercantile Exchange (CME) milk futures market prices for the remainder of the year, the consolidation of BIBP is currently expected to increase full-year 2005 pre-tax income approximately $3.9 million (including the $1.8 million pre-tax loss incurred in the first six months of 2005) or $0.15 per share. Accordingly, the 2005 earnings guidance including the expected impact from the consolidation of BIBP is projected to be in the $2.57 to $2.63 per share range. The inherit volatility in the cheese spot market and milk futures market can lead to similar volatility in projecting the impact of the consolidation of BIBP on the company's financial results. Accordingly, we will continue to update these projections on a quarterly basis.



Forward-Looking Statements

Except for historical information, this announcement 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. These forward-looking statements reflect management's expectations based upon currently available information and data; however, actual results are subject to future events and uncertainties, which could cause actual results to materially differ from those projected in these statements. Certain factors that can cause actual results to materially differ include: the uncertainties associated with litigation; increases in advertising, promotions and discounting by competitors, which may adversely affect sales; new product and concept developments by food industry competitors; the ability of the company and its franchisees to open new restaurants and operate new and existing restaurants profitably; increases in or sustained high levels of food, labor, utilities, fuel, employee benefits, insurance and similar costs; the ability to obtain ingredients from alternative suppliers, if needed; health- or disease-related disruptions or consumer concerns about the commodities supplies; economic, political and health conditions in the countries in which the company or its franchisees operate; the selection and availability of suitable restaurant locations; negotiation of suitable lease or financing terms; constraints on permitting and construction of restaurants; higher-than-anticipated construction costs; hiring, training and retention of management and other personnel; changes in consumer taste, demographic trends, traffic patterns and the type, number and location of competing restaurants; federal and state laws governing such matters as wages, working conditions, citizenship requirements and overtime; and labor shortages in various markets resulting in higher required wage rates. The above factors might be especially harmful to the financial viability of franchisees in under-penetrated or emerging markets, leading to greater unit closings than anticipated. Increases in projected claims losses for the company's self-insured coverage or within the captive franchise insurance program could have a significant impact on our operating results. Our international operations are subject to additional factors, including currency regulations and fluctuations; differing cultures and consumer preferences; diverse government regulations and structures; ability to source high-quality ingredients and other commodities in a cost-effective manner; and differing interpretation of the obligations established in franchise agreements with international franchisees. Further information regarding factors that could affect the company's financial and other results is included in the company's Forms 10-Q and 10-K, filed with the Securities and Exchange Commission.

Conference Call

A conference call is scheduled for Wednesday, August 3, 2005, at 10:00 AM EDT to review second quarter earnings results. The call can be accessed from the company's web page at www.papajohns.com in a listen-only mode, or dial 800-511-7629 for participation in the question and answer session. International participants may dial 706-634-5833.

The conference call will be available for replay beginning Wednesday, August 3, 2005, at approximately Noon through Friday, August 5, 2005, at Midnight EDT. The replay can be accessed from the company's web page at www.papajohns.com or by dialing 800-642-1687 (passcode 4027342). International participants may dial 706-645-9291 (passcode 4027342).

                        Summary Financial Data
                    Papa John's International, Inc.

                               Three Months Ended   Six Months Ended
(In thousands, except per      ------------------- -------------------
 share amounts)                 June 26,  June 27,  June 26,  June 27,
                                  2005      2004      2005      2004
                                --------  --------  --------  --------

Revenues                       $242,134  $230,037  $494,508  $466,946
                                ========  ========  ========  ========

Income (loss) before income
 taxes (1)                     $ 17,255  $ (4,117) $ 33,072  $  9,461
                                ========  ========  ========  ========

Net income (loss)              $ 10,870  $ (2,573) $ 20,835  $  5,913
                                ========  ========  ========  ========

Diluted earnings (loss) per
 share                         $   0.64  $  (0.15) $   1.24  $   0.33
                                ========  ========  ========  ========

Diluted weighted-average
 shares outstanding              16,873    17,402    16,858    17,855
                                ========  ========  ========  ========

EBITDA (A)                     $ 25,493  $  4,456  $ 49,809  $ 26,851
                                ========  ========  ========  ========

(1) See information below on a reporting unit basis that separately
    identifies the impact of consolidating VIEs on income before
    income taxes.

