Papa John‘s International, Inc.
Apr 25, 2006

Papa John's Reports First Quarter 2006 Earnings; April Comparable Sales Results Announced; 2006 Earnings Guidance Updated

LOUISVILLE, Ky., Apr 25, 2006 (BUSINESS WIRE) -- Papa John's International, Inc. (NASDAQ: PZZA):

Highlights

Papa John's International, Inc. (NASDAQ: PZZA) today announced revenues of $242.3 million for the first quarter of 2006, representing a decrease of 2.5% from revenues of $248.6 million for the same period in 2005. Net income for the first quarter of 2006 was $16.0 million, or $0.47 per share (including a net gain of $3.4 million, or $0.10 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 income of $10.0 million, or $0.30 per share (including a net loss of $1.0 million, or $0.03 per share, from the consolidation of BIBP). The first quarter 2005 operating results also included a pre-tax charge of $925,000 ($0.02 per share) associated with the closing of one of our commissary facilities.

The first quarter pre-tax income from continuing operations increased $9.9 million as compared to the corresponding 2005 period. Excluding the impact of BIBP, pre-tax income from continuing operations increased $2.9 million, or $0.05 per share from the corresponding 2005 period.

As previously disclosed, the company sold its Perfect Pizza operations in the United Kingdom, including its franchise rights and leases related to 109 franchised restaurants and a distribution facility, on March 8, 2006. The purchase price was approximately $13.0 million, with $8.0 million received in cash at closing, and the balance to be received under the terms of an interest-bearing note over the next five years. We will continue to franchise and operate the Papa John's brand in the United Kingdom.

"We are pleased with our first quarter results," commented Papa John's president and chief executive officer, Nigel Travis. "Our system continues to perform well in a very competitive category. In fact, with positive comp sales in each of the first four months of this year, this makes sixteen consecutive months of positive comp sales for the Papa John's system."

Revenues Comparison

The primary reason for the $6.3 million (2.5%) decrease in revenues for the first quarter of 2006, as compared to the same period in 2005, was a $4.0 million decrease in company-owned restaurant revenues, as the 6.1% increase in comparable sales for the quarter was more than offset by a decline in the number of company-owned units resulting from the sale of the 84 company units to a new franchisee at the beginning of the fourth quarter of 2005. In addition, VIE restaurant revenues declined $2.7 million reflecting the sale of 19 restaurants at the beginning of the second quarter of 2005 by one of the franchisees to a third party, eliminating the VIE classification under Interpretation No. 46, Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51 (FIN 46), and the related consolidation of the operating results of such restaurants at that time. Changes in other revenue items substantially offset one another.

Operating Results and Cash Flow

Operating Results

Our pre-tax income from continuing operations for the first quarter of 2006 was $24.8 million compared to $14.9 million for the corresponding period in 2005. Excluding the impact of the consolidation of BIBP, first quarter pre-tax income from continuing operations was $19.4 million, an increase of $2.9 million over 2005 comparable results. The increase of $2.9 million in pre-tax income from continuing operations for the first quarter of 2006 as compared to the same period in the previous year (excluding the consolidation of BIBP) is principally due to the following (analyzed on a segment basis -- see the Summary Financial Data table that follows for the reconciliation of segment income to consolidated income below):

Stock options were awarded to the majority of management in late March 2005 with a two-year cliff vesting provision. Accordingly, a partial quarter of expense was recognized in the first quarter of 2005 (approximately $230,000) and a full quarter of expense was recognized in the first quarter of 2006 (approximately $700,000).

Additionally, performance units were awarded in 2005 and 2006 with each award having a three-year performance period. Therefore, the first quarter 2006 operating results include the allocable portion of the estimated cost of the performance unit program for units issued in both 2005 and 2006, while the first quarter of 2005 operating results included only the allocable portion of the estimated cost of the units issued in 2005.

Further, the ultimate cost associated with the performance units is based on the company's ending stock price and total shareholder return relative to a peer group over the three-year performance period ending in December 2007 for the 2005 program and December 2008 for the 2006 program, with the awards paid in cash at the end of the respective performance periods. The estimated ultimate cost associated with the 2005 program increased significantly throughout 2005 as a result of our stock price performance during the year. Therefore, the allocable portion of the estimated cost of the 2005 units recorded in the first quarter of 2006 was substantially larger than that recorded in the first quarter of 2005. The total expense related to the 2005 and 2006 performance unit programs was $788,000 in the first quarter of 2006 as compared to $154,000 in the first quarter of 2005.

The decline in net interest cost for the first quarter of 2006, as compared to the corresponding 2005 period, is principally due to a decrease in our average outstanding debt balance.

