<PAGE>
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):
January 14, 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)
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ITEM 5. OTHER EVENTS
On January 14, 2000, Papa John's International, Inc. announced that its
fourth quarter 1999 systemwide comparable sales increased 2.0%. Full-year
1999 systemwide comparable sales increased 5.5%.
The company also announced that the costs to comply with the recent ruling in
the Pizza Hut litigation are expected to total $12 to $15 million on a
pre-tax basis, of which approximately $5 million (or 10 cents per share) will
be recorded as a charge against fourth quarter 1999 earnings. The remainder
of the costs will be charged to earnings as incurred, the majority of which
is expected to occur during the first quarter of 2000. The company has filed
a motion to stay the court's injunction against the use of its slogan pending
an appeal of the ruling.
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
Exhibits 99.1 Press Release dated January 14, 2000.
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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: January 21, 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
EXHIBIT NO.
99.1 Press Release dated January 14, 2000
<PAGE>
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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FOR MORE INFORMATION, CONTACT:
Dru Milby
Chief Financial Officer and Treasurer
Papa John's International, Inc.
(502) 261-4942
PAPA JOHN'S ANNOUNCES
DECEMBER COMPARABLE SALES RESULTS
Louisville, KY (January 14, 2000) - Papa John's International, Inc.
(NASDAQ: PZZA) today announced that systemwide comparable sales for the five
weeks ended December 26, 1999 increased 1.7%, comprised of a 4.7% increase at
company-owned restaurants and a 0.5% increase at franchised units. Fourth
quarter 1999 systemwide comparable sales increased 2.0%, comprised of a 1.8%
increase at company-owned restaurants and a 2.1% increase at franchised
restaurants. Full-year 1999 systemwide comparable sales increased 5.5%,
comprised of a 3.5% increase at company-owned restaurants and a 6.4% increase
at franchised units.
The company also announced that the costs to comply with the recent
ruling in the Pizza Hut litigation are expected to total $12 to $15 million
on a pre-tax basis, of which approximately $5 million (or 10 cents per share)
will be recorded as a charge against fourth quarter 1999 earnings. The
remainder of the costs, including approximately $5 million for the
development and deployment of a new slogan, will be charged to earnings as
incurred, the majority of which is expected to occur during the first quarter
of 2000. The company has filed a motion to stay the court's injunction
against the use of its slogan pending an appeal of the ruling. If such stay
is granted, the timing, and possibly the amount, of the costs to comply with
the ruling could be favorably impacted.
At January 13, 2000, there were 2,277 Papa John's restaurants (590
company-owned and 1,687 franchised) operating in 47 states and five
international markets. Papa John's also owns or franchises 206 Perfect Pizza
restaurants (15 company-owned and 191 franchised) in the United Kingdom. For
more information about the company, visit Papa John's at www.papajohns.com.
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 from
those projected in these statements. Factors that can cause actual results
to materially differ include: the uncertainties associated with litigation,
including additional unforeseen costs, expenses or damages which may be
incurred with respect to the pending litigation with Pizza Hut, Inc.;
increased advertising, promotions and discounting by competitors which may
adversely affect sales; 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; 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.
