Papa John's U.S. ops strengthen in '04, UK arm weakens

March 16, 2005

LOUISVILLE, Ky. — Papa John's International released its 2004 annual report on March 10. Following are some highlights:

* Total sales were $1.82 billion ($1.7 billion of which came from its U.S. operations), while revenues were $942 million.

* Total units in operation at year's end were 2,947, consisting of 569 company-owned and 2,260 franchised Papa John's, and 118 franchised Perfect Pizza units in the UK.

* Papa John's UK operations, dubbed PJUK, continue to battle sliding sales and unit closures. The chain's 2000 acquisition of Perfect Pizza netted about 190 stores; only 118 remain in operation.

Papa John's said it's working on improving operating results by trying to boost franchise unit openings there. But if "these plans are not successful and operating results continue to deteriorate, we may be required to record a significant impairment charge ... ," the company said in a filing.

* Net unit openings for Papa John's were 22 for the year (175 new openings and 153 closures). Going forward, the company anticipates that intense competition, increasing operating costs and franchisees' ability to add units could minimize store growth.

* The 2004 sales-per-store average was $737,000 at company-owned Papa John's units, and $656,396 at franchise units.

* Average weekly sales at company owned units were $14,089, and $12,623 at franchise units.

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Topics: Papa John's , Public Companies

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