Papa Johns 1999 Annual Report Download - page 56

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Notes to Consolidated Financial Statements (continued)
During 1999, we acquired an additional 10 Papa John’s restaurants from franchisees for $4.5 million in cash.
On December 27, 1999, subsequent to year-end, we acquired PJNJ Foods, Inc., a franchisee of 19 Papa John’s restaurants in New
Jersey for $7.9 million ($6.6 million in cash and $1.3 million of assumed net liabilities).
The business combinations in the previous four paragraphs were each accounted for by the purchase method of accounting, where-
by operating results subsequent to the acquisition date are included in our financial statements.
Also see Note 12, Related Party Transactions, for a discussion of other business combinations involving related parties.
4. Investments
A summary of our available-for-sale securities as of December 26, 1999 and December 27, 1998 follows (in thousands):
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
December 26, 1999 Cost Gains Losses Value
Municipal bonds $ 15,187 $ - $ (189) $ 14,998
Mortgage-backed securities 83 8 - 91
Fixed income mutual funds 5,712 - (346) 5,366
Equity securities - 956 - 956
Other 442 - - 442
Interest receivable 233 - - 233
Total $ 21,657 $ 964 $ (535) $ 22,086
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
December 27, 1998 Cost Gains Losses Value
Corporate debt securities $ 500 $ - $ (1) $ 499
Municipal bonds 32,011 158 - 32,169
Mortgage-backed securities 239 8 - 247
Fixed income mutual funds 10,822 - (375) 10,447
Equity securities 1,998 1,549 - 3,547
Interest receivable 446 - - 446
Total $ 46,016 $ 1,715 $ (376) $ 47,355
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