Papa Johns 2005 Annual Report Download

Download and view the complete annual report

Please find the complete 2005 Papa Johns annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 91

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 25, 2005 or
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____________________ to _______________________
Commission File Number: 0-21660
PAPA JOHN’S INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 61-1203323
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2002 Papa Johns Boulevard
Louisville, Kentucky 40299-2334
(Address of principal executive offices)
(502) 261-7272
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
(Title of Each Class) (Name of each exchange on which registered)
None None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.01 par value The NASDAQ Stock Market
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act. Yes[ ] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of
the Act. Yes [ ] No [X]
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]

Table of contents

  • Page 1
    ...incorporation or organization) 61-1203323 (I.R.S. Employer Identification No.) 2002 Papa Johns Boulevard Louisville, Kentucky 40299-2334 (Address of principal executive offices) (502) 261-7272 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of...

  • Page 2
    ...] Act). Indicate by check mark whether the registrant is a shell company (as defined by Rule 12-b-2 of the Exchange Yes [ ] No [X] The aggregate market value of the common stock held by non-affiliates of the Registrant, computed by reference to the closing price as of the last business day of the...

  • Page 3
    ... About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information PART III Item 10. Item 11. Item 12. Item 13. Item 14. PART IV Item 15. Directors and Executive Officers of...

  • Page 4
    ... garlic sauce and a pepperoncini pepper, and each thin crust pizza is served with a packet of special seasonings. In international markets, the menu mix (toppings and side items) is adapted to local tastes. We have offered a thin crust pizza since 1999. During 2005, we introduced Papa's Perfect Pan...

  • Page 5
    ... to provide Papa John's franchisees with assistance in restaurant operations, management training, team member training, marketing, site selection and restaurant design. We also provide significant assistance to licensed international QC Centers in sourcing high-quality suppliers located in-country...

  • Page 6
    ... are designed to allow customers to watch the team members slap out the dough and put sauce and toppings on pizzas. Most of our international Papa John's restaurants are between 900 and 1400 square feet, however, several have been opened in larger spaces to include dine-in service and average 35...

  • Page 7
    ... product quality and consistency, while lowering food costs. Our full-service QC Centers are located in Louisville, Kentucky; Dallas, Texas; Pittsburgh, Pennsylvania; Orlando, Florida; Raleigh, North Carolina; Denver, Colorado; Rotterdam, New York; Portland, Oregon; Des Moines, Iowa; and Phoenix...

  • Page 8
    ...non-profit corporation (the "Marketing Fund"). The Marketing Fund produces and buys air time for Papa John's national television commercials, in addition to other brand-building activities, such as consumer research and public relations activities. All domestic Company-owned and franchised Papa John...

  • Page 9
    ... an operating Papa John's restaurant by a Company certified general training manager. Our training includes new team member orientation, in-store and delivery training, core management skills training, new product or program implementation and ongoing developmental programs. Point of Sale Technology...

  • Page 10
    ... a full-time operator who completes the training and has either an equity interest or the right to acquire an equity interest in the franchise operation. Development and Franchise Agreements. We enter into development agreements with our domestic franchisees for the opening of a specified number of...

  • Page 11
    ...of the site and targeted demographic factors, including population, density, income, age and traffic. Our domestic franchisees may purchase complete new store equipment packages through an approved third party supplier under a commission arrangement with the Company. Internationally, our franchisees...

  • Page 12
    ... appoint training store general managers or hire a full-time training coordinator certified to deliver Company-approved programs in order to train new team members and management candidates for their restaurants. Our FBD's maintain open communication with the franchise community, relaying operating...

  • Page 13
    ...to price, service, location, food quality and variety. There are many well-established competitors with substantially greater financial and other resources than Papa John's. Competitors include a large number of international, national and regional restaurant chains, as well as local pizza operators...

  • Page 14
    ..., located. Experience has shown that a change in the pricing or other marketing or promotional strategies, including new product and concept developments, of one or more of our major competitors can have an adverse impact on sales and earnings of Papa John's and our system-wide restaurant operations...