The following is a summary of our pre-tax income (loss):

Domestic company-owned
 restaurants                   $  6,021  $  2,180  $ 10,578  $  4,115
Domestic commissaries             6,400     3,594    13,352     9,139
Domestic franchising             12,206    10,846    25,013    22,683
International                        35       (49)       79       167
VIEs, primarily BIBP               (185)  (18,360)   (1,780)  (20,005)
All others                          886      (153)    1,673       454
Unallocated corporate expenses
 (B)                             (7,904)   (2,094)  (15,582)   (7,001)
Elimination of intersegment
 profits                           (204)      (81)     (261)      (91)
                                --------  --------  --------  --------
Income (loss) before income
 taxes                         $ 17,255  $ (4,117) $ 33,072  $  9,461
                                ========  ========  ========  ========

The following is a reconciliation of EBITDA to net income:

EBITDA (A)                     $ 25,493  $  4,456  $ 49,809  $ 26,851
Income tax (expense) benefit     (6,385)    1,544   (12,237)   (3,548)
Interest expense                 (1,313)     (899)   (2,815)   (2,296)
Investment income                   369       143       746       284
Depreciation and amortization    (7,294)   (7,817)  (14,668)  (15,378)
                                --------  --------  --------  --------
Net income (loss)              $ 10,870  $ (2,573) $ 20,835  $  5,913
                                ========  ========  ========  ========



(A) EBITDA represents operating performance before depreciation,
    amortization, net interest and income taxes. While EBITDA should
    not be construed as a substitute for operating income or a better
    indicator of liquidity than cash flows from operating activities,
    which are determined in accordance with accounting principles
    generally accepted in the United States, it is included herein to
    provide additional information with respect to the ability of the
    company to meet its future debt service, capital expenditure and
    working capital requirements. EBITDA is not necessarily a measure
    of the company's ability to fund its cash needs.

(B) Unallocated corporate expenses increased $5.8 million and $8.6
    million for the three- and six-month periods ended June 26, 2005,
    respectively, consisting primarily of an increase in bonuses of
    $1.9 million and $3.4 million for the three- and six-month periods
    ended June 26, 2005, respectively, to business unit and corporate
    management for meeting pre-established performance goals, an
    increase in employee benefit costs of $1.6 million and $1.2
    million for the three- and six-month periods ended June 26, 2005,
    respectively, (primarily payroll taxes associated with stock
    option exercises, an increase in the amount of FICA taxes paid on
    employee tips and increased health insurance costs) and increased
    professional fees of $700,000 and $2.2 million for the three- and
    six-month periods ended June 26, 2005, respectively, the majority
    of which related to consulting expenses associated with a project
    to improve the effectiveness and profitability of our franchisees.
    Additionally, the second quarter and year-to-date 2004 results
    included a $550,000 gain on the sale of unused property.


As of July 24, 2005, Papa John's had 2,883 restaurants (571 company-owned and 2,312 franchised) operating in 49 states and 19 countries. Papa John's also franchises an additional 115 Perfect Pizza restaurants in the United Kingdom. For more information about the company, please visit www.papajohns.com.

