PRESS RELEASE

EXHIBIT 99.1

FOR MORE INFORMATION, CONTACT:
Chris Sternberg
Vice President, Investor Relations
502-261-4934

PAPA JOHN'S REPORTS FOURTH
QUARTER AND FULL-YEAR 2000 RESULTS

STOCK REPURCHASE AUTHORIZATION INCREASED TO
$275 MILLION; ADDITIONAL GUIDANCE ISSUED FOR 2001

HIGHLIGHTS

- 4Q 2000 EPS (BEFORE SPECIAL CHARGES) OF $0.47 VS. $0.46 IN 1999
- FULL-YEAR 2000 EPS (BEFORE SPECIAL CHARGES) OF $1.90 VS. $1.64 IN 1999
- SYSTEMWIDE COMPARABLE SALES INCREASE OF 2.0% IN 4Q 2000 AND 2.3% FOR
FULL-YEAR 2000 (31 CONSECUTIVE QUARTERS OF COMPARABLE SALES INCREASES)
- 119 RESTAURANT OPENINGS IN 4Q 2000 AND 369 IN FULL-YEAR 2000
- EPS OF $1.90 TO $2.15 PROJECTED FOR 2001

Louisville, Kentucky (February 27, 2001) - Papa John's International, Inc.
(Nasdaq: PZZA) today announced record revenues of $261.3 million for the fourth
quarter of 2000, representing an increase of 21.2% over revenues of $215.5
million for the same period in 1999. The fourth quarter of 2000 consisted of 14
weeks of operations compared to 13 weeks in 1999. In line with the company's
previously issued guidance, diluted earnings per share before special charges
were $0.47 for the fourth quarter of 2000, compared to $0.46 per share for the
comparable quarter in 1999, a 2.2% increase.

Net income before special charges was $10.8 million for the fourth quarter
of 2000 compared to $14.2 million for the comparable quarter in 1999. The
decrease was expected, resulting primarily from higher net interest expense of
$3.4 million associated with the company's stock repurchase program. EBITDA
before special charges was $28.7 million for the fourth quarter of 2000 compared
to $29.1 million for the same quarter in 1999, a 1.2% decrease.

Record revenues of $944.7 million were achieved for the full-year ended
December 31, 2000, an increase of 17.3% over 1999 revenues of $805.3 million.
The 2000 fiscal year consisted of 53 weeks of operations compared to 52 weeks in
1999. Diluted earnings per share before special charges were $1.90 for 2000
compared to $1.64 for 1999, a 15.9% increase. Net income before special charges
was $47.4 million for 2000 compared to $51.1 million for fiscal 1999. The
decrease was expected, resulting primarily from higher net interest expense of
$9.0 million associated with the company's stock repurchase program. EBITDA
before special charges was $116.7 million for full-year 2000 compared to $103.4
million for fiscal 1999, a 12.8% increase.

The company also reported special charges during the quarter of $24.1
million ($14.9 million, net of tax), as previously announced. When combined with
the $1.0 million of advertising litigation costs incurred earlier in 2000, this
results in total special charges during 2000 of $25.1 million ($15.6 million,
net of tax). The company incurred advertising litigation costs of $4.8 million
($3.0 million, net of tax) in the fourth quarter of 1999, and $6.1 million ($3.8
million, net of tax) for full-year 1999.

After the effect of all such special charges, the company reported a net
loss of $4.2 million, or $0.18 per diluted share, for the fourth quarter of
2000, and net income of $31.8 million, or $1.28 per diluted share, for full-year
2000. Net income was $11.2 million and diluted earnings per share were $0.36 for
the fourth quarter of 1999, and net income was $ 47.3 million and diluted
earnings per share were $1.52 for full year 1999, after the effect of special
charges.

For the quarter, systemwide comparable sales increased 2.0% (3.3% for
company-owned restaurants and 1.5% for franchised restaurants), representing
comparable sales increases for 31 consecutive quarters. For the year, systemwide
comparable sales increased 2.3% (3.0% for company-owned restaurants and 2.1% for
franchised restaurants).

During 2000, 369 restaurants were opened (44 company-owned and 314
franchised Papa John's restaurants and 11 Perfect Pizza franchised restaurants),
including



119 in the fourth quarter (14 company-owned and 99 franchised Papa John's
restaurants and 6 Perfect Pizza franchised restaurants). As of December 31,
2000, there were 2,612 Papa John's restaurants (641 company-owned and 1,971
franchised) operating in 49 states and 10 international markets. Papa John's
also owns or operates an additional 205 Perfect Pizza restaurants (3
company-owned and 202 franchised) in the United Kingdom.

