Papa Johns 2009 Annual Report Download - page 65

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58
We have certain other commercial commitments where payment is contingent upon the occurrence of
certain events. Such commitments include the following by year (in thousands):
Less than 1-3 3-5 After
1 Year Years Years 5 Years Total
Other Commercial Commitments:
Standby letters of credit 20,978$ -$ -$ -$ 20,978$
Amount of Commitment Expiration Per Period
See “Notes 7, 10 and 15” of “Notes to Consolidated Financial Statements” for additional information
related to contractual and other commitments.
The contractual obligations above exclude the debt, operating leases and other commercial commitments
associated with franchisee VIEs. The third-party creditors and landlords of the franchisee VIEs do not
have any recourse to Papa John’s.
Forward-Looking Statements
Certain matters discussed in this report, including information within Management’s Discussion
and Analysis of Financial Condition and Results of Operations, and other Company
communications constitute forward-looking statements within the meaning of the federal securities
laws. Generally, the use of words such as “expect,” “estimate,” “believe,” “anticipate,” “will,”
“forecast,” “plan,” “project,” or similar words identify forward-looking statements that we intend
to be included within the safe harbor protections provided by the federal securities laws. Such
statements may relate to projections concerning revenue, earnings, unit growth and other financial
and operational measures. Such statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions, which are difficult to predict and many of which are
beyond our control. Therefore, actual outcomes and results may differ materially from those
matters expressed or implied in such forward-looking statements.
The risks, uncertainties and assumptions that are involved in our forward-looking statements
include, but are not limited to: changes in pricing or other marketing or promotional strategies by
competitors which 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; general economic conditions and resulting
impact on consumer buying habits; changes in consumer preferences; increases in or sustained high
costs of food ingredients and other commodities, paper, utilities, fuel, employee compensation and
benefits, insurance and similar costs; the ability of the Company to pass along such increases in or
sustained high costs to franchisees or consumers; the Company is contingently liable for the
payment of certain lease arrangements, approximating $5.8 million, involving our former Perfect
Pizza operations that were sold in March 2006; the impact of legal claims and current proposed
legislation impacting our business; and increased risks associated with our international operations.
These and other risk factors are discussed in detail in “Part I. Item 1A. – Risk Factors” of this
report. We undertake no obligation to update publicly any forward-looking statements, whether as
a result of future events, new information or otherwise, except as required by law.