  • Page 15
    ... on sole suppliers for our cheese, flour, and thin and pan crust dough products. Alternative sources for these ingredients may not be available on a timely basis to supply these key ingredients or be available on terms as favorable to us as under our current arrangements. Domestic restaurants...

  • Page 16
    ... there were 2,926 Papa John's restaurants and 112 franchised Perfect Pizza restaurants system-wide. Company-owned Papa John's Restaurants Number of Restaurants Florida...Georgia...Illinois ...Indiana...Kentucky...Maryland...Missouri ...New Jersey...New Mexico...North Carolina ...Ohio...Pennsylvania...

  • Page 17
    Domestic Franchised Papa John's Restaurants Number of Restaurants Alabama...Arizona ...Arkansas ...California...Colorado ...Connecticut...Delaware...Florida ...Georgia ...Idaho...Illinois...Indiana ...Iowa ...Kansas ...Kentucky...Louisiana ...Maine...Maryland...Massachusetts...Michigan...Minnesota ...

  • Page 18
    ... to the development of Mexico as an important international market and are currently evaluating our alternatives, including potential direct investment via a joint venture or other methods. We define "domestic" operations as units located in the contiguous United States. Most Papa John's restaurants...

  • Page 19
    ...,000 square foot building housing our printing operations and a 247,000 square foot building, approximately 30% to 40% of which accommodates the Louisville QC Center operation and promotional division. The remainder of the building houses our corporate offices. The Papa John's UK management team is...

  • Page 20
    ...in January 2005 as Executive Vice President. He also serves as a member of our Board of Directors. Prior to joining Papa John's, Mr. Travis held various leadership positions at Blockbuster, Inc., from 1994 to 2004, most recently as President and Chief Operating Officer. From 1985 to 1994, Mr. Travis...

  • Page 21
    ...as Senior Vice President, Corporate Operations after serving as Vice President of Operations Support since 1999. Prior to joining Papa John's, Mr. Cortino served five years as Vice President of Corporate Operations for AFC Enterprises - Church's Chicken Brand and ten years as a market manager and in...

  • Page 22
    ... in 1993, we have not paid cash dividends on our common stock, and have no current plans to do so. The Papa John's Board of Directors has authorized the repurchase of up to $525.0 million of common stock under a share repurchase program that began December 9, 1999, and runs through December 31, 2006...

  • Page 23
    ...activity, as adjusted for the two-for-one stock split, by fiscal period during 2005 (in thousands, except per share amounts): Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs...Total Number of Shares Purchased 263 218 325 961 706 567 226 Average Price Paid per Share $17...

  • Page 24
    ... per share data) Dec. 25, 2005 Income Statement Data Domestic revenues: Company-owned restaurant sales Variable interest entities restaurant sales (2) Franchise royalties (3) Franchise and development fees Commissary sales Other sales International revenues: Royalties and franchise and development...

  • Page 25
    ... derived from retail sales of pizza and other food and beverage products to the general public by Company-owned restaurants, franchise royalties, sales of franchise and development rights, sales to franchisees of food and paper products, printing and promotional items, risk management services, and...

  • Page 26
    ...sale to franchisees of food and paper products, printing and promotional items, risk management services and information systems equipment and software and related services by us, our commissary subsidiary, PJ Food Service, Inc. ("PJFS"), our support services subsidiary, Papa John's Support Services...

  • Page 27
    ... net Papa John's brand franchise unit openings over the next several years. If such initiatives, including the sale of the Perfect Pizza operations, are not successful, additional impairment charges may occur. Insurance Reserves Our insurance programs for workers' compensation, general liability...

  • Page 28
    ... equity of BIBP is in a net deficit position. Further, Papa John's will recognize subsequent operating income generated by BIBP up to the amount of BIBP losses previously recognized by Papa John's. Accounting Changes Interpretation No. 46 of Accounting Research Bulletin No. 51 (FIN 46) As previously...

  • Page 29
    ... Franchise and development fees Commissary sales Other sales International revenues: Royalties and franchise and development fees Restaurant and commissary sales Total revenues Costs and expenses: Domestic Company-owned restaurant cost of sales (1) Domestic Company-owned restaurant operating...

