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PAPA JOHN’S INTERNATIONAL, INC.
2011 ANNUAL REPORT
GROWTH THROUGH QUALITY

Table of contents

  • Page 1
    PA PA J O H N ' S I N T E R N AT I O N A L , I N C . G R OW T H T H R O U G H Q UA L I T Y 2011 ANNUAL REPORT

  • Page 2
    ... online ordering site and iPhone app in 2010. These investments helped Papa John's achieve record online and mobile sales in 2011. Whether a cutting-edge way for our customers to place their order, a more advanced way for our restaurants to receive that order, or a more efficient way to deliver...

  • Page 3
    ... of f 1934 1 [X] Annual Report pursuant to Sec ecember 25, 2011 For the fiscal year ended Dec or [ ] Transition report pursuant to oS Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to C Commission File Number: 0-21660 PAPA AJ JOHN'S INTERNATIONAL, INC...

  • Page 4
    ..., computed by reference to the closing sale price on The NASDAQ Stock Market as of the last business day of the Registrant's most recently completed second fiscal quarter, June 26, 2011, was approximately $633,919,944. As of February 14, 2011, there were 24,242,254 shares of the Registrant's Common...

  • Page 5
    ... About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 1 12 16 17 20 20 23 26 27 50 52 84 84 85 Directors, Executive Officers and Corporate Governance Executive...

  • Page 6
    ...Item 1. Business General Papa John's International, Inc. (referred to as the "Company", "Papa John's" or in the first person notations of "we", "us" and "our") operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and restaurant-based delivery...

  • Page 7
    ... designated delivery areas result in lower restaurant operating costs and improved food quality, and promote superior customer service. Our QC Center system takes advantage of volume purchasing of food and supplies, and provides consistency and efficiencies of scale in fresh dough production. This...

  • Page 8
    ... to open single or multiple locations. We devote significant resources to provide Papa John's franchisees with assistance in restaurant operations, management training, team member training, marketing, site selection and restaurant design. Growth in International Operations. As of December 25, 2011...

  • Page 9
    ... from order taking to delivery. The typical interior of a Papa John's restaurant has a vibrant color scheme, and includes a bright menu board, custom counters and a customer carryout area. The counters are designed to allow customers to watch the team members slap out the dough and put sauce and...

  • Page 10
    ... cleaning supplies twice weekly to each restaurant throughout the contiguous United States. The primary difference between a full-service QC Center and a distribution-only center is that full-service QC Centers produce fresh pizza dough in addition to providing other food and paper products used in...

  • Page 11
    ...social media advertising and marketing and email, in addition to other brand-building activities, such as consumer research and public relations activities. Domestic Company-owned and franchised Papa John's restaurants are required to contribute a certain minimum percentage of sales to the Marketing...

  • Page 12
    ... and marketing information. The PROFIT System is also closely integrated with our online ordering system in all domestic traditional Papa John's restaurants enabling Papa John's to offer nationwide online and mobile web ordering to our customers. Hours of Operation. Our domestic restaurants are open...

  • Page 13
    ...the standard $25,000 franchise fee payable to us upon signing the franchise agreement for a specific location. Generally, a franchise agreement is executed when a franchisee secures a location. Our current standard development agreement requires the franchisee to pay a royalty fee of 5% of sales and...

  • Page 14
    ... 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. International Franchise Operations Support. We employ international business managers who...

  • Page 15
    ... needed to process receivables, improves cash flow and mitigates the amount of past-due accounts related to these items. Domestic franchisees are required to purchase and install the Papa John's PROFIT System in their traditional restaurants (see "Company Operations - Point-of-Sale Technology...

  • Page 16
    .... Employees As of December 25, 2011, we employed approximately 16,500 persons, of whom approximately 14,400 were restaurant team members, approximately 700 were restaurant management personnel, approximately 600 were corporate personnel and approximately 800 were QC Center and our wholly-owned print...

  • Page 17
    ...publication of government or industry findings concerning food products served by us or competitors, or other health concerns or operating issues stemming from one or more restaurants. Reports of food safety issues, perceived health impact of ingredients in the products we serve and customer service...

  • Page 18
    consumer buying habits. High food costs or other increased commodity or operating costs, including but not limited to employee compensation and benefits and insurance costs, could slow down the rate of new store openings. Our business is susceptible to adverse changes in domestic and global economic...

