Papa Johns 2006 Annual Report Download - page 54
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51
The 2007 projections above are based upon 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 and therefore we do not generally make use of financial instruments to hedge commodity prices.