           Papa John's International, Inc. and Subsidiaries
                 Consolidated Statements of Operations


                         Three Months Ended       Six Months Ended
                       ----------------------- -----------------------
                        June 26,    June 27,    June 26,    June 27,
                          2005        2004        2005        2004
                       ----------------------- -----------------------
(In thousands, except  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
 per share amounts)
Revenues:
 Domestic:
  Company-owned
   restaurant sales    $  110,558  $  102,271  $  221,272  $  208,444
  Variable interest
   entities restaurant
   sales                    2,293       5,045       7,460       5,045
  Franchise royalties      12,908      12,120      26,273      25,031
  Franchise and
   development fees           807         474       1,510       1,008
  Commissary sales         95,496      89,615     196,408     184,151
  Other sales              12,059      12,897      25,451      27,621
 International:
  Royalties and
   franchise and
   development fees         1,922       1,570       4,044       3,334
  Restaurant and
   commissary sales         6,091       6,045      12,090      12,312
                        ----------- ----------  ----------- ----------
Total revenues            242,134     230,037     494,508     466,946

Costs and expenses:
 Domestic Company-
  owned restaurant
  expenses:
  Cost of sales            23,585      26,688      48,825      52,547
  Salaries and
   benefits                34,205      32,638      68,344      66,157
  Advertising and
   related costs            9,946       9,282      19,557      18,729
  Occupancy costs           6,561       6,400      13,161      12,801
  Other operating
   expenses                14,025      13,444      28,091      27,087
                        ----------- ----------  ----------- ----------
 Total domestic
  Company-owned
  restaurant expenses      88,322      88,452     177,978     177,321

 Variable interest
  entities restaurant
  expenses                  1,931       4,681       6,543       4,681

 Domestic commissary
  and other expenses:
  Cost of sales            78,477      73,446     160,905     152,243
  Salaries and
   benefits                 7,089       7,020      14,543      14,199
  Other operating
   expenses                12,234      14,963      26,404      29,200
                        ----------- ----------  ----------- ----------
 Total domestic
  commissary and other
  expenses                 97,800      95,429     201,852     195,642

Loss (gain) from the
 franchise cheese-
 purchasing program,
 net of minority
  interest                   (167)     13,972         842      14,344
International
 operating expenses         5,072       5,006      10,107      10,208
General and
 administrative
 expenses                  22,330      17,575      44,058      36,109
Provision for
 uncollectible notes
 receivable                   215           4         300         236
Restaurant closure,
 impairment and
 disposition losses            75          28         194         167
Other general expenses      1,063         434       2,825       1,387
Depreciation and
 amortization               7,294       7,817      14,668      15,378
                        ----------- ----------  ----------- ----------
Total costs and
 expenses                 223,935     233,398     459,367     455,473
                        ----------- ----------  ----------- ----------

Operating income
 (loss)                    18,199      (3,361)     35,141      11,473
Investment income             369         143         746         284
Interest expense           (1,313)       (899)     (2,815)     (2,296)
                        ----------- ----------  ----------- ----------
Income (loss) before
 income taxes              17,255      (4,117)     33,072       9,461
Income tax expense
 (benefit)                  6,385      (1,544)     12,237       3,548
                        ----------- ----------  ----------- ----------

Net income (loss)      $   10,870  $   (2,573) $   20,835  $    5,913
                        =========== ==========  =========== ==========

Basic earnings (loss)
 per common share      $     0.65  $    (0.15) $     1.25  $     0.34
                        =========== ==========  =========== ==========
Earnings (loss) per
 common share -
 assuming dilution     $     0.64  $    (0.15) $     1.24  $     0.33
                        =========== ==========  =========== ==========

Basic weighted-average
 shares outstanding        16,668      17,402      16,629      17,617
                        =========== ==========  =========== ==========
Diluted weighted-
 average shares
 outstanding               16,873      17,402      16,858      17,855
                        =========== ==========  =========== ==========




           Papa John's International, Inc. and Subsidiaries
                Condensed Consolidated Balance Sheets


                                               June 26,   December 26,
                                                 2005         2004
                                             (Unaudited)     (Note)
                                             ------------ ------------
(In thousands)

Assets
Current assets:
  Cash and cash equivalents                  $    21,793  $    14,698
  Accounts receivable                             21,998       28,384
  Inventories                                     21,847       23,230
  Prepaid expenses and other current assets       11,072       15,208
  Deferred income taxes                            9,087        7,624
                                              -----------  -----------
Total current assets                              85,797       89,144