  • Page 19
    ... franchised restaurants may have to provide health care coverage that was not previously offered to certain part-time team members. Compliance with additional government mandates, including menu labeling requirements, could increase costs and be harmful to system-wide restaurant sales. Our expansion...

  • Page 20
    ... of our critical business or information technology systems could harm our ability to conduct normal business. We rely heavily on information systems, including online and digital ordering, point-of-sale processing in our restaurants, payment of obligations, collection of cash, credit and debit card...

  • Page 21
    ... existing or future claims, or costs related to damages should such claims be upheld in court, could significantly impact the Company's earnings and financial condition. We may be subject to impairment charges. Impairment charges are possible if our subsidiary located in the United Kingdom ("PJUK...

  • Page 22
    ...3,883 Papa John's restaurants system-wide. The following tables provide the locations of our restaurants. We define "North America" as the United States and Canada and "domestic" as the contiguous United States. Company-owned Papa John's Restaurants Number of Restaurants Arizona...Florida ...Georgia...

  • Page 23
    North America Franchised Papa John's Restaurants Alaska ...Alabama ...Arizona...Arkansas...California ...Colorado...Connecticut ...Delaware ...District of Columbia ...Florida ...Georgia...Hawaii ...Idaho ...Illinois ...Indiana ...Iowa ...Kansas ...Kentucky ...Louisiana...Maine ...Maryland ......

  • Page 24
    North America Franchised Papa John's Restaurants (continued) Number of Restaurants West Virginia ...Wisconsin...Wyoming ...Total U.S. Franchised Papa John's Restaurants ...Canada ...Total North America Franchised Papa John's Restaurants...International Franchised Papa John's Restaurants Number of ...

  • Page 25
    ... accommodates the Louisville QC Center operation and promotions division. The remainder of the larger building houses our corporate offices. We own a 49,000 square foot full-service QC Center in the United Kingdom. The Papa John's UK management team is located in a leased office near London with...

  • Page 26
    ... Senior Vice President, Corporate Communications and General Counsel Senior Vice President, International Executive Vice President, Global Operations and President, Global PJ Food Service Senior Vice President, Chief Financial Officer and Treasurer Senior Vice President and Chief Marketing Officer...

  • Page 27
    ... positions of Executive Vice President, North American Operations from December 2010 to July 2011, Senior Vice President, PJ Food Service from 2009 to May 2010 and Vice President, QCC Operations from 2006 to 2009. Prior to joining Papa John's, Mr. Thompson worked for the Scotts Company for six years...

  • Page 28
    ... beneficial owners of our common stock than there are record holders. The following table sets forth, for the quarters indicated, the high and low closing sales prices of our common stock, as reported by The NASDAQ Stock Market. 2011 First Quarter Second Quarter Third Quarter Fourth Quarter 2010...

  • Page 29
    ... 2011, 34,000 shares of the Company's common stock were acquired from employees to satisfy minimum tax withholding obligations that arose upon (i) vesting of restricted stock granted pursuant to approved plans, and (ii) distribution of shares of common stock issued pursuant to deferred compensation...

  • Page 30
    ....36 65.41 December 28, 2008 60.70 64.38 35.91 December 27, 2009 84.25 96.12 66.20 December 26, 2010 95.35 113.76 89.04 December 25, 2011 130.58 114.35 112.51 Papa John's International, Inc. NASDAQ Stock Market (U.S. Companies) NASDAQ Stocks (SIC 5800-5899 U.S. Companies) Eating and Drinking 25

  • Page 31
    ... 7 and Item 8, respectively, of this Form 10-K. (In thousands, except per share data) Dec. 25, 2011 Income Statement Data North America revenues: Domestic Company-owned restaurant sales Franchise royalties (2) (3) Franchise and development fees (2) Domestic commissary sales Other sales International...

  • Page 32
    ... in 2009. The comparable sales for North America franchised units increased 3.1% in 2011, 0.3% in 2010 and 0.1% in 2009. "Comparable sales" represents sales generated by restaurants open for the entire twelve-month period reported. We strive to obtain high-quality restaurant sites with good access...

  • Page 33
    ... in the authoritative guidance, a reporting unit is an operating segment, or one level below an operating segment. During 2011, in connection with a restructuring of our components in our domestic Company-owned restaurant segment, changes were made in the discrete financial information that was made...