  • Page 30
    ... End of period U.S. franchised: Beginning of period Opened Closed Acquired from Company Sold to Company End of period International franchised: Beginning of period Opened Closed Converted (7) Acquired from Company Sold to Company End of period Total restaurants - end of period Year Ended Dec. 26...

  • Page 31
    ... periods being compared. Represents Perfect Pizza restaurants converted to Papa John's restaurants. The Perfect Pizza operations are classified as "discontinued operations" and the related assets as "held for sale." See "Note 4" of "Notes to Consolidated Financial Statements." 2005 Compared to 2004...

  • Page 32
    ... subsidiary has reported deteriorating operating results for the past three years primarily due to lower sales by Perfect Pizza restaurants and a decrease in net franchise units due to restaurant closings. Recently, the Company developed a plan to sell its Perfect Pizza operations, consisting of...

  • Page 33
    ... by restaurants open for the entire twelve-month period reported. A $21.7 million increase in domestic commissary sales reflecting the impact of higher commodity prices, principally cheese. These increases were partially offset by a decline in the Company's franchise insurance premium revenue and...

  • Page 34
    ...(Decrease) Business unit and corporate management bonuses Equity compensation and executive performance unit incentive plan Professional fees Employee benefits costs Contribution to the Marketing Fund Reduced allocation to operating units and other Lease accounting adjustments recorded in 2004 Total...

  • Page 35
    ...an average price of $14.29 per share, as adjusted for the two-for-one common stock split effective subsequent to year-end). The share repurchase activity during 2005 increased earnings per share from continuing operations by approximately $0.04. Review of Operating Results Revenues. Domestic Company...

  • Page 36
    ...7.7% of revenues for 2004. The increase in 2005 is primarily attributable to the previously mentioned increases in unallocated corporate expenses, including bonuses paid to corporate and restaurant management, equity compensation expenses, employee benefits costs and professional fees. Other general...

  • Page 37
    ...increase in FICA tax credits associated with an increase in the employer portion of FICA taxes paid on employee tips, which is reported in general and administrative expenses. 2004 Compared to 2003 Summary of Operating Results Total revenues increased 2.8% to $925.3 million in 2004 compared to $900...

  • Page 38
    ...representing 31.4 million shares, at an average price of $13.38 per share). The share repurchase activity increased earnings per share from continuing operations by approximately $0.01 for full year 2004. Review of Operating Results Revenues. Domestic Company-owned restaurant sales decreased 0.8% to...

  • Page 39
    ... increased cost of sales 1.5% in 2004. The remaining 0.4% increase in cost of sales is due to higher cheese costs, partially offset by lower costs for other commodities as a result of various product cost savings initiatives and the impact of restaurant pricing increases. Salaries and benefits were...

  • Page 40
    ... to the March 2004 NCAA national promotion). Salaries and benefits were lower as a percentage of sales, 6.6% in 2004 as compared to 6.9% in 2003 due to staffing efficiencies and the impact of higher cheese prices on sales. Other operating expenses decreased to 13.3% of sales in 2004 from 14.1% in...

  • Page 41
    ... supplier and generally higher commodity costs (primarily cheese). In the fourth quarter of 2005, we completed the sale of 84 Company-owned restaurants, with annual revenues approximating $53.0 million, in Colorado and Minnesota to a new franchise group, PJCOMN Acquisition Corporation, an affiliate...

  • Page 42
    ..., an expansion of printing capacity for the Support Services business unit, accelerated development of Papa John's branded units in the United Kingdom and technical support assets for numerous areas of the business, including the online ordering function. In addition to the above-mentioned planned...

  • Page 43
    ... in the consolidated balance sheet related to our interest rate swaps that hedge against the effect of rising interest rates on forecasted future borrowings. As a result of assigning our interest in obligations under real estate leases as a condition to the sale of certain Company-owned restaurants...

  • Page 44
    ... in pricing or other marketing or promotional strategies by competitors may adversely affect sales; new product and concept developments by food industry competitors; the ability of the Company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably...