Investments                                        8,199        8,552
Net property and equipment                       187,007      197,103
Notes receivable from franchisees and
 affiliates                                        7,803        6,828
Deferred income taxes                              4,951        6,117
Goodwill                                          48,876       51,071
Other assets                                      14,907       15,672
                                              -----------  -----------
Total assets                                 $   357,540  $   374,487
                                              ===========  ===========


Liabilities and stockholders' equity
Current liabilities:
  Accounts payable                           $    26,853  $    35,934
  Income and other taxes                          14,181       17,270
  Accrued expenses                                44,968       44,771
  Current portion of debt                         63,519       15,709
                                              -----------  -----------
Total current liabilities                        149,521      113,684

Unearned franchise and development fees            8,060        8,208
Long-term debt, net of current portion                 -       78,521
Other long-term liabilities                       32,527       34,851
                                              -----------  -----------
Total liabilities                                190,108      235,264

Total stockholders' equity                       167,432      139,223
                                              -----------  -----------
Total liabilities and stockholders' equity   $   357,540  $   374,487
                                              ===========  ===========

Note: The balance sheet at December 26, 2004 has been derived from the
      audited consolidated financial statements at that date but does
      not include all information and footnotes required by generally
      accepted accounting principles for a complete set of financial
      statements.




           Papa John's International, Inc. and Subsidiaries
                Consolidated Statements of Cash Flows


                                                  Six Months Ended
                                               -----------------------
(In thousands)                                   June 26,    June 27,
                                                   2005        2004
                                               -----------------------
                                               (Unaudited) (Unaudited)
Operating activities
Net income                                     $   20,835  $    5,913
Adjustments to reconcile net income to net
 cash provided by operating activities:
     Restaurant closure, impairment and
      disposition losses                              194         167
     Provision for uncollectible accounts and
      notes receivable                              1,327       1,537
     Depreciation and amortization                 14,668      15,378
     Deferred income taxes                           (753)     (1,130)
     Tax benefit related to exercise of non-
      qualified stock options                       1,966       1,255
     Other                                          1,354         696
     Changes in operating assets and
      liabilities:
        Accounts receivable                         4,694      (3,683)
        Inventories                                 1,296        (229)
        Prepaid expenses and other current
         assets                                     4,272      (1,411)
        Other assets and liabilities               (1,170)     (4,232)
        Accounts payable                           (7,944)     (4,945)
        Income and other taxes                     (3,088)     (5,441)
        Accrued expenses                              325         443
        Unearned franchise and development
         fees                                        (148)      1,823
                                                ----------- ----------
Net cash provided by operating activities          37,828       6,141

Investing activities
Purchase of property and equipment                 (6,658)    (10,341)
Proceeds from sale of property and equipment           44       3,402
Purchase of investments                            (5,397)     (2,180)
Proceeds from sale or maturity of investments       5,800       1,988
Loans to franchisees and affiliates                (2,770)     (2,100)
Loan repayments from franchisees and
 affiliates                                         3,630       1,733
Proceeds from divestitures of restaurants               -          78
                                                ----------- ----------
Net cash used in investing activities              (5,351)     (7,420)

Financing activities
Net proceeds (repayments) from line of credit
 facility                                         (29,300)     32,500
Net proceeds from short-term debt - variable
 interest entities                                    225       9,557
Payments on long-term debt                              -        (250)
Proceeds from issuance of common stock from
 treasury stock                                     1,000           -
Proceeds from exercise of stock options            16,857      10,254
Acquisition of treasury stock                     (13,932)    (50,728)
Other                                                (123)        (50)
                                                ----------- ----------
Net cash provided by (used in) financing
 activities                                       (25,273)      1,283

Effect of exchange rate changes on cash and
 cash equivalents                                    (109)        127
                                                ----------- ----------
Change in cash and cash equivalents                 7,095         131
Cash resulting from consolidation of variable
 interest entities                                      -         254
Cash and cash equivalents at beginning of
 period                                            14,698       7,071
                                                ----------- ----------

Cash and cash equivalents at end of period     $   21,793  $    7,456
                                                =========== ==========




Restaurant Progression
Papa John's International, Inc.