  • Page 34
    ... of our PJUK reporting unit's cash flow and the rates of return market participants would require to invest their capital in the PJUK reporting unit. We believe our PJUK reporting unit will continue to improve its operating results through ongoing growth initiatives, by increasing Papa John's brand...

  • Page 35
    ... "Loss (income) from the franchise cheese-purchasing program, net of noncontrolling interest." This line item represented BIBP's income or loss from purchasing cheese at the spot market price and selling to franchised restaurants at a fixed monthly price, net of any income or loss attributable...

  • Page 36
    ... management responsibility and financial reporting for Hawaii, Alaska and Canada from our international business segment to our domestic franchising segment in order to better leverage existing infrastructure and systems. As a result, we renamed the domestic franchising segment "North America...

  • Page 37
    ... years indicated: Year Ended (1) Dec. 25, Dec. 26, Dec. 27, 2011 2010 2009 Income Statement Data: North America revenues: Domestic Company-owned restaurant sales Franchise royalties Franchise and development fees Domestic commissary sales Other sales International revenues: Royalties and franchise...

  • Page 38
    ... restaurants open throughout the periods being compared. Restaurant unit data for 2010 and 2009 has been adjusted to reflect the reclassification of restaurants operating in Hawaii, Alaska and Canada from international franchised to North America franchised in order to conform to the current year...

  • Page 39
    ... sales of 3.1%, and an increase in the number of franchised restaurants. Domestic commissary sales increased $53.6 million, or 11.8% in 2011 primarily due to an increase in the prices of certain commodities, most notably cheese, and an increase in sales volumes. International revenues increased...

  • Page 40
    .... North America franchising income before income taxes increased approximately $4.0 million in 2011 as compared to the comparable 2010 period. The increase was due to the previously mentioned royalty revenue increase. International Segment. The international segment reported operating losses of...

  • Page 41
    ... taxes and insurance associated with the former Perfect Pizza operations in the United Kingdom. See the notes to the consolidated financial statements for additional information. (e) The increase in other expense (income) is primarily due to increases in our online customer loyalty program costs and...

  • Page 42
    ... $1.80 in 2010). Diluted weighted average shares outstanding decreased 4.4% in 2011 from the prior year period. Diluted earnings per share increased $0.10 due to the reduction in shares outstanding. Review of Consolidated Operating Results Revenues. Domestic Company-owned restaurant sales were $525...

  • Page 43
    ... basis. These increases were partially offset by the prior year's inclusion of revenues from Company-owned restaurants located in the United Kingdom, which were sold in the third quarter of 2010. Our PJUK operations represented 51% of international revenues in both 2011 and 2010. Costs and Expenses...

  • Page 44
    ...benefit of increased sales. Other operating expenses were 0.3% higher as a percentage of revenues in 2011, as compared to 2010, primarily due to an increase in distribution costs from increased fuel prices. • • We recorded income before income taxes from the franchise cheese-purchasing program...

  • Page 45
    ... relates to rents, taxes and insurance associated with the former Perfect Pizza operations in the United Kingdom. (d) Other expense increased primarily due to costs associated with our online customer loyalty program. Depreciation and amortization was $32.7 million, or 2.7% of revenues, for 2011...

  • Page 46
    ...in 2009 as summarized in the following table on an operating segment basis (in thousands): Increase (Decrease) 2010 Domestic Company-owned restaurants Domestic commissaries * North America franchising International All others Unallocated corporate expenses Elimination of intersegment profits Income...

  • Page 47
    ...increased revenues due to growth in the number of international units. All Others Segment. Income before income taxes for the "All others" reporting segment decreased approximately $850,000 in 2010 as compared to 2009. The decrease was primarily due to increased costs in our online ordering business...

  • Page 48
    ... in shares outstanding. Review of Consolidated Operating Results Revenues. Domestic Company-owned restaurant sales were $503.3 million for 2010 compared to $503.8 million for 2009. The 0.1% decrease was primarily due to a 0.6% decrease in comparable sales. North America franchise sales increased...

  • Page 49
    ... 2009 due to increased discounting of prices to customers. Salaries and benefits were 1.6% lower as a percentage of sales in 2010 compared to 2009, primarily due to labor efficiencies from implemented initiatives, and a change in pay practices for certain team members. Advertising and related costs...