The income tax rate was 37.0% for both the first quarter of 2006 and the first quarter of 2005.

Cash Flow

Cash flow from continuing operations increased to $25.7 million in the first quarter of 2006 from $18.7 million for 2005. The consolidation of BIBP increased cash flow from operations by approximately $5.4 million in 2006 and reduced cash flow from operations by approximately $1.6 million in 2005. Excluding the impact of the consolidation of BIBP, cash flow from continuing operations was substantially flat year-over-year as the increase in income from continuing operations was offset by the classification in 2006 of $2.6 million of excess tax benefits related to the exercise of non-qualified stock options from operating activities to financing activities as required by Statement of Financial Accounting Standards (SFAS) No. 123®, Share-Based Payment.

Form 10-Q Filing

See the Management Discussion & Analysis section of our first quarter Form 10-Q filed with the Securities and Exchange Commission for additional information concerning the operating results and cash flows for the three-month period ended March 26, 2006.

Comparable Sales and Unit Count

As previously announced, domestic system-wide comparable sales for the first quarter increased 4.2% (composed of a 6.1% increase at company-owned restaurants and a 3.7% increase at franchised restaurants). The timing of the Easter holiday weekend was estimated to have a 0.4% favorable impact on these first quarter results. Total system-wide international sales for Papa John's branded units increased 29.1% for the quarter, on a constant U.S. dollar basis, over the comparable period last year.

The company today announced that domestic system-wide comparable sales for the four weeks ended April 23, 2006 increased approximately 3.8% (composed of a 4.4% increase at company-owned restaurants and a 3.6% increase at franchised restaurants). The timing of the Easter holiday weekend was estimated to have a 1.0% unfavorable impact on these April period results. Total system-wide international sales for Papa John's branded units increased 24.2% for the four weeks ended April 23, 2006, on a constant U.S. dollar basis, over the comparable period last year.

During the first quarter of 2006, 22 domestic and 13 international restaurants were opened (3 company-owned and 32 franchised), and 14 domestic and 26 international restaurants were closed (one company-owned, 36 franchised Papa John's restaurants and 3 franchised Perfect Pizza restaurants). The international closings for the quarter included 17 franchise restaurants in Mexico as discussed further herein.

At March 26, 2006, there were 2,924 Papa John's restaurants (509 company-owned and 2,415 franchised) operating in 49 states and 22 countries. The company-owned unit count includes 114 restaurants owned in majority-owned domestic joint venture arrangements, the operations of which are fully consolidated into the company's results.

Acquisition Activity

The company acquired three franchised restaurants in the Philadelphia market on January 23, 2006. We expect to open an additional 20 company-owned units in the Philadelphia market over the next four to five years in order to achieve greater market penetration and awareness. This "buy and build" approach may be used in additional under-penetrated domestic franchise markets over time to enhance overall net unit growth and successful market development.

International Update

A total of 13 restaurants were opened in all international markets during the quarter, of which seven were located in our fastest growing markets of Korea and China. As of March 26, 2006, we had a total of 69 franchised restaurants open and contractual agreements for an additional 486 Papa John's restaurants to be opened over the next eight years in these two countries. We also have a 100-unit development agreement for Northern India, the first unit of which was opened in early April. Our total international development pipeline as of March 26, 2006 included 839 restaurants to be opened over the next ten years.

In the fourth quarter of 2005, we terminated the master franchise agreement in Mexico. In the first quarter of 2006, 17 franchised and subfranchised restaurants in Mexico were closed, and an additional 17 restaurants closed in early April. The remaining five franchised units are expected to continue operations. The royalty income earned from the 17 restaurants closed in April was not material to our first quarter operating results. We are committed to the development of Mexico as an important international market and are currently evaluating our alternatives, including potential direct investment via a joint venture or other methods. As an indication of this commitment, we recently acquired the commissary facility in Mexico City to ensure a consistent supply of high-quality products to our restaurants.

As previously noted, the company sold its Perfect Pizza operations, consisting of the franchised units and related distribution operations on March 8, 2006. In accordance with U.S. generally accepted accounting principles, we have classified the Perfect Pizza operating results, including directly associated G&A expenses, as "discontinued operations" for both 2006 and 2005. The following summarizes the discontinued operations for the first quarter of 2006 and 2005 (in 000's):

2006      2005
                                    -----------------
Net sales                           $ 2,421   $ 3,737

Pre-tax income                      $  617    $   901

Net income                          $   389   $   568

Share Repurchase Activity

The company repurchased approximately 716,000 shares of its common stock during the first quarter at an average price of $30.86 per share, or a total of $22.1 million, and a total of 437,000 shares of common stock were issued upon the exercise of stock options. Subsequent to the first quarter 2006, through April 20, 2006, the company repurchased an additional 221,000 shares of common stock at an average price of $32.26 per share.

