Papa John's Announces Second Quarter 2013 Results

EPS Increased 30.5% on Strong Comparable Sales; Board Approves Quarterly Dividend

LOUISVILLE, Ky. - August 6, 2013 - (BUSINESS WIRE) - Papa John's International, Inc. (NASDAQ: PZZA) today announced financial results for the three and six months ended June 30, 2013.

Highlights

  • Second quarter diluted earnings per share of $0.77 in 2013 compared to $0.59 in 2012
  • System-wide comparable sales increases of 3.4% for North America and 6.8% for international during the quarter
  • 1,000th international restaurant opening; 55 worldwide net unit openings during the quarter
  • 2013 earnings guidance updated to a range of $2.92 to $3.00 per diluted share, from prior guidance of $2.90 to $3.00 per diluted share
  • Board declares regular quarterly cash dividend of $0.25 per share and increases share repurchase authorization

"Our commitment to delivering a quality product around the globe continues to pay off, with excellent financial performance, a top ranking by the prestigious American Customer Satisfaction Index for the 12th time in 14 years, and the milestone opening of the 1,000th international Papa John's restaurant," said Papa John's Founder, Chairman and Chief Executive Officer John Schnatter. "I am also pleased to announce a quarterly dividend. The combination of share repurchases and quarterly dividends reflects the strength of our brand and our long term commitment to deliver increasing shareholder value."

Second quarter 2013 revenues were $349.2 million, a 9.6% increase from second quarter 2012 revenues of $318.6 million. Second quarter 2013 net income was $17.2 million, compared to second quarter 2012 net income of $14.3 million ($17.0 million and $14.1 million, for the second quarter of 2013 and 2012, respectively, excluding the impact of the previously disclosed 2012 Incentive Contribution). Second quarter 2013 diluted earnings per share were $0.77 compared to second quarter 2012 diluted earnings per share of $0.59 ($0.76 for the second quarter of 2013 and $0.59 for the second quarter of 2012, excluding the impact of the 2012 Incentive Contribution).

Revenues were $704.8 million for the six months ended June 30, 2013, an 8.5% increase from revenues of $649.9 million for the same period in 2012. Net income was $36.5 million for the six months ended June 30, 2013, compared to $31.3 million for the same period in 2012 ($36.1 million and $33.5 million, for the six-month periods in 2013 and 2012, respectively, excluding the impact of the previously disclosed 2012 Incentive Contribution). Diluted earnings per share were $1.62 for the six months ended June 30, 2013, compared to $1.29 for the same period in 2012 ($1.60 and $1.38, for the six-month periods in 2013 and 2012, respectively, excluding the impact of the 2012 Incentive Contribution).

Global Restaurant and Comparable Sales Information

 

    Three Months Ended   Six Months Ended
    June 30, 2013   June 24, 2012   June 30, 2013   June 24, 2012
                     
Global restaurant sales growth (a)   7.2 %   9.8 %   6.6 %   7.9 %
                     

Global restaurant sales growth, excluding the impact of foreign currency (a)

 

7.6

%

  10.4 %  

7.0

%

  8.3 %
                     
Comparable sales growth (b)                    
Domestic company-owned restaurants   6.0 %   7.4 %   4.9 %   5.1 %
North America franchised restaurants   2.6 %   5.1 %   1.7 %   2.7 %
System-wide North America restaurants   3.4 %   5.7 %   2.5 %   3.3 %
                     
System-wide international restaurants   6.8 %   6.1 %   7.5 %   7.2 %
     

(a) Includes both company-owned and franchised restaurant sales.

     

(b) Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States are reported on a constant dollar basis, which excludes the impact of foreign currency conversion.

   

Management believes global restaurant and comparable sales growth information, as defined in the table above, is useful in analyzing our results since our franchisees pay royalties that are based on a percentage of franchise sales. Franchise sales generate commissary revenue in the United States and in certain international markets. Global restaurant and comparable sales growth information is also useful in analyzing industry trends and the strength of our brand. Franchise restaurant sales are not included in company revenues.

Revenue and Operating Highlights

All revenues and operating highlights below are compared to the same period of the prior year, unless otherwise noted.