FOURTH QUARTER 2000 SPECIAL CHARGES

The $24.1 million of special charges in the fourth quarter of 2000 consist
of estimated costs related to: (1) the impairment of the carrying value of 52
restaurants, based on certain impairment indicators and forecasted future cash
flows ($6.8 million); (2) the impairment or disposal of certain other assets,
principally in the technology area, due to changes in the company's future plans
with respect to their use and the related impact on forecasted future cash flows
($6.7 million); (3) the establishment of a reserve for the portion of certain
franchisee notes receivable expected to be uncollectible ($4.2 million); (4) the
company's planned closure of 13 underperforming restaurants in 2001 ($3.1
million); (5) the closing of 20 field operations offices (principally to allow
our operations area supervisors and district managers to spend more time in our
restaurants), severance and exit costs ($2.6 million); and (6) miscellaneous
other charges ($700,000).

STOCK REPURCHASE AUTHORIZATION

The company also announced that its Board of Directors has approved an
increase to $275 million (from $225 million) in the amount of the company's
common stock that may be repurchased from time to time through December 30,
2001. The authorization includes both open market purchases as well as private
transactions.

To date, the company has repurchased approximately 7.9 million shares at a
cost of $195 million under the repurchase program. After such repurchases, the
company has approximately 23.0 million shares of common stock outstanding on a
fully-diluted basis.

FOURTH QUARTER 2000 OPERATING RESULTS

During the fourth quarter of 2000, domestic corporate restaurant sales
increased 19.8% to $126.3 million from $105.4 million for the same period in
1999, primarily resulting from a 10.4% increase in the number of equivalent
company-owned domestic Papa John's restaurants open in the 2000 period compared
to the 1999 period, coupled with a 3.3% comparable sales increase for the
quarter. Domestic franchise sales increased 20.1% to $335.8 million from $279.6
million for the same period in 1999, primarily resulting from a 14.5% increase
in the number of equivalent franchised domestic Papa John's restaurants open in
the 2000 period compared to the 1999 period, coupled with a 1.5% comparable
sales increase for the quarter. The remainder of the percentage sales increases
resulted from an additional week of operations in the fourth quarter of 2000
compared to the fourth quarter of 1999.



The fourth quarter comparable sales base for domestic corporate restaurants
consisted of 534 units, or 87.5% of total equivalent units, and the domestic
franchise base consisted of 1,524 units or 82.6% of total equivalent units.
Average weekly sales for restaurants included in the corporate comparable base
were $15,147, while other corporate units averaged $12,184 for an overall
average of $14,775. Average weekly sales for the restaurants included in the
franchise comparable base were $13,569, while other franchise units averaged
$10,259 for an overall average of $12,992.

Domestic franchise royalties increased 18.1% to $13.0 million in the fourth
quarter of 2000 from $11.0 million for the same period in 1999, resulting from
the increase in domestic franchise sales previously described. Domestic
franchise and development fees were essentially unchanged for the fourth quarter
of 2000 compared to the same period in 1999, as the decrease in number of
domestic franchise openings in 4Q 2000 was offset by an increase in average fees
per restaurant opening during the quarter.

The restaurant operating margin at domestic company-owned units was 18.4%
in the fourth quarter 2000 compared to 19.1% for the same period in 1999,
consisting of the following differences:

- Cost of sales was 0.8% lower in 2000 due primarily to favorable cheese
prices, partially offset by increases in certain other commodity
costs.
- Salaries and benefits were 1.3% higher in 2000 due primarily to higher
wage rates.
- Advertising and related costs were 1.4% lower in 2000 due primarily to
higher than normal levels of advertising in the fourth quarter of 1999
in response to the overall market and competitive environment.
- Occupancy costs were 0.1% higher in 2000 due primarily to higher
utility costs.
- Other operating expenses were 1.5% higher in 2000 due primarily to
increases in mileage reimbursement for drivers, sponsorship fees and
the provision for potentially uncollected accounts receivable as
compared to 1999.

Domestic commissary and equipment and other sales increased 19.0% to $112.1
million in the fourth quarter of 2000 from $94.2 million for the same period in
1999, primarily resulting from the franchised equivalent unit and sales growth
previously noted.

Commissary, equipment and other margin was 9.8% in the fourth quarter 2000
compared to 10.1% for the same period in 1999, as the impact of lower cheese
costs was more than offset by increased labor costs and an increase in the
provision for potentially uncollectible accounts receivable.