                              Second Quarter Ended June 26, 2005
                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Papa John's restaurants
Beginning of period            569       1      2,001     274   2,845
Opened                           1       -         29      23      53
Converted                        -       -          -       1       1
Closed                           -       -        (18)     (6)    (24)
Acquired                         2       -          2       -       4
Sold                            (2)      -         (2)      -      (4)
                          --------- ------- ---------- ------- -------
End of Period                  570       1      2,012     292   2,875
                          ========= ======= ========== ======= =======


                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Perfect Pizza restaurants
Beginning of period              -       -          -     114     114
Opened                           -       -          -       2       2
Converted                        -       -          -      (1)     (1)
Closed                           -       -          -      (1)     (1)
                          --------- ------- ---------- ------- -------
End of Period                    -       -          -     114     114
                          ========= ======= ========== ======= =======


                              Second Quarter Ended June 27, 2004
                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Papa John's restaurants
Beginning of period            568       2      2,017     222   2,809
Opened                           1       -         18       7      26
Closed                          (3)      -        (51)    (10)    (64)
Acquired                         -       -          -       1       1
Sold                             -      (1)         -       -      (1)
                          --------- ------- ---------- ------- -------
End of Period                  566       1      1,984     220   2,771
                          ========= ======= ========== ======= =======


                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Perfect Pizza restaurants
Beginning of period              -       -          -     127     127
Opened                           -       -          -       2       2
Closed                           -       -          -      (5)     (5)
                          --------- ------- ---------- ------- -------
End of Period                    -       -          -     124     124
                          ========= ======= ========== ======= =======



Restaurant Progression
Papa John's International, Inc.

                                 Six Months Ended June 26, 2005
                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Papa John's restaurants
Beginning of period            568       1      1,997     263   2,829
Opened                           2       -         52      39      93
Converted                        -       -          -       1       1
Closed                           -       -        (37)    (11)    (48)
Acquired                         2       -          2       -       4
Sold                            (2)      -         (2)      -      (4)
                          --------- ------- ---------- ------- -------
End of Period                  570       1      2,012     292   2,875
                          ========= ======= ========== ======= =======


                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Perfect Pizza restaurants
Beginning of period              -       -          -     118     118
Opened                           -       -          -       3       3
Converted                        -       -          -      (1)     (1)
Closed                           -       -          -      (6)     (6)
                          --------- ------- ---------- ------- -------
End of Period                    -       -          -     114     114
                          ========= ======= ========== ======= =======


                                 Six Months Ended June 27, 2004
                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Papa John's restaurants
Beginning of period            568       2      2,006     214   2,790
Opened                           3       -         38      19      60
Closed                          (5)      -        (60)    (14)    (79)
Acquired                         -       -          -       1       1
Sold                             -      (1)         -       -      (1)
                          --------- ------- ---------- ------- -------
End of Period                  566       1      1,984     220   2,771
                          ========= ======= ========== ======= =======


                          --------------------------------------------
                               Corporate        Franchised
                          Domestic   Int'l   Domestic   Int'l   Total
                          --------- ------- ---------- ------- -------
Perfect Pizza restaurants
Beginning of period              -       -          -     135     135
Opened                           -       -          -       2       2
Closed                           -       -          -     (13)    (13)
                          --------- ------- ---------- ------- -------
End of Period                    -       -          -     124     124
                          ========= ======= ========== ======= =======



CONTACT: Papa John's International, Inc., Louisville
David Flanery, 502-261-4753

SOURCE: Papa John's International, Inc.