EPS Increased 29.8% on Strong Comparable Sales of 5.7% for North America and 6.1% for International

LOUISVILLE, Ky. --(BUSINESS WIRE)-- Papa John's International, Inc. (NASDAQ: PZZA) today announced financial results for the three and six months ended June 24, 2012 .

Highlights

Second quarter earnings per diluted share of $0.61 in 2012, or an increase of 29.8% over earnings per diluted share of $0.47 in 2011

System-wide comparable sales increased 5.7% for North America and increased 6.1% for international during the quarter

40 worldwide net unit openings during the quarter

2012 earnings guidance raised to a range of $2.45 to $2.55 ; comparable sales guidance raised for both North America (updated guidance range of +2% to +3%) and International (updated guidance range of +4.0% to +5.5%)

"We had an outstanding second quarter as our system continued its strong sales momentum with significant comparable sales increases for our North American and International operations," said Papa John's founder, chairman, and chief executive officer, John Schnatter . "We continue to win with consumers, as we recently were recognized with Brand of the Year honors in the Pizza Chain Category of the 2012 Harris Poll EquiTrend Study, and we achieved the highest rating ever by an individual brand in the Limited Service Restaurant Category of the 2012 American Customer Satisfaction Index (ACSI)."

Second quarter 2012 revenues were $318.6 million , an 8.5% increase from second quarter 2011 revenues of $293.5 million . Second quarter 2012 net income was $14.8 million compared to second quarter 2011 net income of $12.1 million . Second quarter 2012 diluted earnings per share were $0.61 , compared to second quarter 2011 diluted earnings per share of $0.47 .

Revenues were $649.9 million for the six months ended June 24, 2012 , a 7.2% increase from revenues of $606.0 million for the same period in 2011. Net income was $31.5 million ( $33.8 million excluding the $2.3 million Incentive Contribution discussed later in this press release) for the six months ended June 24, 2012 , compared to net income of $28.6 million for the same period in 2011. Diluted earnings per share were $1.30 ( $1.39 excluding the Incentive Contribution) for the six months ended June 24, 2012 , compared to $1.11 in the prior year.

Global Restaurant and Comparable Sales Information Three Months Ended Six Months Ended June 24, 2012 June 26, 2011 June 24, 2012 June 26, 2011 Global restaurant sales growth (a) 9.8 % 5.6 % 7.9 % 8.3 % Global restaurant sales growth, excluding the impact of foreign currency (a) 10.4 % 4.8 % 8.3 % 7.8 % Comparable sales growth (b) Domestic company-owned restaurants 7.4 % 2.1 % 5.1 % 4.4 % North America franchised restaurants 5.1 % (0.1 %) 2.7 % 2.9 % System-wide North America restaurants 5.7 % 0.4 % 3.3 % 3.3 % System-wide international restaurants 6.1 % 4.8 % 7.2 % 5.2 % (a) Includes both company-owned and franchised restaurant sales. (b) Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States are reported on a constant dollar basis, which excludes the impact of foreign currency conversion.

Management believes global restaurant and comparable sales information, as defined in the table above, is useful in analyzing our results since our franchisees pay royalties that are based on a percentage of franchise sales. Franchise sales generate commissary revenue in the United States and in certain international markets. Global restaurant and comparable sales information is also useful in analyzing industry trends and the strength of our brand. Franchise restaurant sales are not included in company revenues.

Revenue and Operating Highlights

Revenues

Consolidated revenues increased $25.0 million , or 8.5%, for the second quarter of 2012 and increased $43.9 million , or 7.2%, for the six months ended June 24, 2012 . The increases in revenues were due to the following:

Domestic company-owned restaurant sales increased $15.9 million , or 12.4%, and $21.0 million , or 7.9%, for the three and six months ended June 24, 2012 , respectively, due to increases in comparable sales of 7.4% and 5.1% and the net acquisition of 50 restaurants in Denver and Minneapolis from a franchisee in the second quarter of 2012.

, or 12.4%, and , or 7.9%, for the three and six months ended , respectively, due to increases in comparable sales of 7.4% and 5.1% and the net acquisition of 50 restaurants in and from a franchisee in the second quarter of 2012. North America franchise royalty revenue increased approximately $1.0 million , or 5.5%, and $1.8 million , or 4.7%, for the three and six months ended June 24, 2012 , respectively, primarily due to increases in comparable sales of 5.1% and 2.7% and increases in net franchise units over the prior year.

franchise royalty revenue increased approximately , or 5.5%, and , or 4.7%, for the three and six months ended , respectively, primarily due to increases in comparable sales of 5.1% and 2.7% and increases in net franchise units over the prior year. Domestic commissary sales increased $5.6 million , or 4.6%, and $15.5 million , or 6.2%, for the three and six months ended June 24, 2012 , respectively, primarily due to an increase in the volume of restaurant sales.

