UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

April 19, 2006

 

Commission File Number:  0-21660

 

PAPA JOHN’S INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

 

 

2002 Papa Johns Boulevard

Louisville, Kentucky  40299-2334

(Address of principal executive offices)

 

(502) 261-7272

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Section 8 – Other Events

 

Item 8.01 Other Events

 

On April 19, 2006, Papa John’s International, Inc. announced that its Board of Directors has approved an increase of $50 million, to an aggregate $575 million, in the amount of the company’s common stock that may be repurchased by the company from time to time through December 31, 2006.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01 Financial Statements and Exhibits

 

(d)  Exhibits

 

Exhibit Number		Description
99.1		Papa John’s International, Inc. press release dated April 19, 2006.

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

PAPA JOHN’S INTERNATIONAL, INC.

 

(Registrant)

 

Date:  April 20, 2006		/s/ J. David Flanery
		J. David Flanery
		Senior Vice President and
		Chief Financial Officer

 

3

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 to $575 Million

 

Louisville, Kentucky (April 19, 2006) - Papa John’s International, Inc. (NASDAQ: PZZA) today announced that its Board of Directors has approved an increase to $575 million in the amount of the company’s common stock that may be repurchased by the company from time to time through December 31, 2006. 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.

 

The company announced that to date it has repurchased $525.0 million of its stock since the inception of the repurchase program in 1999. As of March 26, 2006, the company had approximately 34.0 million shares of common stock outstanding on a fully diluted basis (approximately 32.8 million actual shares outstanding).

 

“Our strong cash flow and conservative balance sheet allow us the opportunity to continue our stock repurchase program without limiting our ability to invest in the growth of our business, including the building or purchase of additional company-owned restaurants, potential capital investments to help drive international growth in selected markets and investments in our systems infrastructure,” said Papa John’s president and chief executive officer, Nigel Travis. “Additionally, a portion of the funding for the increased stock repurchase authorization is expected to come from the proceeds of recent and expected future stock option exercises.”

 

As of March 26, 2006 Papa John’s had 2,924 restaurants (509 company-owned and 2,415 franchised) operating in 49 states and 22 countries. For more information about the company, visit Papa John’s at http://www.papajohns.com.