Papa Johns 2012 Annual Report Download - page 22
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16
Our results of operations could be materially impacted as a result of the credit risk of operators of leases
for which we remain contingently liable.
We remain contingently liable for certain restaurant and commissary leases previously operated by us and
subsequently sold or refranchised. We enter into these arrangements as part of the process of disposing of
or refranchising our stores in the ordinary course of business. While the new operators are the primary
obligors under such assigned leases, we could be liable in the event that one or more new operators are
unwilling or unable to make any required lease payments. Continuing weakness in the economy and
difficulty in credit markets could make it difficult for these operators to meet their contractual
commitments. If these operators default on the leases and we are unable to sublease the properties for
which we remain contingently liable, it could have a material impact on our results of operations.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
As of December 30, 2012, there were 4,163 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.
North America Restaurants:
Company
Franchised
Total
Alabama…………………………………………………………
-
73
73
Alaska...........................................................................................
-
6
6
Arizona ………………………………………………………….
39
37
76
Arkansas………………………………………………………...
-
23
23
California………………………………………………………..
-
209
209
Colorado………………………………………………………...
22
25
47
Connecticut……………………………………………………...
-
11
11
Delaware………………………………………………………...
-
15
15
District of Columbia…………………………………………….
-
10
10
Florida…………………………………………………………...
46
221
267
Georgia ………………………………………………………….
86
60
146
Hawaii...........................................................................................
-
14
14
Idaho…………………………………………………………….
-
11
11
Illinois...........................................................................................
6
115
121
Indiana..........................................................................................
41
84
125
Iowa..............................................................................................
-
23
23
Kansas...........................................................................................
13
19
32
Kentucky………………………………………………………...
42
70
112
Louisiana………………………………………………………..
-
61
61
Maine……………………………………………………………
-
6
6
Maryland………………………………………………………...
60
40
100
Massachusetts…………………………………………………...
-
19
19
Michigan………………………………………………………...
-
43
43
Minnesota.....................................................................................
30
15
45
Mississippi....................................................................................
-
30
30
Missouri........................................................................................
41
33
74
Montana........................................................................................
-
10
10
Nebraska.......................................................................................
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17
17