Revenues

Consolidated revenues increased $30.6 million, or 9.6%, for the second quarter of 2013 and increased $54.9 million, or 8.5%, for the six months ended June 30, 2013. The increases in revenues were primarily due to the following:

  • Domestic company-owned restaurant sales increased $11.6 million, or 8.1%, and $25.7 million, or 8.9%, for the three and six months, respectively, primarily due to increases in comparable sales of 6.0% and 4.9% and the net acquisition of 50 restaurants in the Denver andMinneapolis markets from a franchisee in the second quarter of 2012.
  • North America franchise royalty revenue increased $1.1 million, or 5.9%, and $1.3 million, or 3.4%, for the three and six months, respectively, primarily due to increases in comparable sales of 2.6% and 1.7% and increases in net franchise units over the prior year. These increases were partially offset by reduced royalties attributable to the company's net acquisition of the 50 restaurants noted above.
  • Domestic commissary sales increased $13.4 million, or 10.6%, and $19.7 million, or 7.5%, for the three and six months, respectively, primarily due to increases in sales volumes as well as increases in the prices of commodities.
  • International revenues increased $3.8 million, or 21.6%, and $6.8 million, or 19.9%, for the three and six months, respectively, primarily due to increases in the number of restaurants and increases in comparable sales of 6.8% and 7.5%, calculated on a constant dollar basis.

Operating Highlights

The table below summarizes income before income taxes on a reporting segment basis, excluding the Incentive Contribution:

    Three Months Ended   Six Months Ended
    June 30,   June 24,   Increase   June 30,   June 24,   Increase
(In thousands)   2013   2012   (Decrease)   2013   2012   (Decrease)
                         
Domestic company-owned restaurants   $ 8,175     $ 9,358     $ (1,183 )   $ 19,131     $ 21,679     $ (2,548 )
Less: Incentive Contribution (a)     -       -       -       -       1,029       (1,029 )

Domestic company-owned restaurants, excluding Incentive Contribution

    8,175       9,358       (1,183 )     19,131       20,650       (1,519 )
                         
Domestic commissaries     9,642       7,978       1,664       19,805       19,144       661  
North America franchising     17,396       16,619       777       35,618       34,759       859  
International     866       320       546       1,207       592       615  
All others     1,153       471       682       1,812       866       946  
Unallocated corporate expenses     (10,413 )     (10,799 )     386       (19,931 )     (25,583 )     5,652  
Less: Incentive Contribution (a)     250       250       -       500       (4,500 )     5,000  

Unallocated corporate expenses, excluding Incentive Contribution

    (10,663 )     (11,049 )     386       (20,431 )     (21,083 )     652  
                         
Elimination of intersegment profits     (211 )     (481 )     270       (737 )     (471 )     (266 )

Total income before income taxes, excluding Incentive Contribution (a)

  $ 26,358     $ 23,216     $ 3,142     $ 56,405     $ 54,457     $ 1,948  
 

(a) Income before income taxes and other financial measures excluding the Incentive Contribution are non-GAAP financial measures. See Marketing Incentive Contribution table below for additional details and a reconciliation to our GAAP financial measures.

 

Second quarter 2013 income before income taxes increased approximately $3.1 million, or 13.5%, excluding the Incentive Contribution, primarily due to the following:

  • Domestic commissaries increased primarily due to the increase in net restaurants and comparable sales as well as a higher gross margin. We manage commissary results on a full year basis and anticipate the 2013 full year margin will approximate 2012.
  • North America franchising increased primarily due to the increase in net restaurants and comparable sales.
  • International increased primarily due to the increase in net restaurants and comparable sales results and an improvement in our United Kingdom results.
  • All others increased due to an improvement in our online operating results due to higher online sales volumes.

These increases were partially offset by a decrease in income before income taxes at our domestic company-owned restaurants primarily due to higher commodity costs, somewhat offset by incremental profits associated with higher comparable sales of 6.0%.

The increase in income before income taxes for the six months ended June 30, 2013 of $1.9 million, or 3.6%, excluding the Incentive Contribution, was primarily due to the same reasons noted above.

