USA: PJ America reports third quarter earnings and fourth quarter outlook
PJ America, Inc. (NASDAQ: PJAM), the largest franchisee of Papa John's International, Inc. announced revenues of $27.5 million and net income of $453 thousand for the third quarter ended September 24, 2000. These results represent a sales increase of 13% and net income decrease of 68%, respectively, over revenues of $24.4 million and net income of $1.40 million for the same period in 1999. Net income per share (diluted) for the quarter decreased 58% to $0.10 cents compared to $0.24 cents for the third quarter of 1999. Net income per share was $0.56 cents for the first nine months of 2000 compared to $0.75 cents for the same period in 1999, prior to the cumulative effect change in accounting principle. Comparable restaurant sales for the quarter increased 0.2%. During the third quarter, four restaurants were opened. At September 24, 2000, there were 170 Papa John's restaurants operated by the Company in nine states and Puerto Rico. During the third quarter, the Company repurchased 265,000 shares for $1.9 million. At September 24, 2000, the Company had 4.32 million shares outstanding.
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