The significant increase in international revenues and operating expenses
in the fourth quarter of 2000, compared to the same period in 1999, is due
primarily to the company's acquisition of Perfect Pizza in the United Kingdom
which occurred on



November 29, 1999. The fourth quarter of 2000 includes three months of Perfect
Pizza operations compared to only one month in the fourth quarter of 1999.

General and administrative expenses increased to 8.0% of revenues in the
fourth quarter of 2000 compared to 6.3% of revenues in the comparable period in
1999. This increase is primarily due to the cost of additional support services,
such as field marketing, training and international development required for our
expanded operations, as well as the addition of Perfect Pizza.

Pre-opening and other general expenses increased to $1.7 million in the
fourth quarter of 2000 from $0.9 million for the comparable period in 1999.
Pre-opening costs of $390,000 and relocation costs of $676,000 were included in
the 2000 amount as compared to pre-opening costs of $378,000 and relocation
costs of $173,000 in the 1999 amount. The remainder of the costs included in
pre-opening and other general expenses principally relates to net losses on
restaurant and other asset dispositions.

Depreciation and amortization was unchanged at 3.4% of revenues for both
periods, as the impact of 2000 capital expenditures and acquisitions was offset
by an extra week of operating revenues in the fourth quarter of 2000.

Net interest expense was $2.5 million in the fourth quarter of 2000
compared to net interest income of $0.9 million for the comparable period in
1999, due to the cash used and debt incurred by the company to fund the stock
repurchase program. The effective income tax rate was 38.0% in the fourth
quarter of 2000 compared to 37.4% for the comparable period in 1999, due
primarily to the sale of certain tax-exempt investments during the fourth
quarter of 1999 to fund the Perfect Pizza acquisition and to begin funding of
the stock repurchase program.

FULL-YEAR 2000 OPERATING RESULTS

For full-year 2000, domestic corporate restaurant sales increased 15.7% to
$456.6 million from $394.6 million for 1999, primarily resulting from a 13.2%
increase in the number of equivalent company-owned domestic units open in 2000
compared to 1999, coupled with a 3.0% comparable sales increase in 2000.
Domestic franchise sales increased 17.6% to $1.212 billion in 2000 from $1.031
billion for 1999, primarily resulting from a 16.9% increase in the number of
equivalent franchised domestic restaurants open in 2000 compared to 1999,
coupled with a 2.1% comparable sales increase in 2000.

The 2000 comparable sales base for domestic corporate restaurants consisted
of 498 units, or 83.6% of the total equivalent units, and the domestic franchise
base consisted of 1,281 units or 72.6% of the total equivalent units. Average
weekly sales for restaurants included in the corporate comparable base were
$14,917, while other corporate units averaged $12,167, for an overall average of
$14,466. Average weekly



sales for restaurants included in the franchise comparable base were $13,836,
while other franchise units averaged $10,670, for an overall average of $12,969.

Domestic franchise royalties increased 16.2% to $47.1 million in 2000 from
$40.6 million for 1999, due to the increase in domestic franchise sales
previously described. Domestic franchise and development fees decreased 14.6% to
$5.6 million for 2000 from $6.5 million for 1999, due primarily to 74 fewer
domestic franchise unit openings in 2000 compared to 1999. The decrease in
franchise unit openings was partially offset by an increase in average fees per
restaurant opening.

Restaurant operating margin at domestic company-owned restaurants was 19.2%
in 2000 compared to 19.9% for the same period in 1999, consisting of the
following differences:

- Cost of sales was 1.0% lower in 2000 due primarily to favorable cheese
prices, partially offset by increases in certain other commodity
costs.
- Salaries and benefits were 0.9% higher in 2000 due primarily to
increasing wage rates.
- Advertising and related costs were unchanged at 9.1% of restaurant
sales for both years.
- Occupancy costs were 0.1% higher in 2000 due primarily to increasing
utility costs.
- Other operating expenses were 0.7% higher in 2000, due primarily to
increases in mileage reimbursement for drivers, sponsorship fees and
the provision for potentially uncollectible accounts receivable as
compared to 1999.

Domestic commissary and equipment and other sales increased 12.4% to $404.5
million in 2000 from $360.0 million for 1999, resulting primarily from the
franchised equivalent unit and sales growth previously noted.

Commissary, equipment and other margin was 10.3% in 2000 compared to 9.4%
in 1999. The increased operating margin reflects lower commodity costs,
primarily resulting from lower cheese costs.

The significant increase in international revenues and operating expenses
in 2000 compared to 1999 results primarily from the acquisition of Perfect Pizza
in the United Kingdom that occurred on November 29, 1999. A full year of Perfect
Pizza operations is included in 2000 compared to only one month of operations in
1999.

