Papa John’s Announces First Quarter 2012 Results

Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the first quarter ended March 25, 2012.

Highlights

• First quarter earnings per diluted share of $0.69 in 2012 ($0.79, excluding the net impact of a previously announced marketing incentive contribution, or an increase of 23.4% over earnings per diluted share of $0.64 in 2011)
• System-wide comparable sales increased 1.1% for North America and increased 8.4% for international during the quarter
• 50 worldwide net unit openings during the quarter
• 2012 earnings guidance increased to $2.40 to $2.50 per diluted share and increased to 2.5% to 4.5% for international comparable sales

"We had an excellent first quarter," said Papa John's founder, chairman, and chief executive officer, John Schnatter. "Our operators delivered solid comparable sales results rolling over very strong Q1 2011 results, making our two-year combined Q1 comparable sales 7.2% in North America and 14% internationally. When you combine that performance with our 50 worldwide net unit openings, the year is off to a terrific start."

First quarter 2012 revenues were $331.3 million, a 6.0% increase from first quarter 2011 revenues of $312.5 million. First quarter 2012 net income was $16.7 million ($19.2 million excluding a net after-tax expense of $2.4 million for a previously announced marketing incentive contribution), compared to first quarter 2011 net income of $16.4 million. First quarter 2012 diluted earnings per share were $0.69 ($0.79 excluding the net impact of the marketing incentive contribution), compared to first quarter 2011 diluted earnings per share of $0.64.

Global Restaurant and Comparable Sales Information

			First Quarter
			Mar. 25, 2012			Mar. 27, 2011
	Global restaurant sales growth (a)		6.1	%		11.0	%
	Global restaurant sales growth, excluding the impact of foreign currency (a)		6.3	%		10.7	%
	Comparable sales growth (b)
	Domestic company-owned restaurants		3.0	%		6.7	%
	North America franchised restaurants		0.5	%		5.9	%
	System-wide North America restaurants		1.1	%		6.1	%
	System-wide international restaurants		8.4	%		5.6	%
(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.

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