The effective income tax rates were 32.2% and 32.6% for the three and six months ended June 30, 2013, representing decreases of 1.9% and 1.2% from the prior year rates. The lower tax rates were due to the settlement or resolution of specific state issues in 2013. Additionally, the rate for the six months ended June 30, 2013 reflected the reinstatement of certain 2012 tax credits under the American Taxpayer Relief Act of 2012.

The company's free cash flow, a non-GAAP financial measure, for the first six months of 2013 and 2012 was as follows (in thousands):

    Six Months Ended
    June 30,   June 24,
    2013   2012
         
Net cash provided by operating activities (a)   $ 47,232     $ 65,162  
Purchase of property and equipment (b)     (25,493 )     (15,046 )
Free cash flow   $ 21,739     $ 50,116  
 

(a) The decrease of approximately $17.9 million was primarily due to unfavorable changes in working capital, including the timing of income tax and other payments, partially offset by an increase in net income.

(b) The increased purchases of property and equipment primarily relate to expenditures on equipment for the New Jersey dough production as well as technology investments.

 

We define free cash flow as net cash provided by operating activities (from the consolidated statements of cash flows) less the purchase of property and equipment. We view free cash flow as an important measure because it is a factor that management uses in determining the amount of cash available for discretionary investment. Free cash flow is not a term defined by GAAP and as a result our measure of free cash flow might not be comparable to similarly titled measures used by other companies. Free cash flow should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP measures.

See the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for additional information concerning our operating results and cash flow for the three- and six-month periods ended June 30, 2013.

Global Restaurant Unit Data

At June 30, 2013, there were 4,252 Papa John's restaurants operating in all 50 states and in 34 countries, as follows:

   

Domestic

Company-

owned

 

Franchised

North

America

 

Total

North

America

  International   System-wide

Second Quarter

                   
Beginning - March 31, 2013   649     2,572     3,221     976     4,197  
Opened   5     32     37     44     81  
Closed   -     (16 )   (16 )   (10 )   (26 )
Ending - June 30, 2013   654     2,588     3,242     1,010     4,252  
                     

Year-to-date

                   
Beginning - December 30, 2012   648     2,556     3,204     959     4,163  
Opened   6     63     69     72     141  
Closed   -     (31 )   (31 )   (21 )   (52 )
Ending - June 30, 2013   654     2,588     3,242     1,010     4,252  
                     
Restaurant unit growth   6     32     38     51     89  
                     
% increase   0.9 %   1.3 %   1.2 %   5.3 %   2.1 %

Our development pipeline as of June 30, 2013 included approximately 1,350 restaurants (300 units in North America and 1,050 units internationally), the majority of which are scheduled to open over the next six years.

Marketing Incentive Contribution

The following table reconciles our GAAP financial results to our results excluding the Incentive Contribution for the three and six months ended June 30, 2013 versus the same periods in 2012:

         
    Three Months Ended   Six Months Ended
    June 30,   June 24,   June 30,   June 24,
(In thousands, except per share amounts)   2013   2012   2013   2012
                 
Income before income taxes, as reported   $ 26,608     $ 23,466     $ 56,905     $ 50,986
Incentive Contribution (a)   (250 )   (250 )   (500 )   3,471
Income before income taxes, excluding Incentive Contribution   $ 26,358     $ 23,216     $ 56,405     $ 54,457
                 
Net income, as reported   $ 17,150     $ 14,289     $ 36,456     $ 31,270
Incentive Contribution (a)   (164 )   (164 )   (329 )   2,275
Net income, excluding Incentive Contribution   $ 16,986     $ 14,125     $ 36,127     $ 33,545
                 
Earnings per diluted share, as reported   $ 0.77     $ 0.59     $ 1.62     $ 1.29
Incentive Contribution (a)   (0.01 )   -     (0.02 )   0.09
Earnings per diluted share, excluding Incentive Contribution   $ 0.76     $ 0.59     $ 1.60     $ 1.38
 

