Papa John’s International, Inc. (Nasdaq:PZZA) today announced that systemwide comparable sales for the four weeks ended July 23, 2000 decreased 0.8%, comprised of a 0.1% increase at company-owned restaurants and a 1.2% decrease at franchised units.
The Company also announced that BIBP Commodities, Inc., the independent franchisee-owned corporation that administers a cheese purchasing program for the Papa John’s system, implemented a pricing change effective July 31st. This change, prompted by continued favorable cheese and milk futures pricing, results in an approximate 10% reduction in the current price of cheese to Papa John’s restaurants and will remain in effect through the end of 2000.
At August 13, 2000, there were 2,453 Papa John’s restaurants (612 company-owned and 1,841 franchised) operating in 47 states and seven international markets. Papa John’s also owns or franchises 206 Perfect Pizza restaurants (9 company-owned and 197 franchised) in the United Kingdom. For more information about the company, visit Papa John’s at http://www.papajohns.com.
This information contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect management’s expectations based upon currently available information and data; however, actual results are subject to future events and uncertainties, which could cause actual results to materially differ from those projected in these statements. Factors that can cause actual results to materially differ include: increased advertising, promotions and discounting by competitors which may adversely affect sales; the uncertainties associated with litigation, including additional unforeseen costs, expenses or damages which may be incurred with respect to the pending litigation with Pizza Hut, Inc.; the ability of the company and its franchisees to open new restaurants and operate new and existing restaurants profitably; increases in food, labor, employee benefits and similar costs; economic and political conditions in the countries in which the company or its franchisees operate; and new product and concept development by food industry competitors. Further information regarding factors that could affect the company’s financial and other results is included in the company’s Forms 10-Q and 10-K, filed with the Securities and Exchange Commission.