  • Page 50
    ... expense for 2009 includes approximately $169,000 related to BIBP's debt with a third-party bank (none in 2010). The decrease in net interest costs for 2010 is primarily due to interest earned on increased cash investments and a decrease in the average outstanding debt balance. Income Tax Expense...

  • Page 51
    ... with all covenants at December 25, 2011. Cash flow provided by operating activities was $101.0 million for the full-year 2011 as compared to $92.6 million in 2010. The consolidation of BIBP increased cash flow from operations by approximately $6.8 million in 2010. Excluding the impact of the...

  • Page 52
    ... income. The Company's free cash flow for the last three years was as follows (in thousands): Dec. 25, 2011 Net cash provided by operating activities Gain from BIBP cheese purchasing entity Purchase of property and equipment Free cash flow (a) $ 101,008 (29,319) $ 71,689 Year Ended Dec. 26, 2010...

  • Page 53
    ... current or future effect on the Company's financial condition are leases of Company-owned restaurant sites, QC Centers, office space and transportation equipment. In connection with the 2006 sale of our former Perfect Pizza operations in the United Kingdom, we remain contingently liable for payment...

  • Page 54
    ... sales, including an increase in or continuation of the aggressive pricing and promotional environment; 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 55
    ... the agreement. Consolidation accounting requires the portion of BIBP operating income (loss) related to domestic Company-owned restaurants to be reflected as a reduction (increase) in the "Domestic Company-owned restaurant expenses - cost of sales" line item, thus reflecting the actual market price...

  • Page 56
    ... while operating through February 2011. The following table presents the actual average block price for cheese by quarter in 2011, 2010 and 2009 and the average BIBP block price by quarter for 2010 and 2009 (not applicable in 2011). Also presented is the projected full-year 2012 average block price...

  • Page 57
    ...financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of an internal control system may vary over time. Under the supervision and with the participation of our management, including our Chief Executive Officer (CEO) and Chief Financial Officer...

  • Page 58
    ... with the standards of the Public Company Accounting Oversight Board (United States), Papa John's International, Inc. and Subsidiaries' internal control over financial reporting as of December 25, 2011, based on criteria established in Internal Control-Integrated Framework issued by the Committee...

  • Page 59
    ... the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Papa John's International, Inc. and Subsidiaries as of December 25, 2011 and December 26, 2010, and the related consolidated statements of income, stockholders' equity, and cash flows...

  • Page 60
    Papa John's International, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share amounts) December 25, 2011 North America revenues: Domestic Company-owned restaurant sales Franchise royalties Franchise and development fees Domestic commissary sales Other sales ...

  • Page 61
    Papa John's International, Inc. and Subsidiaries Consolidated Balance Sheets December 25, 2011 December 26, 2010 (In thousands, except per share amounts) Assets Current assets: Cash and cash equivalents Accounts receivable (less allowance for doubtful accounts of $3,034 in 2011 and $2,795 in 2010) ...

  • Page 62
    ... of Stockholders' Equity Common Stock Shares Outstanding Papa John's International, Inc. Accumulated Additional Other Paid-In Comprehensive Capital Income (Loss) (In thousands) Balance at December 28, 2008 Comprehensive income: Net income Change in valuation of interest rate swap agreements, net of...

  • Page 63
    ... Other current assets Other assets and liabilities Accounts payable Income and other taxes payable Accrued expenses Unearned franchise and development fees Net cash provided by operating activities Investing activities Purchase of property and equipment Purchase of investments Proceeds from sale or...

  • Page 64
    ... "Papa John's," currently in all 50 states, the District of Columbia, Puerto Rico and 33 countries. Substantially all revenues are 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...

  • Page 65
    ...comprised of food, promotional items and supplies sold to franchised restaurants located in the United States and are recognized as revenue upon shipment of the related products to the franchisees. Information services, including software maintenance fees, help desk fees and online ordering fees are...

  • Page 66
    ... in the authoritative guidance, a reporting unit is an operating segment, or one level below an operating segment. During 2011, in connection with a restructuring of our components in our domestic Company-owned restaurant segment, changes were made in the discrete financial information that was made...