(a) As previously disclosed, in connection with a 2012 multi-year supplier agreement, the Company received a $5.0 million supplier marketing payment in the first quarter of 2012. The Company is recognizing the supplier marketing payment evenly as income over the five-year term of the agreement ($250,000 per quarter). In 2012, the Company contributed the supplier marketing payment to the Papa John's Marketing Fund ("PJMF"), an unconsolidated, non-profit corporation, for the benefit of domestic restaurants. The Company's contribution to PJMF was fully expensed in the first quarter of 2012. PJMF elected to distribute the $5.0 million supplier marketing payment to the domestic system as advertising credits in the first quarter of 2012. Our domestic company-owned restaurants' portion resulted in an increase in income before income taxes of approximately $1.0 million in the first quarter of 2012. These transactions together are referred to as the "Incentive Contribution."

 

The results shown in the table above and elsewhere in this press release, which exclude the Incentive Contribution, are not measures defined by accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP results. Management believes presenting the financial information excluding the impact of the Incentive Contribution is important for purposes of comparison to prior year results. In addition, management uses these non-GAAP measures to allocate resources, and analyze trends and underlying operating performance. Annual cash bonuses, and certain long-term incentive programs for various levels of management, were based on financial measures that excluded the Incentive Contribution.

Share Repurchase Activity

The Company's Board of Directors approved a $25 million increase in the amount of common stock that may be purchased under the Company's share repurchase program through March 30, 2014. Approximately $80.1 million remains available under the Company's share repurchase program as ofAugust 2, 2013.

The following table reflects our repurchases for the three and six months ended June 30, 2013 and subsequent repurchases through August 2, 2013 (in thousands):

Period

   

Number

of Shares

   

Cost

             

Three Months Ended June 30, 2013

   

429

   

$

26,684

             

Six Months Ended June 30, 2013

   

978

   

$

58,806

             

July 1, 2013 through August 2, 2013

   

23

   

$

1,503

There were 22.3 million and 22.5 million diluted weighted average shares outstanding for the three and six months ended June 30, 2013, representing decreases of 7.7% and 7.1% over the prior year comparable periods. Diluted earnings per share increased $0.06 and $0.12 for the three and six months ended June 30, 2013 due to the reduction in shares outstanding resulting from the share repurchase program. Approximately 21.6 million actual shares of the company's common stock were outstanding as of June 30, 2013.

Quarterly Regular Dividend Announced

The company announced that its Board of Directors approved the initiation of quarterly cash dividends to its shareholders. A quarterly dividend of $0.25per common share will be paid on September 20, 2013 to shareholders of record as of the close of business on September 6, 2013. This is the first cash dividend paid to shareholders in the company's history. While future dividends will be subject to Board declaration, the company is initially targeting a dividend payout of $0.25 per quarter.

2013 Guidance Update

The company updated its 2013 guidance as follows:

 
    Updated Guidance   Previous Guidance
         
Diluted earnings per share   $2.92 to $3.00   $2.90 to $3.00
         
Capital expenditures   $50 to $55 million   $55 to $60 million
 

The company reaffirmed all other guidance.

 

Conference Call

A conference call is scheduled for August 7, 2013 at 10:00 a.m. Eastern Time to review our second quarter 2013 earnings results. The call can be accessed from the company's web page at www.papajohns.com in a listen-only mode, or dial 877-312-8816 (U.S. and Canada) or 253-237-1189 (international). The conference call will be available for replay, including by downloadable podcast, from the company's web site atwww.papajohns.com. The Conference ID is 45274568.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as "expect," "estimate," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. Such forward-looking statements may relate to projections or guidance concerning business performance, revenue, earnings, contingent liabilities, resolution of litigation, commodity costs, profit margins, unit growth, capital expenditures, and other financial and operational measures. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to:

