Papa Johns 2008 Annual Report Download - page 62

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55
amounted to $29.3 million, $31.1 million and $39.4 million in 2008, 2007 and 2006, respectively, and are
summarized by operating segment in “Note 21” of “Notes to Consolidated Financial Statements.”
During 2008, our Board of Directors authorized the repurchase of an additional $100.0 million of
common stock through the end of 2009. The following is a summary of our common share repurchases
for the last three years (in 000's, except average price per share):
Fiscal
Year
Number of
Shares
Repurchased
Total Cash
Paid
Average
Price Per
Share
2006 3,405 $106,292 $31.22
2007 2,684 $72,871 $27.15
2008 1,400 $37,697 $26.93
Subsequent to year-end (through February 17, 2009), we acquired an additional 264,000 shares at an
aggregate cost of $4.8 million. As of February 17, 2009, approximately $57.5 million remained available
for repurchase of common stock under our authorization.
The outstanding principal balance under our revolving line of credit increased from $96.5 million in 2006
to $134.0 million in 2007 and decreased to $123.5 million in 2008. The increase from 2006 to 2007 was
primarily due to restaurant acquisitions and repurchases of our common stock.
Total 2009 capital expenditures are expected to approximate $30 to $35 million. The planned capital
expenditures in 2009 will include growth initiatives, including domestic Company-owned new-unit
growth, accelerated development of Papa John’s branded units in the United Kingdom and China, as well
as technical support assets for numerous areas of the business, including the online ordering function.
We expect to fund the planned capital expenditures and any additional share repurchases of our common
stock for the next twelve months from operating cash flow and approximately $31.1 million remaining
availability under our line of credit, reduced for certain outstanding letters of credit. Our total debt was
$130.7 million, including $7.1 million associated with BIBP, at December 28, 2008, compared to $142.7
million, including $8.7 million associated with BIBP, at December 30, 2007.