General and administrative expenses increased to 7.7% of revenues for
full-year 2000 compared to 6.8% of revenues in 1999. This increase is primarily
due to the cost of additional support services, such as field marketing,
training and international development, required for our expanded operations as
well as the addition of Perfect Pizza.



Pre-opening and other general expenses decreased to $2.2 million in 2000
from $3.4 million in 1999. Pre-opening costs of $1.1 million, relocation costs
of $1.3 million and net gains on restaurant and other asset dispositions of
$200,000 were included in the 2000 amount, as compared to pre-opening costs of
$759,000, relocation costs of $1.3 million and net losses on restaurant and
other asset dispositions of $1.4 million in 1999.

Depreciation and amortization was 3.6% of revenues in 2000 compared to 3.1%
for 1999, due primarily to a full year of depreciation on the corporate
headquarters facility and a full year of goodwill amortization on the Perfect
Pizza acquisition in 2000 as compared to only a partial year impact of each of
these items in 1999.

Net interest expense was $5.8 million in 2000 compared to net interest
income of $3.2 million in 1999, due to the cash used and debt incurred to fund
the stock repurchase program. The effective income tax rate was 38.3% in 2000
compared to 37.5% for 1999, due primarily to the sale of certain tax-exempt
investments during the fourth quarter of 1999 to fund the Perfect Pizza
acquisition and to begin funding of the stock repurchase program.

2001 GUIDANCE

The company projects 2001 earnings in the range of $1.90 to $2.15 per share
(before the impact of any share repurchases during 2001). In 2001, the company
projects:

- 210 to 275 restaurant openings (165 to 195 domestic franchise, 30 to
60 international franchise and 15 to 20 corporate restaurants).
Consistent with prior years, restaurant openings by quarter are
scheduled to increase as the year progresses, with approximately 60%
of total openings planned for the last two quarters of 2001.
- The closure of 40 to 80 franchise and 15 to 20 corporate restaurants.
- Domestic system restaurant sales growth of 4% to 5%, including flat to
2% comparable sales growth.

- An operating margin of 19.0% to 20.0% at corporate domestic
restaurants.
- An operating margin of 9.7% to 10.0% for its domestic "commissary,
equipment and other" operations.

- International system restaurant sales growth of 10% to 15%.
- An operating margin of 25.0% to 30.0% on its international operations.

- General and administrative expenses of 7.4% to 7.7% of revenues.
- Depreciation and amortization of 3.7% to 3.9% of revenues.



- Pre-opening and other general expenses of $2.0 million to $2.5
million, including gains of approximately $1.2 million from the sale
of restaurants during the first quarter of 2001.

- Net interest expense of $8.6 million to $8.9 million.
- An effective tax rate of 37.8%.
- Capital expenditures of $30 to $35 million.

Quarterly earnings expectations are as follows: Q1 - $0.51 to $0.55; Q2 -
$0.46 to $0.53; Q3 - $0.42 to $0.49; and Q4 - $0.51 to $0.58. The company
intends to narrow both its full-year and quarterly earnings ranges as the year
proceeds, and will announce adjustments to expectations as warranted.

Headquartered in Louisville, Kentucky, as of February 26, 2001, Papa John's
had 2,625 restaurants (641 company-owned and 1,984 franchised) operating in 49
states and 10 international markets. Papa John's also owns or operates an
additional 204 Perfect Pizza restaurants (2 company-owned and 202 franchised) in
the United Kingdom. For more information about the company, please visit
www.papajohns.com.


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. Factors that can
cause actual results to materially differ include: the uncertainties associated
with litigation, including additional unforeseen costs, expenses or damages
which may be incurred with respect to the pending litigation with Pizza Hut,
Inc.; increased advertising, promotions and discounting by competitors which may
adversely affect sales; the ability of the company and its franchisees to open
new restaurants and operate new and existing restaurants profitably; increases
in food, labor, utilities, employee benefits and similar costs; economic and
political conditions in the countries in which the company or its franchisees
operate; and new product and concept developments by food industry competitors.
Further information regarding factors that could affect the company's financial
and other results is included in the company's Forms 10Q and 10K, filed with the
Securities and Exchange Commission.


Conference Call
---------------
Date: February 28, 2001
3:00 PM EST
U.S./Canada: 800-890-5040





International: 706-643-9503
Conference ID: None


The conference call replay will be available on the company's web site at
http://www.papajohns.com. To access the replay, click on Investor Relations,
then Audio Archives.





SUMMARY FINANCIAL DATA
PAPA JOHN'S INTERNATIONAL, INC.