As a result, there were 34.0 million diluted weighted-average shares outstanding for the first quarter of 2006 as compared to 33.6 million for the same period in 2005. Approximately 32.8 million actual shares of the company's common stock were outstanding as of March 26, 2006. The company's board of directors has authorized the repurchase of up to an aggregate $575.0 million of common stock through December 31, 2006, and through April 20, 2006, approximately 35.6 million shares have been repurchased at a total cost of $525.0 million (average price of $14.73).

The company's share repurchase activity increased earnings per share from continuing operations by approximately $0.02 for the first quarter of 2006.

2006 Earnings Guidance Updated

The company announced that its previously disclosed earnings per share guidance for 2006 in the range of $1.38 to $1.46 for the 53-week year, excluding any potential impact from the required consolidation of BIBP, has been updated to a range of $1.40 to $1.46 in response to actual first quarter results.

The full-year 2006 forecast includes an expected continuing improvement in operating results for domestic company-owned restaurants and franchising operations as well as domestic commissary operations, as compared to full-year 2005 results for these segments. In addition, the fourth quarter 2006 results are expected to be favorable to the fourth quarter 2005 results due to certain non-recurring costs incurred in Q4-05. The forecast also includes the following factors, which have a negative impact on full-year 2006 results as compared to the same period in the prior year:

As previously disclosed, the impact of the additional week of operations in the fourth quarter of 2006 is expected to increase earnings per share by $0.07, as reflected in the above earnings guidance range.

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; changes in pricing or other marketing or promotional strategies 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 meet planned growth targets and operate new and existing restaurants profitably; increases in or sustained high levels of food, paper, utilities, fuel, employee compensation and benefits, insurance and similar costs; the ability to obtain ingredients from alternative suppliers, if needed; health- or disease-related disruptions or consumer concerns about 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; the 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; franchisee relations; 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 business and social 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, April 26, 2006, at 10:00 AM EDT to review first 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 800-487-2662 for participation in the question and answer session. International participants may dial 706-679-8452.

he conference call will be available for replay beginning Wednesday, April 26, 2006 at approximately noon through Friday, April 28, 2006, 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 5719048). International participants may dial 706-645-9291 (passcode 5719048).

Summary Financial Data
                    Papa John's International, Inc.


                                                Three Months Ended
                                            -------------------------
(In thousands, except per share                Mar. 26,     Mar. 27,
 amounts)                                        2006         2005
                                             -----------  -----------

Revenues                                     $   242,349  $   248,637
                                             ===========  ===========

Income from continuing operations before
 income taxes (1)                            $    24,783  $    14,916
                                             ===========  ===========

Net income                                   $    16,002  $     9,965
                                             ===========  ===========

Earnings per share - assuming dilution       $      0.47  $      0.30
                                             ===========  ===========

Weighted-average shares outstanding -
 assuming dilution                                33,983       33,564
                                             ===========  ===========

EBITDA (A)                                   $    31,769  $    23,385
                                             ===========  ===========

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

The following is a summary of our income
 (loss) from continuing operations before
 income taxes:

Domestic company-owned restaurants           $     9,301  $     4,557
Domestic commissaries                              7,353        6,952
Domestic franchising                              13,014       12,807
International                                     (2,341)        (857)
VIEs, primarily BIBP                               5,389       (1,595)
All others                                         1,499          787
Unallocated corporate expenses                    (8,882)      (7,678)
Elimination of intersegment profits                 (550)         (57)
                                             -----------  -----------
Income from continuing operations before
 income taxes                                $    24,783  $    14,916
                                             ===========  ===========

The following is a reconciliation of EBITDA
 to net income:

EBITDA (A)                                   $    31,769  $    23,385
Income tax expense                                (9,170)      (5,519)
Net interest                                        (425)      (1,125)
Depreciation and amortization                     (6,561)      (7,344)
Income from discontinued operations, net of
 tax                                                 389          568
                                             -----------  -----------
Net income                                   $    16,002  $     9,965
                                             ===========  ===========

(A) EBITDA represents operating performance from continuing operations
    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.


As of April 23, 2006, Papa John's had 2,933 restaurants (510 company-owned and 2,423 franchised) operating in 49 states and 23 countries. For more information about the company, please visit www.papajohns.com.

