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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
November 29, 1999
PAPA JOHN'S INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 61-1203323
(State or other jurisdiction of (I.R.S. Employer identification
incorporation or organization) number)
2002 Papa John's Boulevard
Louisville, Kentucky 40299-2334
(Address of principal executive offices)
(502) 261-7272
(Registrant's telephone number, including area code)
Item 5. Other Events
On November 29, 1999, Papa John's International, Inc. announced the acquisition
of Perfect Pizza Holdings Limited, an operator and franchisor of 205 delivery
and carry-out pizza restaurants in the United Kingdom. The purchase price was
(Pounds)20,000,000 (approximately $32,500,000) and was funded principally with
cash. The acquisition will be accounted for as a purchase transaction and is
expected to be slightly accretive to Papa John's in fiscal year 2000. This
summary of the attached press release is qualified in its entirety by the
complete text of such document, a copy of which is attached hereto as Exhibit
99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits 99.1 Press Release dated November 29, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PAPA JOHN'S INTERNATIONAL, INC.
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(Registrant)
Date: December 10, 1999 /s/ E. Drucilla Milby
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E. Drucilla Milby
Senior Vice President,
Chief Financial Officer
and Treasurer
Exhibit Index
Exhibit No.
99.1 Press Release dated November 29, 1999
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Exhibit 99.1
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For more information, contact:
Dru Milby Chris Sternberg
Chief Financial Officer and Treasurer VP, Corporate Communications
502-261-4942 502-261-4934
FOR IMMEDIATE RELEASE
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PAPA JOHN'S ANNOUNCES 205-UNIT
ACQUISITION IN THE UNITED KINGDOM
Louisville, Kentucky (November 29, 1999) -- Papa John's International, Inc.
(NASDAQ: PZZA) announced today the acquisition of Perfect Pizza Holdings
Limited, an operator and franchisor of 205 delivery and carry-out pizza
restaurants in the United Kingdom. The purchase price was (Pounds)20,000,000
(approximately $32,500,000) and was funded principally with cash. The
acquisition will be accounted for as a purchase transaction and is expected to
be slightly accretive to Papa John's in fiscal year 2000.
Perfect Pizza is the largest independent delivery and carry-out pizza chain
in the United Kingdom, with a focus on quality. Perfect Pizza's existing
management team, headed by pizza veteran Tony Sherriff, will remain in place.
The chain's 15 corporate and 190 franchised units are scheduled to be converted
to Papa John's restaurants over the next 36 to 48 months. The company estimates
that the United Kingdom will eventually support 370 Papa John's restaurants.
"This purchase gives us a critical mass of restaurants in a major European
market that would have taken us years to build from the ground up," said Papa
John's Founder and CEO, John Schnatter. "We believe owning this quality-focused
chain will provide us an excellent platform for advancing our international
growth."
"We look forward to building on the foundation that Perfect Pizza has
established in the United Kingdom," said Papa John's Senior Vice President,
International, Barry Barron. "With their experienced management team and
consumer endorsement of their product, we're confident we can successfully
develop the Papa John's brand in this important market."
For three years running, Papa John's has received the highest quality and
overall customer satisfaction ratings among U.S. national pizza chains in the
prestigious Restaurants and Institutions' Choice in Chains survey. Following
the acquisition, there were 2,201 Papa John's restaurants (559 company-owned and
1,642 franchised) operating throughout the U.S. and in five international
markets and 205 Perfect Pizza restaurants operating in the United Kingdom. For
more information about the company, visit Papa John's at www.papajohns.com.
This announcement 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 from those projected in
these statements. Factors that can cause actual results to materially differ
include the ability of the company and its franchisees 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
countries in which the company or its franchisees operate, pricing pressures
resulting from competitive discounting and new product 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.