  • aggressive changes in pricing or other marketing or promotional strategies by competitors which may adversely affect sales; and new product and concept developments by food industry competitors;
  • changes in consumer preferences and adverse general economic and political conditions, including increasing tax rates, and their resulting impact on consumer buying habits;
  • the impact that product recalls, food quality or safety issues, and general public health concerns could have on our restaurants;
  • failure to maintain our brand strength and quality reputation;
  • the ability of the Company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably, which could be impacted by challenges securing financing, finding suitable store locations or securing required domestic or foreign government permits and approvals;
  • increases in or sustained high costs of food ingredients and other commodities;
  • disruption of our supply chain or our commissary operations due to sole or limited source of suppliers or weather, drought, disease or other disruption beyond our control;
  • increased risks associated with our international operations, including economic and political conditions in our international markets and difficulty in meeting planned sales targets and new store growth for our international operations;
  • increased employee compensation, benefits, insurance, regulatory compliance and similar costs, including increased costs resulting from federal health care legislation;
  • the credit performance of our franchise loan program;
  • the impact of the resolution of current or future claims and litigation, and current or proposed legislation impacting our business;
  • currency exchange or interest rates;
  • failure to effectively execute succession planning, and our reliance on the services of our Founder and CEO who also serves as our brand spokesperson; and
  • disruption of critical business or information technology systems, and risks associated with security breaches, including theft of company and customer information.

These and other risk factors are discussed in detail in "Part I. Item 1A. - Risk Factors" of the Annual Report on Form 10-K for the fiscal year endedDecember 30, 2012. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

For more information about the Company, please visit www.papajohns.com.

 
 
 
Papa John's International, Inc. and Subsidiaries
Consolidated Statements of Income
                     
                     
        Three Months Ended   Six Months Ended
        June 30, 2013   June 24, 2012   June 30, 2013   June 24, 2012
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
(In thousands, except per share amounts)                
Revenues:                
  North America:                
    Domestic Company-owned restaurant sales   $ 155,153     $ 143,527     $ 313,051     $ 287,342  
    Franchise royalties     20,230       19,101       40,963       39,619  
    Franchise and development fees     219       206       765       428  
    Domestic commissary sales     140,003       126,593       283,897       264,203  
    Other sales     12,444       11,771       25,051       24,029  
  International:                
    Royalties and franchise and development fees     5,391       4,701       10,458       9,187  
    Restaurant and commissary sales     15,746       12,680       30,605       25,047  
Total revenues     349,186       318,579       704,790       649,855  
                     
Costs and expenses:                
  Domestic Company-owned restaurant expenses:                
    Cost of sales     37,825       32,881       74,898       65,337  
    Salaries and benefits     42,053       39,839       85,325       78,652  
    Advertising and related costs     14,677       13,278       29,470       25,977  
    Occupancy costs     8,939       8,619       17,650       16,517  
    Other operating expenses     22,431       20,830       45,176       41,248  
  Total domestic Company-owned restaurant expenses     125,925       115,447       252,519       227,731  
                     
  Domestic commissary and other expenses:                
    Cost of sales     114,045       104,412       231,823       217,250  
    Salaries and benefits     10,264       9,218       20,331       18,221  
    Other operating expenses     15,768       13,498       31,775       27,804  
  Total domestic commissary and other expenses     140,077       127,128       283,929       263,275  
                     
International operating expenses     12,983       10,975       25,636       21,367  
General and administrative expenses     33,126       31,463       66,284       63,059  
Other general expenses     1,597       1,135       2,782       6,809  
Depreciation and amortization     8,530       8,104       17,067       16,031  
Total costs and expenses     322,238       294,252       648,217       598,272  
                     
Operating income     26,948       24,327       56,573       51,583  
Net interest (expense) income     (340 )     (861 )     332       (597 )
Income before income taxes     26,608       23,466       56,905       50,986  
Income tax expense     8,563       8,005       18,541       17,218  
Net income, including redeemable noncontrolling interests     18,045       15,461       38,364       33,768  
Income attributable to redeemable noncontrolling interests     (895 )     (1,172 )     (1,908 )     (2,498 )
Net income, net of redeemable noncontrolling interests   $ 17,150     $ 14,289     $ 36,456     $ 31,270  
                     
Basic earnings per common share   $ 0.79     $ 0.60     $ 1.66     $ 1.31  
Earnings per common share - assuming dilution   $ 0.77     $ 0.59     $ 1.62     $ 1.29  
                     
Basic weighted average shares outstanding     21,742       23,733       21,998       23,893  
Diluted weighted average shares outstanding     22,250       24,112       22,543       24,270  

