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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: February 2, 2000
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) 981-2800
(Registrant's telephone number, including area code)
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Item 5. Other Events
On January 19, 2000, PJ America, Inc., a Delaware corporation (the "Company")
announced 1999 Sales Results, with comparable sales increases for the fourth
quarter of 1999 and the full year. The Company also announced that its Board of
Directors had approved an additional $5 million increase to the Company's Share
Repurchase Program, bringing the total authorization to date to $15 million. The
Company also announced costs to be incurred for its slogan change.
Exhibit No. Description of Exhibit
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PJ America, Inc. Press Release dated January 19, 2000 announcing
1999 Sales Results and other information.
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SIGNATURES
Pursuant to the requirements of the Securities 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.
Date: February 2, 2000 By /s/ D. Ross Davison
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D. Ross Davison
Vice President Administration, Chief Financial Officer
and Treasurer (Principal Financial Officer)
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[PAPA JOHNS PIZZA LOGO GOES HERE]
Contact: D. Ross Davison
Chief Financial Officer and Treasurer
(205) 981-2823
PJ AMERICA ANNOUNCES 1999 SALES RESULTS
Highlights:
. Comparable Restaurant Sales Increase of 2.3% for 1999, flat for Q4
. Restaurant Openings of 35 for 1999, 7 for Q4
. Share repurchase increase of $5 million
. $1 million of costs for slogan change in 2000, $700k (8 cents) for Q4
Birmingham, Alabama, January 19, 2000
PJ America, Inc. (NASDAQ: PJAM), the largest franchisee of Papa John's
International, Inc. announced today that revenues for the fourth quarter were
$25.5 million and $95.5 million for the year. These results represent increases
of 25.5% and 39.2%, respectively, over revenues of $20.1 million and $68.6
million for the same periods in 1998. Comparable restaurant sales for the year
ended 1999 increased 2.3%, with the fourth quarter being 0.1%. The Company
opened 35 restaurants in fiscal 1999, including 7 during the fourth quarter, to
end the year with 152 restaurants in nine states and Puerto Rico.
The Company also announced that its Board of Directors has approved an
additional $5 million increase to the Company's share repurchase program,
bringing the total authorization to date to $15 million. The authorization
includes both open market purchases as well as private transactions. Through
January 19, 2000, the Company has repurchased 527,000 shares for a total of $8.3
million.
The Company also reported that it expects to incur costs of up to $1
million in fiscal 2000 for the deployment and implementation of a new slogan,
resulting from the Pizza Hut litigation against Papa John's International, Inc.
These charges will be expensed as incurred, the majority of which is expected to
occur during the first and second quarters of 2000. The Company also announced
that it
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expects to have a non-recurring charge against fourth quarter 1999 earnings of
approximately $700,000 (or 8 cents per share) to cover the costs required to
change its slogan and asset impairment costs. PJ America, Inc. is scheduled to
release fourth quarter results on February 9, 2000, after the market closes.
The Company's President and C.E.O., Doug Stephens, said, "1999 was a
crucial year for PJ America as we began our foundation in three new markets -
California, Oregon and Puerto Rico. Our development pipeline continues to grow,
and we are excited about building the brand and growing market share in 2000. We
also 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 continues to allow us to repurchase common stock while
maintaining our growth initiatives and other strategic opportunities."
This information contains forward-looking statements within the meaning of
Section 27A of The Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
reflect management's expectations based upon currently available information and
data; however, actual results are subject to future events and uncertainties,
which could cause actual results to materially differ include: additional
unforeseen costs, expenses or damages which may be incurred with respect to the
change of the Papa John's slogan as a result of discounting by competitors which
may adversely affect sales; the ability of the Company to open new restaurants
and operate new and existing restaurants profitably; increases in food, labor,
employee benefits and similar costs; economic and political conditions in the
territories in which the Company operates; and new produce and concept
development by food industry competitors. Further information regarding factors
that could affect the company's financial and other results is included in the
company's Forms 10-Q and 10-K, filed with the Securities and Exchange
Commission.