  • Page 67
    ... of our PJUK reporting unit's cash flow and the rates of return market participants would require to invest their capital in the PJUK reporting unit. We believe our PJUK reporting unit will continue to improve its operating results through ongoing growth initiatives, by increasing Papa John's brand...

  • Page 68
    ... 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 Papa John's Marketing Fund, Inc., an unconsolidated non-profit corporation (the "Marketing Fund...

  • Page 69
    ... income for the net change in fair value of our derivatives associated with our debt agreements. The ineffective portion of our hedge was $25,000 in 2010 and $40,000 in 2009 (none in 2011). Fair value is based on quoted market prices. See Note 7 for additional information on our debt and credit...

  • Page 70
    ... market price for the year were not included in the computation of earnings per common share - assuming dilution because the effect would have been antidilutive. The weighted average number of shares subject to antidilutive options was 273,000 in 2011, 1.5 million in 2010 and 1.4 million in 2009...

  • Page 71
    ... deemed investment balances in Papa John's stock through the issuance of treasury stock. Accordingly, during 2010, we reclassified $2.0 million from other long-term liabilities to paid-in capital in the accompanying consolidated financial statements. New Accounting Pronouncements In June 2011, the...

  • Page 72
    ... of cash flows. Segment Reporting Change In 2011, the Company realigned management responsibility and financial reporting for Hawaii, Alaska and Canada from our international business segment to our domestic franchising segment in order to better leverage existing infrastructure and systems. As...

  • Page 73
    ...an independent, franchisee-owned corporation. BIBP purchased cheese at the market price and sold it to our distribution subsidiary, PJ Food Service, Inc. ("PJFS"), at a fixed price. PJFS in turn sold cheese to Papa John's restaurants (both Company-owned and franchised) at a set price. PJFS purchased...

  • Page 74
    ... consolidated statements of income during 2011, 2010 and 2009 (in thousands): 2011 2010 2009 Net book value of divested restaurants Cash proceeds received Fair value of notes receivable (1) Total consideration at fair value (1) Gain on restaurants sold (Gain) loss on domestic restaurant closures...

  • Page 75
    ... that are designated as cash flow hedges because the swaps provide a hedge against the effects of rising interest rates on borrowings. The effective portion of the gain or loss on the swap is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same...

  • Page 76
    ... on the Consolidated Financial Statements Derivatives Cash Flow Hedging Relationships Interest rate swaps: 2011 2010 2009 Amount of Gain or (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) Location of Gain or (Loss) Recognized in Location of Gain Amount of Gain Income on or...

  • Page 77
    ... on franchisee loans was approximately $665,000 in 2011, $794,000 in 2010 and $535,000 in 2009 and is reported in investment income in the accompanying consolidated statements of income. Based on our review of certain borrowers' economic performance and underlying collateral value, we established...

  • Page 78
    ... cost of claims significantly differ from historical trends used to estimate the insurance reserves recorded by the Company. Our estimated corporate insurance reserves totaled $19.3 million in 2011 and $19.0 million in 2010. We are a party to standby letters of credit with off-balance sheet risk...

  • Page 79
    ... in the state effective tax rate. Significant deferred tax assets (liabilities) follow (in thousands): Unearned development fees Accrued liabilities Other assets and liabilities Stock options Other Foreign net operating losses Valuation allowance on foreign net operating losses Total deferred...

  • Page 80
    ... compensation plan loss (income) Tax credits and other Total $ $ $ Income taxes paid were $15.6 million in 2011, $21.7 million in 2010 and $24.8 million in 2009. The Company files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company...

  • Page 81
    ...trailers used by our distribution subsidiary, PJFS, for an average period of eight years. Total lease expense was $25.7 million in 2011, $24.5 million in 2010 and $24.2 million in 2009, net of sublease payments received. We subleased certain sites to our Papa John's franchisees located in the United...

  • Page 82
    ... in Industrial Revenue Bonds. The bonds are held 100% by the Company and, accordingly, the bond obligation and investment and related interest income and expense are eliminated in the consolidated financial statements. We are subject to claims and legal actions in the ordinary course of business. We...

  • Page 83
    ... 2.0 million shares transferred from the Papa John's International, Inc. 2008 Omnibus Incentive Plan. Option awards are granted with an exercise price equal to the market price of the Company's stock at the date of grant. Options outstanding as of December 25, 2011 generally expire five years from...