 

 
 
 
Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
         
         
    June 30,   December 30,
    2013   2012
(In thousands)   (Unaudited)   (Note)
         
Assets        
Current assets:        
Cash and cash equivalents   $ 28,236   $ 16,396
Accounts receivable, net     43,235     44,647
Notes receivable     3,440     4,577
Inventories     21,722     22,178
Deferred income taxes     7,715     10,279
Prepaid expenses and other current assets     18,586     20,549
Total current assets     122,934     118,626
         
Property and equipment, net     201,942     196,661
Notes receivable, less current portion, net     13,839     12,536
Goodwill     78,088     78,958
Other assets     32,675     31,627
Total assets   $ 449,478   $ 438,408
         
         
Liabilities and stockholders' equity        
Current liabilities:        
Accounts payable   $ 28,728   $ 32,624
Income and other taxes payable     1,407     10,429
Accrued expenses and other current liabilities     51,950     60,528
Total current liabilities     82,085     103,581
         
Deferred revenue     6,736     7,329
Long-term debt     133,241     88,258
Deferred income taxes     11,955     10,672
Other long-term liabilities     40,858     40,674
Total liabilities     274,875     250,514
         
Redeemable noncontrolling interests     6,846     6,380
         
Total stockholders' equity     167,757     181,514
Total liabilities, redeemable noncontrolling interests and stockholders' equity   $ 449,478   $ 438,408
         
         
Note: The Condensed Consolidated Balance Sheets have been derived from the audited consolidated financial statements, but do not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements.

 

 
 
 
Papa John's International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
         
         
    Six Months Ended
(In thousands)   June 30, 2013   June 24, 2012
    (Unaudited)   (Unaudited)
Operating activities        
Net income, including redeemable noncontrolling interests   $ 38,364     $ 33,768  

Adjustments to reconcile net income to net cash provided by operating activities:

       
Provision for uncollectible accounts and notes receivable     780       719  
Depreciation and amortization     17,067       16,031  
Deferred income taxes     8,256       1,797  
Stock-based compensation expense     3,784       3,218  
Excess tax benefit on equity awards     (3,803 )     (1,471 )
Other     694       2,872  
Changes in operating assets and liabilities, net of acquisitions:        
Accounts receivable     496       (75 )
Inventories     456       533  
Prepaid expenses and other current assets     1,963       417  
Other assets and liabilities     (1,954 )     756  
Accounts payable     (3,896 )     (587 )
Income and other taxes payable     (9,022 )     75  
Accrued expenses and other current liabilities     (5,870 )     3,297  
Deferred revenue     (83 )     3,812  
Net cash provided by operating activities     47,232       65,162  
         
Investing activities        
Purchases of property and equipment     (25,493 )     (15,046 )
Loans issued     (3,103 )     (1,206 )
Repayments of loans issued     2,908       1,730  
Acquisitions, net of cash acquired     -       (5,908 )
Proceeds from divestitures of restaurants     -       948  
Other     319       (4 )
Net cash used in investing activities     (25,369 )     (19,486 )
         
Financing activities        
Net proceeds (repayments) on line of credit facility     44,983       (1,489 )
Excess tax benefit on equity awards     3,803       1,471  
Tax payments for restricted stock issuances     (1,841 )     (822 )
Proceeds from exercise of stock options     3,696       10,400  
Acquisition of Company common stock     (58,806 )     (38,728 )
Contributions from redeemable noncontrolling interest holders     450       -  
Distributions to redeemable noncontrolling interest holders     (1,750 )     (1,930 )
Other     (468 )     125  
Net cash used in financing activities     (9,933 )     (30,973 )
         
Effect of exchange rate changes on cash and cash equivalents     (90 )     (20 )
Change in cash and cash equivalents     11,840       14,683  
Cash and cash equivalents at beginning of period     16,396       18,942  
         
Cash and cash equivalents at end of period   $ 28,236     $ 33,625  

Contact:

Papa John's International, Inc.
Lance Tucker
Chief Financial Officer
502-261-4218

Source: Papa John's International, Inc.

News Provided by Acquire Media

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