Papa John’s Announces First Quarter 2012 Results

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
					March 25, 2012					March 27, 2011
(In thousands, except per share amounts)					(Unaudited)					(Unaudited)
Revenues:
	North America:
		Domestic Company-owned restaurant sales			$	143,815				$	138,671
		Franchise royalties				20,518					19,731
		Franchise and development fees				222					185
		Domestic commissary sales				137,610					127,672
		Other sales				12,258					13,447
	International:
		Royalties and franchise and development fees				4,486					3,762
		Restaurant and commissary sales				12,367					8,999
Total revenues						331,276					312,467
Costs and expenses:
	Domestic Company-owned restaurant expenses:
		Cost of sales				32,456					32,100
		Salaries and benefits				38,813					37,649
		Advertising and related costs				12,699					12,789
		Occupancy costs				7,898					7,869
		Other operating expenses				20,418					19,915
	Total domestic Company-owned restaurant expenses					112,284					110,322
	Domestic commissary and other expenses:
		Cost of sales				112,838					106,443
		Salaries and benefits				9,003					9,011
		Other operating expenses				14,306					13,585
	Total domestic commissary and other expenses					136,147					129,039
International operating expenses						10,392					7,728
General and administrative expenses						31,596					29,074
Other general expenses						5,674					781
Depreciation and amortization						7,927					8,312
Total costs and expenses						304,020					285,256
Operating income						27,256					27,211
Net interest expense						(118	)				(431	)
Income before income taxes						27,138					26,780
Income tax expense						9,068					9,231
Net income, including noncontrolling interests						18,070					17,549
Net income attributable to noncontrolling interests						(1,326	)				(1,122	)
Net income, net of noncontrolling interests					$	16,744				$	16,427
Basic earnings per common share					$	0.70				$	0.64
Earnings per common share - assuming dilution					$	0.69				$	0.64
Basic weighted average shares outstanding						24,053					25,484
Diluted weighted average shares outstanding						24,438					25,757

Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
		March 25,			December 25,
		2012			2011
(In thousands)		(Unaudited)			(Note)
Assets
Current assets:
Cash and cash equivalents		$	45,112		$	18,942
Accounts receivable, net			30,251			28,169
Notes receivable, net			4,278			4,221
Inventories			18,969			20,091
Prepaid expenses and other current assets			13,737			13,732
Deferred income taxes			6,858			7,636
Total current assets			119,205			92,791
Property and equipment, net			184,167			185,132
Notes receivable, less current portion, net			11,498			11,502
Goodwill			75,328			75,085
Other assets			26,407			25,872
Total assets		$	416,605		$	390,382
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	34,953		$	32,966
Income and other taxes payable			13,819			3,969
Accrued expenses and other current liabilities			46,468			44,198
Total current liabilities			95,240			81,133
Deferred revenue			8,478			4,780
Long-term debt			50,000			51,489
Other long-term liabilities			23,795			22,014
Long-term accrued income taxes			3,993			3,597
Deferred income taxes			7,264			9,147
Total liabilities			188,770			172,160
Total stockholders' equity			227,835			218,222
Total liabilities and stockholders' equity		$	416,605		$	390,382
Note: The balance sheet at December 25, 2011 has been derived from the audited consolidated financial statements at that date, but does 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
			Three Months Ended
(In thousands)			March 25, 2012					March 27, 2011
			(Unaudited)					(Unaudited)
Operating activities
Net income, including noncontrolling interests			$	18,070				$	17,549
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for uncollectible accounts and notes receivable				547					39
Depreciation and amortization				7,927					8,312
Deferred income taxes				(1,057	)				2,664
Stock-based compensation expense				1,694					1,795
Excess tax benefit on equity awards				(129	)				(107	)
Other				678					43
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable				(2,670	)				(3,011	)
Inventories				1,122					(28	)
Prepaid expenses and other current assets				(5	)				(239	)
Other assets and liabilities				764					(721	)
Accounts payable				1,987					(4,818	)
Income and other taxes payable				9,850					4,874
Accrued expenses and other current liabilities				1,221					296
Long-term accrued income taxes				396					366
Deferred revenue				3,698					(327	)
Net cash provided by operating activities				44,093					26,687
Investing activities
Purchase of property and equipment				(6,403	)				(4,823	)
Loans issued				(687	)				(165	)
Repayments of loans issued				703					1,468
Other				5					-
Net cash used in investing activities				(6,382	)				(3,520	)
Financing activities
Net repayments on line of credit facility				(1,489	)				(51,000	)
Excess tax benefit on equity awards				129					107
Tax payments for restricted stock				(303	)				-
Proceeds from exercise of stock options				3,728					1,314
Acquisition of Company common stock				(13,820	)				(4,119	)
Distributions to noncontrolling interests				-					(1,729	)
Other				82					(10	)
Net cash used in financing activities				(11,673	)				(55,437	)
Effect of exchange rate changes on cash and cash equivalents				132					(6	)
Change in cash and cash equivalents				26,170					(32,276	)
Cash and cash equivalents at beginning of period				18,942					47,829
Cash and cash equivalents at end of period			$	45,112				$	15,553

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