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


                                                Three Months Ended
                                             -------------------------
                                              March 26,    March 27,
                                                2006         2005
                                             -------------------------
(In thousands, except per share amounts)     (Unaudited)  (Unaudited)
Revenues:
  Domestic:
    Company-owned restaurant sales           $   106,740  $   110,714
    Variable interest entities restaurant
     sales                                         2,446        5,167
    Franchise royalties                           14,238       13,365
    Franchise and development fees                   588          703
    Commissary sales                             102,692      100,912
    Other sales                                   10,870       13,392
  International:
    Royalties and franchise and development
     fees                                          1,457        1,558
    Restaurant and commissary sales                3,318        2,826
                                             -------------------------
Total revenues                                   242,349      248,637

Costs and expenses:
  Domestic Company-owned restaurant
   expenses:
    Cost of sales                                 20,878       25,240
    Salaries and benefits                         31,501       34,139
    Advertising and related costs                  9,192        9,611
    Occupancy costs                                6,162        6,600
    Other operating expenses                      13,803       14,066
                                             -------------------------
  Total domestic Company-owned restaurant
   expenses                                       81,536       89,656

  Variable interest entities restaurant
   expenses                                        2,107        4,612

  Domestic commissary and other expenses:
    Cost of sales                                 83,543       82,428
    Salaries and benefits                          7,465        7,454
    Other operating expenses                      11,140       14,170
                                             -------------------------
  Total domestic commissary and other
   expenses                                      102,148      104,052

Loss (income) from the franchise cheese-
 purchasing program, net of minority
 interest                                         (4,576)       1,009
International operating expenses                   3,423        2,709
General and administrative expenses               24,244       21,297
Minority interests and other general
 expenses                                          1,698        1,917
Depreciation and amortization                      6,561        7,344
                                             -------------------------
Total costs and expenses                         217,141      232,596
                                             -------------------------

Operating income                                  25,208       16,041
Net interest                                        (425)      (1,125)
                                             -------------------------
Income from continuing operations before
 income taxes                                     24,783       14,916
Income tax expense                                 9,170        5,519
                                             -------------------------

Income from continuing operations                 15,613        9,397
Income from discontinued operations, net of
 tax                                                 389          568
                                             -------------------------
Net income                                   $    16,002  $     9,965
                                             =========================

Basic earnings per common share:
   Income from continuing operations         $      0.47  $      0.28
   Income from discontinued operations              0.01         0.02
                                             -------------------------
Basic earnings per common share              $      0.48  $      0.30
                                              ========================

Earnings per common share - assuming
 dilution
   Income from continuing operations         $      0.46  $      0.28
   Income from discontinued operations              0.01         0.02
                                             -------------------------
Earnings per common share - assuming
 dilution                                    $      0.47  $      0.30
                                             =========================

Basic weighted-average shares outstanding         33,122       33,178
                                             =========================
Weighted-average shares outstanding -
 assuming dilution                                33,983       33,564
                                             =========================


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

                                              March 26,   December 25,
                                                2006          2005
                                             (Unaudited)     (Note)
                                             -----------  -----------
(In thousands)

Assets
Current assets:
  Cash and cash equivalents                  $    17,595  $    22,098
  Accounts receivable                             21,501       21,300
  Inventories                                     22,723       26,030
  Prepaid expenses and other current assets       11,782       13,456
  Deferred income taxes                            6,607        7,085
  Assets of discontinued operations held for
   sale                                                -        2,039
                                             -----------  -----------
Total current assets                              80,208       92,008

Investments                                        5,108        6,282
Net property and equipment                       178,222      178,447
Notes receivable                                  10,540        7,667
Deferred income taxes                              3,333        1,899
Goodwill                                          41,307       41,878
Other assets                                      15,596       13,772
Assets of discontinued operations held for
 sale                                                  -        8,609
                                             -----------  -----------
Total assets                                 $   334,314  $   350,562
                                             ===========  ===========


Liabilities and stockholders' equity
Current liabilities:
  Accounts payable                           $    29,389  $    28,937
  Income and other taxes                          24,058       16,862
  Accrued expenses                                46,518       49,634
  Current portion of debt                         12,450        6,100
                                             -----------  -----------
Total current liabilities                        112,415      101,533

Unearned franchise and development fees            6,980        7,256
Long-term debt, net of current portion            20,015       49,016
Other long-term liabilities                       30,250       31,478
                                             -----------  -----------
Total liabilities                                169,660      189,283

Total stockholders' equity                       164,654      161,279
                                             -----------  -----------
Total liabilities and stockholders' equity   $   334,314  $   350,562
                                             ===========  ===========

