Published on August 15, 2008
Exhibit
99.1
FOR
IMMEDIATE RELEASE
For
more information, contact:
David
Flanery
Chief
Financial Officer
(502)
261-4753
Papa
John’s Increases Stock Repurchase
Authorization
by $50 Million
Louisville,
Kentucky (August 14, 2008) - Papa John’s International, Inc. (NASDAQ: PZZA)
today announced that its Board of Directors has approved an increase to $775
million in the amount of the company’s common stock that may be repurchased by
the company from time to time through December 31, 2009. This represents a
$50
million increase in the previously authorized amount, and includes the
authorization to purchase shares in both the open market and private
transactions, and pursuant to a 10b5-1 trading plan.
The
company announced that to date it has repurchased $705.1 million of its stock
since the inception of the repurchase program in 1999. As of June 29, 2008,
the
company had approximately 28.7 million shares of common stock outstanding on
a
fully diluted basis (approximately 28.1 million actual shares
outstanding).
As
of
June 29, 2008 Papa John’s had 3,270 restaurants (670 company-owned and 2,600
franchised) operating in all 50 states and 28 countries. For more information
about the company, visit Papa John’s at http://www.papajohns.com.