  • Page 45
    ... quarter, the price paid by the domestic Company-owned and franchised restaurants may be less than or greater than the prevailing average market price. As a result of the adoption of FIN 46, Papa John's began consolidating the operating results of BIBP in 2004. Consolidation accounting requires the...

  • Page 46
    ... current futures market prices. Historically, actual results have been subject to large fluctuations and have differed significantly from previous projections using the futures market prices. Over the long term, we expect to purchase cheese at a price approximating the actual average market price...

  • Page 47
    ... financial statements of Papa John's International, Inc. and management's assessment of the effectiveness of our internal control over financial reporting. The reports of Ernst & Young LLP are contained in this Annual Report. /s/ Nigel Travis Nigel Travis President and Chief Executive Officer...

  • Page 48
    ... of Papa John's International, Inc. and subsidiaries at December 25, 2005 and December 26, 2004, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 25, 2005, in conformity with U.S. generally accepted accounting principles...

  • Page 49
    ... regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the...

  • Page 50
    ... sales Other sales International revenues: Royalties and franchise and development fees Restaurant and commissary sales Total revenues Costs and expenses: Domestic Company-owned restaurant expenses: Cost of sales Salaries and benefits Advertising and related costs Occupancy costs Other operating...

  • Page 51
    ...: Accounts payable Income and other taxes Accrued expenses Current portion of debt Total current liabilities Unearned franchise and development fees Long-term debt, net of current portion Other long-term liabilities Stockholders' equity: Preferred stock ($.01 par value per share; no shares issued...

  • Page 52
    Papa John's International, Inc. and Subsidiaries Consolidated Statements of Stockholders' Equity Common Stock Shares O utstanding 36,082 Additional Paid-In Capital 211,793 Accumulated O ther Comprehensive Income (Loss) (5,314) Total Stockholders' Equity 121,947 33,563 (In thousands) Balance at ...

  • Page 53
    ... Tax benefit related to exercise of non-qualified stock options Other Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Other assets and liabilities Accounts payable Income and other taxes Accrued expenses Unearned franchise and...

  • Page 54
    ... sales of pizza and other food and beverage products to the general public by Company-owned restaurants, franchise royalties, sales of franchise and development rights, and sales to franchisees of food and paper products, restaurant equipment, printing and promotional items, risk management services...

  • Page 55
    ... receivable aging levels and a specific review of accounts for franchisees with known financial difficulties. Inventories Inventories, which consist of food products, paper goods and supplies, smallwares, restaurant equipment and printing and promotional items, are stated at the lower of cost...

  • Page 56
    ...These plans include selling the Perfect Pizza operations, consisting of the franchised units and related distribution operations, initiatives to increase brand awareness and increase net Papa John's brand franchise unit openings over the next several years. If such initiatives, including the sale of...

  • Page 57
    ... was not an impact on our financing and investing activities associated with the discontinued operations for the three years presented in the statements of cash flows. We have classified our Perfect Pizza operations as discontinued since we have developed a plan to sell this business in the next 12...

  • Page 58
    ... Accounting Policies (continued) Advertising and Related Costs Advertising and related costs include the costs of domestic Company-owned restaurant activities such as mail coupons, door hangers and promotional items and contributions to the Papa John's Marketing Fund, Inc. (the "Marketing...

  • Page 59
    ... of a change in accounting principle Earnings per share - income from continuing operations before cumulative effect of a change in accounting principle: Basic Basic - pro forma Assuming dilution Assuming dilution - pro forma Assumptions (weighted average): Risk-free interest rate Expected dividend...

  • Page 60
    ... Share The calculations of basic earnings per common share and earnings per common share - assuming dilution, as adjusted for the two-for-one stock split discusssed in Note 3 and before the cumulative effect of a change in accounting principle and income from discontinued operations, for the years...

  • Page 61
    ... Accounting Policies (continued) New Accounting Pronouncement In May 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections - a Replacement of APB Opinion No. 20 and FASB Statement No.3. This statement requires that an entity apply the retrospective method in reporting...