Note: The balance sheet at December 25, 2005 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
                            (Unaudited)

                                                Three Months Ended
                                             -------------------------
(In thousands)                                March 26,    March 27,
                                                 2006         2005
                                             -------------------------

Operating activities
Income from continuing operations            $    15,613  $     9,397
Adjustments to reconcile income from
 continuing operations to net cash provided
 by operating activities:
   Restaurant closure, impairment and
    disposition losses                               103          119
   Provision for uncollectible accounts and
    notes receivable                               1,085          593
   Depreciation and amortization                   6,561        7,344
   Deferred income taxes                          (1,335)      (1,221)
   Stock-based compensation expense                  698          229
   Excess tax benefit related to exercise of
    non-qualified stock options                   (2,586)           -
   Other                                           1,697          416
   Changes in operating assets and
    liabilities:
     Accounts receivable                          (1,478)       2,326
     Inventories                                   3,307          710
     Prepaid expenses and other current
      assets                                       1,625        2,229
     Other assets and liabilities                 (2,438)        (593)
     Accounts payable                                451       (9,019)
     Income and other taxes                        7,196        5,054
     Accrued expenses                             (4,493)       1,440
     Unearned franchise and development fees        (276)        (343)
                                             -------------------------
Net cash provided by operating activities
 from continuing operations                       25,730       18,681
Operating cash flows from discontinued
 operations                                          414          892
                                             -------------------------
Net cash provided by operating activities         26,144       19,573

Investing activities
Purchase of property and equipment                (6,094)      (3,356)
Proceeds from sale of property and equipment          17            5
Purchase of investments                           (2,014)      (3,443)
Proceeds from sale or maturity of
 investments                                       3,129        3,680
Loans to franchisees and affiliates                 (820)      (1,260)
Loan repayments from franchisees and
 affiliates                                        3,027          450
Acquisitions                                        (543)           -
Proceeds from divestiture of restaurants           8,020            -
                                             -------------------------
Net cash provided by (used in) investing
 activities                                        4,722       (3,924)

Financing activities
Net repayments on line of credit facility        (29,000)     (10,300)
Net proceeds from short-term debt - variable
 interest entities                                 6,350        2,150
Payments on long-term debt                             -            -
Proceeds from issuance of common stock                 -        1,000
Excess tax benefit related to exercise of
 non-qualified stock options                       2,586            -
Proceeds from exercise of stock options            6,608        5,225
Acquisition of common stock                      (22,108)     (13,932)
Other                                                159         (331)
                                             -------------------------
Net cash used in financing activities            (35,405)     (16,188)

Effect of exchange rate changes on cash and
 cash equivalents                                     36          (54)
                                             -------------------------
Change in cash and cash equivalents               (4,503)        (593)
Cash and cash equivalents at beginning of
 period                                           22,098       14,698
                                             -------------------------

Cash and cash equivalents at end of period   $    17,595  $    14,105
                                             =========================


Restaurant Progression
Papa John's International, Inc.

                               First Quarter Ended March 26, 2006
                          --------------------------------------------
                               Corporate        Franchised
                           Domestic   Int'l  Domestic   Int'l    Total
                          --------------------------------------------
Papa John's restaurants
Beginning of period           502        2    2,097      325    2,926
Opened                          2        1       20       12       35
Closed                         (1)       -      (13)     (23)     (37)
Acquired                        3        -        -        -        3
Sold                            -        -       (3)       -       (3)
                          --------------------------------------------
End of Period                 506        3    2,101      314    2,924
                          ============================================


                          --------------------------------------------
                               Corporate        Franchised
                           Domestic  Int'l   Domestic  Int'l    Total
                          --------------------------------------------
Perfect Pizza restaurants
Beginning of period             -        -        -      112      112
Closed                          -        -        -       (3)      (3)
Sold                            -        -        -     (109)    (109)
                          --------------------------------------------
End of Period                   -        -        -        -        -
                          ============================================


                               First Quarter Ended March 27, 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                          1        -       23       16       40
Closed                          -        -      (19)      (5)     (24)
                          --------------------------------------------
End of Period                 569        1    2,001      274    2,845
                          ============================================


                          --------------------------------------------
                               Corporate        Franchised
                           Domestic  Int'l   Domestic  Int'l    Total
                          --------------------------------------------
Perfect Pizza restaurants
Beginning of period             -        -        -      118      118
Opened                          -        -        -        1        1
Closed                          -        -        -       (5)      (5)
                          --------------------------------------------
End of Period                   -        -        -      114      114
                          ============================================

SOURCE: Papa John's International, Inc.

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