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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):
December 12, 2000
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 December 12, 2000, Papa John's International, Inc. announced that systemwide
comparable sales for the four weeks ended November 19, 2000 increased 1.9%,
comprised of a 4.0% increase at company-owned restaurants and a 1.2% increase at
franchised restaurants.
The Company also announced a downward revision to its projected earnings per
share for the fourth quarter ending December 31, 2000, from $0.69-$0.70 to
$0.47-$0.51, before a special one-time charge described below. Full-year 2000
earnings per share are now expected to be in the range of $1.90 to $1.93, before
the special charge and previously announced advertising litigation related
costs, as compared to the Company's previous estimate of $2.12. The Company
expects 115 to 125 new restaurant openings for the fourth quarter (versus its
previous target of 130 openings), for a total of 365 to 375 new restaurant
openings for full-year 2000.
The Company is continuing to evaluate the impact of these trends, and additional
investment initiatives in its people and franchise system, on 2001 growth and
earnings
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estimates. However, the Company currently expects that both restaurant openings
and EPS for 2001 will decline by up to 20% from previously announced 2001
estimates of 340 to 360 new company and franchised restaurants and EPS of $2.40
to $2.50. The Company will provide additional information regarding 2001
expectations when available, currently expected to be at the time of the
Company's fourth quarter earnings release planned for February 27, 2001.
The Company also announced that it will take a predominantly non-cash special
charge of $10 to $14 million during the fourth quarter ending December 31, 2000.
The charge will include certain items under Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-lived Assets and for
Long-lived Assets to be Disposed of," related to: the impairment of a select
number of underperforming restaurants, some of which may be closed or sold; the
planned closure of 20 field operations offices; and the write-down of certain
surplus or obsolete assets, including certain technology assets. The special
charge also includes the write-down of a note receivable to its current
estimated realizable value.
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) Exhibit 99.1 Press Release dated December 12, 2000.
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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 thereunto duly authorized.
PAPA JOHN'S INTERNATIONAL, INC.
(Registrant)
Date: December 13, 2000 /s/ E. Drucilla Milby
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E. Drucilla Milby
Senior Vice President,
Chief Financial Officer
and Treasurer
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EXHIBIT INDEX
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EXHIBIT NO.
99.1 Press Release dated December 12, 2000