  • Page 62
    ... The associated assets of the Perfect Pizza operations, which are reflected as assets of the discontinued operations held for sale on the Consolidated Balance Sheets, are as follows (in thousands): 2005 2004 Accounts Receivable Inventories Net Property and Equipment Goodwill Total $ $ 1,735 304...

  • Page 63
    ... corporation. BIBP purchases cheese at the market price and sells it to our distribution subsidiary, PJ Food Service, Inc. ("PJFS"), at a fixed quarterly price based in part upon historical average market prices. PJFS in turn sells cheese to Papa John's restaurants (both Company-owned and franchised...

  • Page 64
    ..., the financial statements include the operating results of this entity for only the first quarter of 2005. The sale of these restaurants and related loan write-off did not have any significant impact on Papa John's consolidated operating results. The three remaining franchise entities consolidated...

  • Page 65
    ... venture and its financial results with those of Papa John's. During 2005, Star Papa completed the acquisition of six independently-owned franchised Papa John's restaurants located in the Austin, Texas area. Additionally, we purchased 12 Papa John's franchise restaurants located in the Philadelphia...

  • Page 66
    ... five Company-owned restaurants located in Florida to one of our operations vice presidents. This employee resigned from the Company concurrently with the sale of the five restaurants. Total consideration from the sale consists of a note from the buyer totaling $1.3 million. The annual revenues for...

  • Page 67
    ..., and deteriorating economic conditions in these markets. During our review of potentially impaired restaurants, we considered several indicators, including restaurant profitability, annual comparable sales, operating trends, and actual operating results at a market level. In accordance with SFAS No...

  • Page 68
    ... with an expiration date of March 2006....rising interest rates on forecasted future borrowings. Amounts payable or receivable under the Swaps are accounted for as adjustments to interest expense. The net fair value of the Swaps was a liability balance...paid... Equipment Net property and equipment consists...

  • Page 69
    ..., a third-party commercial insurance company began providing fully-insured coverage to franchisees participating in the franchise insurance program. Accordingly, this new agreement eliminates our risk of loss for franchise insurance coverage written after September 2004. Our operating income will...

  • Page 70
    ...231 1,258 846 882 1,269 462 202 212 3,659 3,762 49,634 $ 44,771 Insurance reserves Accrued salaries, benefits and bonuses Accrued purchases Rent Marketing Obsolete inventory and equipment disposals Utilities Consulting and professional fees Restaurant closures Accrued interest Other Total $ $ 14...

  • Page 71
    15. Income Taxes A summary of the provision (benefit) for income taxes, exclusive of the tax effects related to discontinued operations and the cumulative effect of accounting change, follows (in thousands): 2005 Current: Federal Foreign State and local Deferred (federal and state) Total $ 2004 ...

  • Page 72
    ... a summary of full-year transactions and year-end balances with franchisees owned by related parties and outstanding amounts due from the Marketing Fund and Papa Card, Inc. (in thousands): 2005 Revenues from affiliates: Commissary sales Other sales Franchise royalties Franchise and development fees...

  • Page 73
    ... in Note 8, effective December 25, 2005, the Company sold five restaurants to an operations vice president. The employee resigned from the Company concurrently with the sale. A franchise entity that is owned by three executive officers of Papa John's purchased a total of three restaurants for...

  • Page 74
    ...$ $ $ We subleased 162 sites in 2005, 157 sites in 2004 and 180 sites in 2003 to our Papa John's and Perfect Pizza franchisees located in the United Kingdom and received payments of $5.1 million, $5.0 million and $4.3 million, which are netted with international operating expenses. As a result of...

  • Page 75
    ..., a total of 34.7 million shares with an aggregate cost of $495.9 million and an average price of $14.29 per share, as adjusted for the two-for-one common stock split, have been repurchased under this program and were retired from outstanding shares. Subsequent to year-end (through February 21, 2006...

  • Page 76
    ... Options We award stock options from time to time under the Papa John's International, Inc. 1999 Team Member Stock Ownership Plan (the "1999 Plan") and the Papa John's International, Inc. 2003 Stock Option Plan for Non-Employee Directors (the "Directors Plan") and other such agreements as may arise...