  • Page 84
    ... mechanism. Prior to 2009, we granted performance-based restricted stock, which vested based on the achievement of compounded annual growth rate (CAGR) of consolidated income, as defined. The fair value of the restricted stock is based on the market price of the Company's shares on the grant date...

  • Page 85
    ... more investment funds. At our discretion, we contributed a matching payment of 1.5% in 2011 and 2.1% in 2009 (no match in 2010) of a participating employee's earnings, which is subject to vesting based on an employee's length of service with us. Costs of the 401(k) Plan recognized in 2011 and 2009...

  • Page 86
    ...reportable segments are business units that provide different products or services. Separate management of each segment is required because each business unit is subject to different operational issues and strategies. No single external customer accounted for 10% or more of our consolidated revenues...

  • Page 87
    ... Income (loss) before income taxes: Domestic Company-owned restaurants Domestic commissaries North America franchising International Variable interest entities (2) All others Unallocated corporate expenses Elimination of intersegment profits Total income before income taxes 2011 2010 2009...

  • Page 88
    ... Accumulated depreciation and amortization Net property and equipment Expenditures for property and equipment: Domestic Company-owned restaurants Domestic commissaries International All others Unallocated corporate Total expenditures for property and equipment 2011 2010 2009 $ $ 176,506 85,714 17...

  • Page 89
    ... the reduction in BIBP's cost of sales of $14.2 million associated with PJFS's agreement to pay to BIBP for past cheese purchases an amount equal to its accumulated deficit, for 2010 was $6.8 million ($4.3 million after tax or $0.16 per diluted share). All quarterly information above is presented in...

  • Page 90
    ..., the Company's internal control over financial reporting. See "Management's Report on Internal Control over Financial Reporting" in Item 8. Item 9B. Other Information None. PART III Item 10. Directors, Executive Officers and Corporate Governance Information regarding executive officers is included...

  • Page 91
    ... of Certain Beneficial Owners and Management and Related Stockholder Matters The following table provides information as of December 25, 2011 regarding the number of shares of the Company's common stock that may be issued under the Company's equity compensation plans. (c) Number of securities...

  • Page 92
    ... related thereto and report of independent auditors are included in Item 8 of this Report: Reports of Independent Registered Public Accounting Firm Consolidated Statements of Income for the years ended December 25, 2011, December 26, 2010 and December 27, 2009 Consolidated Balance Sheets as...

  • Page 93
    ... on foreign net operating losses Reserves included in liability accounts: Reserve for restaurant closures and dispositions Fiscal year ended December 26, 2010: Deducted from asset accounts: Reserve for uncollectible accounts receivable Reserve for uncollectible accounts receivable - affiliates...

  • Page 94
    ...: February 21, 2012 By: PAPA JOHN'S INTERNATIONAL, INC. /s/ John H. Schnatter John H. Schnatter Founder, Chairman and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant...

  • Page 95
    .... Papa John's International, Inc. Deferred Compensation Plan, as amended through January 25, 2010. Exhibit 10.1 to our report on Form 10-K for the fiscal year ended December 26, 2010 is incorporated herein by reference. Amended and Restated 2003 Stock Option Plan for Non-Employee Directors, Amended...

  • Page 96
    .... Exhibit 10.1 to our report on Form 8-K as filed on September 9, 2010 is incorporated by reference. 10.14 First Amendment to Credit Agreement by and among Papa John's International, Inc. the Guarantors party thereto, RSC Insurance Services, Ltd., a Bermuda company, PNC Bank, National Association...

  • Page 97
    ...Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Stockholders' Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements. 32.1 32.2 101 _____ *Compensatory plan required to be filed as an exhibit pursuant to Item...

  • Page 98
    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. 93

  • Page 99
    ... to differ materially from these statements, are set forth in Item 1A. Risk Factors in the accompanying Form 10-K. For More Information To learn more about Papa John's, or to order online, visit our website at www.papajohns.com international markets United Kingdom Russia Ireland Canada Morocco...

  • Page 100
    ... Senior Vice President, Corporate Communications and General Counsel Thomas V. Sterrett Senior Vice President, International Lance F. Tucker Senior Vice President, Chief Financial Officer and Treasurer Andrew M. Varga Senior Vice President and Chief Marketing Officer DIRECTORS John H. Schnatter...