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Papa John’s Announces Fourth Quarter And Full-Year 2011 Results

Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the fourth quarter and fiscal year ended December 25, 2011.

Highlights

  • Fourth quarter system-wide comparable sales increased 1.7% for North America and 5.2% for International; Full year comparable sales increased 3.4% for North America and 5.1% for International
  • Fourth quarter earnings per diluted share of $0.65 in 2011 vs. $0.55 in 2010 ($0.51 in 2010, or a 27.5% increase, excluding the impact of the consolidation of the franchisee-owned BIBP cheese purchasing entity)
  • Full year earnings per diluted share of $2.20 in 2011 vs. $1.96 in 2010 ($1.80 in 2010, or a 22.2% increase, excluding BIBP)
  • 103 worldwide net restaurant openings during the fourth quarter and 237 for the full year

“Papa John’s had an exceptional fourth quarter and full year 2011,” commented Papa John’s Founder, Chairman and Chief Executive Officer, John Schnatter. “We achieved the highest net openings in ten years and delivered our eighth consecutive year for even or positive comparable sales growth. Our brand remains resilient even in the face of what continues to be a challenging competitive and cost environment.”

Fourth quarter 2011 revenues were $306.2 million, a 6.8% increase from fourth quarter 2010 revenues of $286.8 million. Fourth quarter 2011 net income was $16.0 million, compared to fourth quarter 2010 net income of $14.0 million ($13.2 million excluding BIBP, an increase of $2.8 million, or 21.2%). Fourth quarter 2011 diluted earnings per share were $0.65, compared to fourth quarter 2010 diluted earnings per share of $0.55 ($0.51 per diluted share excluding BIBP, an increase of $0.14 per diluted share, or 27.5%). See “Non-GAAP Measures” for additional information regarding BIBP.

Full year fiscal 2011 revenues were $1.22 billion, an 8.1% increase from full year fiscal 2010 revenues of $1.13 billion. Full year fiscal 2011 net income was $55.7 million, compared to full year fiscal 2010 net income of $51.9 million ($47.6 million excluding BIBP, an increase of $8.1 million, or 16.9%). Full year fiscal 2011 diluted earnings per share were $2.20, compared to full year fiscal 2010 diluted earnings per share of $1.96 ($1.80 per diluted share excluding BIBP, an increase of $0.40, or 22.2%).

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