  • Page 77
    ... John's International, Inc. 401(k) Plan (the "401(k) Plan"), as a defined contribution benefit plan, in accordance with Section 401(k) of the Internal Revenue Code. The 401(k) Plan is open to all employees who meet certain eligibility requirements and allows participating employees to defer receipt...

  • Page 78
    ... derive revenues from the sale, principally to Company-owned and franchised restaurants, of printing and promotional items, risk management services, and information systems and related services used in restaurant operations. Generally, we evaluate performance and allocate resources based on profit...

  • Page 79
    ... in accounting principle: Domestic Company-owned restaurants (2) Domestic commissaries (3) Domestic franchising International Variable interest entities All others Unallocated corporate expenses (4) Elimination of intersegment losses (profits) Total income from continuing operations before income...

  • Page 80
    ... on a reporting unit basis is primarily attributable to labor reductions due to staffing efficiencies and leverage on restaurant pricing increases, lower administrative costs and reduced cost of sales resulting from commissary margin reductions. (3) Domestic commissaries operating income increased...

  • Page 81
    ... increase in business unit and corporate management bonuses of $7.3 million as a result of meeting pre-established performance goals; an increase in employee benefits costs of approximately $1.6 million, which primarily consists of payroll taxes associated with stock option exercises and an increase...

  • Page 82
    ... information above is presented in 13-week periods. Quarterly earnings per share on a fullyear basis may not agree to the Consolidated Statements of Income due to rounding. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and...

  • Page 83
    ... code of ethics that applies to our directors, officers and employees. The code of ethics, which includes all required disclosures concerning any amendments to, or waivers from, our code of ethics can be found on our web site, which is located at www.papajohns.com. Item 11. Executive Compensation...

  • Page 84
    ...Financial Statements (a)(2) Financial Statement Schedules: Schedule II - Valuation and Qualifying Accounts All other schedules for which provision is made in the applicable accounting regulation of the Securities... of Papa John's International, Inc. Exhibit 3 to our Quarterly Report on Form 10-Q...

  • Page 85
    ... 10.6* Papa John's International, Inc. 2003 Stock Option Plan for Non-Employee Directors. Exhibit 10 to our quarterly report on Form 10-Q for the quarter ended June 29, 2003 is incorporated herein by reference. 10.7* Papa John's International, Inc. 1999 Team Member Stock Ownership Plan Amended and...

  • Page 86
    ...to the 1993 Stock Option Plan for Non-Employee Directors. Exhibit 10.2 to our report on Form 10-K for the fiscal year ended December 30, 2001 is incorporated herein by reference. 10.15* 1996 Papa John's International, Inc. Executive Option Program. Exhibit 10.26 to our Annual Report on Form 10-K for...

  • Page 87
    ... Exhibit 10.2 to our quarterly report on Form 10-Q for the quarter ended March 26, 2000 is incorporated herein by reference. 21 23 31.1 Subsidiaries of the Company. Consent of Ernst & Young LLP. Section 302 Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-15(e). Section 302...

  • Page 88
    ... by the undersigned, thereunto duly authorized. Date: February 28, 2006 By: PAPA JOHN'S INTERNATIONAL, INC. /s/ Nigel Travis Nigel Travis President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following...

  • Page 89
    ... 10.1 $175,000,000 Revolving Credit Facility by and among Papa John's International, Inc., The Guarantors Party Hereto, RSC Insurance Services, Ltd., a Bermuda Company, The Banks Party Hereto, PNC Bank, National Association, as Administrative Agent, JP Morgan Chase Bank, N.A., as Syndication...

  • Page 90
    Schedule II - Valuation and Qualifying Accounts Papa John's International, Inc. and Subsidiaries (In thousands) Charged to (recovered from) Costs and Expenses Classification Fiscal year ended December 25, 2005: Deducted from asset accounts: Reserve for uncollectible accounts receivable Reserve for ...

  • Page 91
    The Exhibits to this Annual Report on Form 10-K are not contained herein. The Company will furnish a copy of any of the Exhibits to a stockholder upon written request to Investor Relations, Papa John's International, Inc., P.O. Box 99900, Louisville, KY 40269-0900.