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, 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 or open
restaurants in markets now targeted for expansion.

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 business. Cheese, representing
approximately 40% of our food cost, and other commodities are subject to
seasonal fluctuations, weather, demand and other factors that are beyond our
control.

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.

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 operations could be affected by factors related to the year 2000
computer bug. Such factors include, but are not limited to: (1) our ability to
complete the phases of our year 2000 assessment by the dates estimated by
management; (2) our ability to identify information technology (IT) and non IT
systems that are not year 2000 compliant; (3) our ability to implement system
modifications and conversions successfully and timely; (4) the results of year
2000 testing differing from those anticipated; (5) the resolution of year 2000
issues by external companies with which we do business; and (6) our ability to
implement effective contingency plans when deemed necessary. Accordingly, the
effects of the factors identified above could materially impact our business.