USA: PJ America announces fourth quarter charge and 2001 development plans
PJ America, Inc. (NASDAQ:PJAM), the largest franchisee of Papa John's International, Inc. announced today that the company plans to take a pretax charge in its fourth quarter ending December 31, 2000 related to asset impairment in accordance with Statement of Financial Accounting Standards No. 121, ``Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of'' (FAS 121). The Company has completed a review of each restaurant location, taken into account its financial performance and other factors to determine its compliance with FAS 121. During this analysis, the Company reviewed under performing restaurants, and it is likely that a limited number of these restaurants may close. Accordingly, the Company will record a pretax charge of approximately $8 million to $10 million for the quarter ending December 31, 2000. This non-cash charge will adjust the operating assets to their net realizable value as required under FAS 121.
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