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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: November 22, 1999
PJ AMERICA, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-21587 61-1308435
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) Identification Number)
2300 Resource Drive
Birmingham, Alabama 35242
(Address of principal executive offices)
(205) 981-2830
(Registrant's telephone number, including area code)
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Item 5. Other Events
On November 5, 1999, PJ America, Inc., a Delaware corporation (the "Company")
announced that its Board of Directors had approved the repurchase from time to
time of up to an additional $5 million of the Company's common stock. The
Company also announced it has nearly completed the $5 million buyback announced
in September, 1998.
Exhibit No. Description of Exhibit
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99 PJ America, Inc. Press Release dated November 5, 1999 announcing
an increase of $5 million share repurchase.
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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 hereunto duly authorized.
PJ AMERICA, INC.
/s/ D. Ross Davison
Date: November 22, 1999 By ____________________________
D. Ross Davison
Vice President Administration, Chief
Financial Officer and Treasurer (Principal
Financial Officer)
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[LOGO OF PAPA JOHN'S PIZZA]
Contact: D. Ross Davison
Chief Financial Officer and Treasurer
(205) 981-2823
FOR IMMEDIATE RELEASE
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PJ AMERICA INCREASES SHARE REPURCHASE BY $5 MILLION
Birmingham, Alabama, November 5, 1999
PJ America, Inc. (NASDAQ: PJAM), the largest franchise of Papa John's
International, Inc. announced today that its Board of Directors has approved a
$5 million increase to the Company's share repurchase program. The authorization
includes both open market purchases as well as private transactions. The Company
currently has 5.7 million shares of common stock outstanding.
The Company also announced today that it has nearly completed the initial
$5 million repurchase program announced in 1998. Through November 5, 1999, the
Company had repurchased 252,000 shares for a total of $4.5 million.
Douglas S. Stephens, President and Chief Executive Officer, stated, "We
believe that investing in the Company's common stock at current prices
represents an attractive use of the Company's funds. Our goal is to improve
shareholder value and maximize returns on invested capital. The Company's
financial position will allow us to repurchase common stock while maintaining
our growth initiatives and other strategic opportunities." As of September 26,
1999, the Company had $13.3 million in cash and marketable securities.
Certain statements in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
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PJ AMERICA, INC.
AN INDEPENDENTLY OWNED AND OPERATED FRANCHISE
2300 RESOURCE DRIVE . BIRMINGHAM, AL 35242 . P.O. BOX 380366 . BIRMINGHAM,
AL 35238-0366
(205) 981-2800 . FAX (205) 981-2888
