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Papa John's Q3 net income up 52 percent from last year

November 3, 2009

Papa John's announced its third quarter earnings yesterday, revealing ups and downs: For the period ending Sept. 27, quarter revenues were down, but net income for that period was way up. Same-store domestic sales were flat.
 
Domestic same-store sales were flat, but international franchise sales increased about 11 percent to $63.3 million this quarter.
 
Total 2009 third quarter revenues were $263.9 million, representing a decrease of 5.7 percent from revenues of $280 million for the comparable period in 2008. Company spokespeople cited decreased restaurant sales, slashed commodities prices at their commissary and the decline of their print and promo subsidiary, Preferred Marketing Solutions, as three contributions to the decrease.
 
Net income for the third quarter of 2009 was $11.7 million, or $0.42 per diluted share, compared to 2008 third quarter net income of $7.7 million, or $0.28 per diluted share -- an increase of 52 percent.
 
"We are pleased with our third quarter results, particularly in view of the challenging pizza category and continued difficult economy in which we are operating," said Papa John's founder John Schnatter. "The investments we have made in our system over the last 12 months continue to pay dividends for our brand, including in the areas of positive transaction momentum, market share gains and restaurant profitability."
 
For the nine months ended this quarter, revenues were $825.6 million compared with $852.4 million in 2008, a 3.1 percent decrease.  Net income was $43.8 million, or $1.57 per diluted share, compared to net income of $24.0 million, or $0.84 per diluted share, for the comparable period of 2008, an increase of 82.5 percent.
 
During the third quarter of 2009, 26 international franchised restaurants were opened while seven international franchised restaurants were closed. On a year-to-date basis, 89 international restaurants were opened (one company-owned and 88 franchised) while 21 international restaurants were closed (one company-owned and 20 franchised).

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