Stock Repurchase Program Extended Through End of 2002
LOUISVILLE, Ky.–(BUSINESS WIRE)–Papa John’s International, Inc. (Nasdaq:PZZA – news) today announced domestic systemwide comparable sales declined 5.4% for the four weeks ended November 25, 2001, composed of a 3.9% decrease at franchised restaurants and a 9.6% decrease at company-owned restaurants. Total systemwide international sales increased 17% for the four-week period, on a constant U.S. dollar basis, over the comparable period last year.
November comparable sales were negatively impacted by the inclusion of the Thanksgiving holiday in Period 11 this year versus Period 12 last year. The company estimates that this timing difference negatively impacted November 2001 systemwide comparable sales results by approximately 3.9%. December comparable sales will be favorably impacted by this timing difference, partially offset by the timing of New Year’s Eve, which is not included in Period 12 this year. These two timing differences are expected to have a net positive impact of approximately 2.2% on December systemwide comparable sales.
Beginning with the announcement of December 2001 sales results, the company plans to report monthly comparable sales results on or about the second Tuesday after each period end. Accordingly, December comparable sales results will be announced on or about January 8, 2002.
The company also announced today that its Board of Directors has approved an extension of its $275 million stock repurchase program through December 29, 2002. The repurchase program was previously set to expire on December 30, 2001. To date, the company has repurchased approximately $214.5 million of its common stock under the program. After such repurchases, the company has approximately 22.4 million shares of common stock outstanding on a fully diluted basis.
At December 10, 2001, there were 2,705 Papa John’s restaurants (628 company-owned and 2,077 franchised) operating in 47 states and nine international markets. Papa John’s also owns or franchises 193 Perfect Pizza restaurants (3 company-owned and 190 franchised) in the United Kingdom. For more information about the company, visit Papa John’s at http://www.papajohns.com.
