Papa John's Increases Stock Repurchase Authorization to $425 Million

Papa John's Increases Stock Repurchase Authorization to $425 MillionLOUISVILLE, Ky.--(BUSINESS WIRE)--May 28, 2004--Papa John's International, Inc. (NASDAQ:PZZA) today announced that its Board of Directors has approved an increase to $425 million in the amount of the company's common stock that may be repurchased by the company from time to time through December 26, 2004. The authorization includes both open market purchases as well as private transactions.

The company announced that to date it has repurchased $397.3 million under the repurchase program. After such repurchases, the company has approximately 17.3 million shares of common stock outstanding on a fully diluted basis (approximately 17.1 million actual shares outstanding).

As of April 25, 2004, Papa John's had 2,801 restaurants (567 company-owned and 2,234 franchised) operating in 49 states and 16 international markets. Papa John's also franchises 128 Perfect Pizza restaurants in the United Kingdom. For more information about the company, visit Papa John's at http://www.papajohns.com.

CONTACT: Papa John's International, Inc.
David Flanery, 502-261-4753
http://www.papajohns.com

SOURCE: Papa John's International, Inc.