CAUTIONARY STATEMENTS

Exhibit 99.1 - Cautionary Statements

Information provided herein by Papa John's contains, and from time to time we
may disseminate materials and make statements which contain "forward looking"
information within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Act"), including information within Management's Discussion and
Analysis of Financial Condition and Results of Operations. The following
cautionary statements are being made pursuant to the provisions of the Act and
with the intention of obtaining the benefits of the "safe harbor" provisions of
the Act. Although we believe that our expectations are based on reasonable
assumptions, actual results may differ materially from those in the forward
looking statements as a result of various factors, including but not limited to,
the following:

1. Our ability and the ability of our franchisees to continue to expand
through the opening of new restaurants is affected by a number of factors,
many of which are beyond our control and our franchisees' control. These
factors include, among other things, selection and availability of suitable
restaurant locations, increases in food, paper and labor costs, negotiation
of suitable lease or financing terms, constraints on permitting and
construction of other restaurants, higher than anticipated construction
costs, and the hiring, training and retention of management and other
personnel. Accordingly, there can be no assurance that we or the Papa
John's franchisees will be able to meet planned growth targets, open
restaurants in markets now targeted for expansion, or continue to operate
in existing markets.

2. The restaurant industry is intensely competitive with respect to price,
service, location and food quality, and there are many well-established
competitors with substantially greater financial and other resources than
Papa John's and our franchisees. Some of these competitors have been in
existence for a substantially longer period than us or our franchisees and
may be better established in the markets where restaurants operated by Papa
John's or our franchisees are, or may be, located. A change in the pricing
or other marketing or promotional strategies of one or more of our major
competitors could have an adverse impact on sales and earnings at
restaurants operated by us and our franchisees.

3. An increase in the cost of cheese or other commodities could adversely
affect the profitability of our restaurant operations. Cheese, representing
approximately 35 to 40% of our food cost, and other commodities are subject
to seasonal fluctuations, weather, availability, demand and other factors
that are beyond our control. Additionally, sustained increases in fuel
costs could adversely affect profitability of our restaurant and QC Center
businesses.

4. Changes in consumer taste, demographic trends, traffic patterns and the
type, number and location of competing restaurants could adversely affect
our restaurant business.

5. Our restaurant operations are subject to federal and state laws governing
such matters as wages, working conditions, citizenship requirements and
overtime. A significant number of hourly personnel employed by us and our
franchisees are paid at rates related to the federal minimum wage.
Accordingly, further increases in the minimum wage will increase labor
costs for us and our franchisees. Additionally, labor shortages in various
markets could result in higher required wage rates.


6. Our international operations are subject to a number of additional factors,
including international economic and political conditions, currency
regulations and fluctuations, differing cultures and consumer preferences,
diverse government regulations and structures, availability and cost of
land and construction, and differing interpretation of the obligations
established in franchise agreements with international franchisees.
Accordingly, there can be no assurance that our international operations
will achieve or maintain profitability or meet planned growth rates.

7. Our planned conversion of Perfect Pizza restaurants to Papa John's
restaurants over the next four to five years represents the first time we
have attempted to expand the Papa John's brand in this manner. There can be
no assurance that all conversion issues will be identified and successfully
addressed in a timely and cost-effective manner or that the existing
Perfect Pizza market share can be successfully converted to Papa John's.