, or 4.6%, and , or 6.2%, for the three and six months ended , respectively, primarily due to an increase in the volume of restaurant sales. International revenues increased $3.1 million , or 21.8%, and increased $7.2 million , or 26.7%, for the three and six months ended June 24, 2012 , respectively, primarily due to increases in the number of restaurants and increases in comparable sales of 6.1% and 7.2%, calculated on a constant dollar basis.

Operating Highlights

All comparisons are versus the same period of the prior year and exclude the Incentive Contribution. See "Marketing Incentive Contribution" below for further information.

Second quarter 2012 income before income taxes was $24.0 million , compared to $19.1 million , or a 25.8% increase. Income before income taxes was $54.8 million for the six months ended June 24, 2012 , compared to $45.8 million , or a 19.6% increase.

Income before income taxes is summarized in the following table on a reporting segment basis (in thousands):

Three Months Ended Six Months Ended June 24 , June 26 , Increase June 24 , June 26 , Increase 2012 2011 (Decrease) 2012 2011 (Decrease) Domestic company-owned restaurants (a) $ 9,358 $ 7,421 $ 1,937 $ 21,679 $ 18,304 $ 3,375 Domestic commissaries 7,978 4,321 3,657 19,144 13,875 5,269 North America franchising 16,619 16,240 379 34,759 34,249 510 International 320 (250 ) 570 592 (1,066 ) 1,658 All others 471 (298 ) 769 866 (676 ) 1,542 Unallocated corporate expenses (b) (10,025 ) (8,517 ) (1,508 ) (25,191 ) (18,286 ) (6,905 ) Elimination of intersegment losses (profits) (481 ) 150 (631 ) (471 ) (553 ) 82 Income before income taxes 24,240 19,067 5,173 51,378 45,847 5,531 Incentive Contribution (income) expense (250 ) - (250 ) 3,471 - 3,471 Income before income taxes, excluding Incentive Contribution $ 23,990 $ 19,067 $ 4,923 $ 54,849 $ 45,847 $ 9,002 (a) The six months ended June 24, 2012 includes the benefit of a $1.0 million advertising credit from the Papa John's Marketing Fund related to the Incentive Contribution. (b) Includes the impact of the Incentive Contribution in 2012 ( $250,000 increase for the three-month period and a $4.5 million reduction for the six-month period).

The increase in income before income taxes for the three months ended June 24, 2012 , of $4.9 million is primarily due to the following:

Domestic company-owned restaurants operating income improved approximately $1.9 million primarily due to comparable sales increases as well as favorable commodity costs.

primarily due to comparable sales increases as well as favorable commodity costs. Domestic commissaries income improved approximately $3.7 million primarily due to the increase in net units and comparable sales.

primarily due to the increase in net units and comparable sales. North America Franchising and International improved due to the increase in net units and strong comparable sales results.

These increases were slightly offset by higher unallocated corporate expenses of $1.5 million primarily due to an increase in short-term management incentive costs.

The increase in income before income taxes for the six months ended June 24, 2012 , of $9.0 million is primarily due to the same reasons noted above.

The effective tax rates were 34.2% and 33.8% for the three and six months ended June 24, 2012 , representing increases of 2.7% and 0.6% from the prior year rates. Our effective income tax rate may fluctuate from quarter to quarter for various reasons, including the settlement or resolution of specific federal and state issues. Second quarter 2011 included a significant tax refund associated with the resolution of prior years' tax matters.

The company's free cash flow for the first six months of 2012 and 2011 was as follows (in thousands):

June 24 , June 26, 2012 2011 Net cash provided by operating activities $ 65,162 $ 52,925 Purchase of property and equipment (15,046 ) (12,422 ) Free cash flow * $ 50,116 $ 40,503 *The increase in free cash flow is due to higher operating income and favorable changes in working capital.

We define free cash flow as net cash provided by operating activities (from the consolidated statements of cash flows) less the purchase of property and equipment. We view free cash flow as an important measure because it is one factor that management uses in determining the amount of cash available for discretionary investment. Free cash flow is not a term defined by accounting principles generally accepted in the United States ("GAAP") and as a result our measure of free cash flow might not be comparable to similarly titled measures used by other companies. Free cash flow should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP measures.

See the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for additional information concerning our operating results and cash flow for the three- and six-month periods ended June 24, 2012 .

Global Restaurant Unit Data

At June 24, 2012 , there were 3,973 Papa John's restaurants operating in all 50 states and in 33 countries, as follows:

Domestic Company- owned Franchised North America Total North America International System-wide Second Quarter Beginning - March 25, 2012 597 2,498 3,095 838 3,933 Opened - 35 35 32 67 Closed (2 ) (10 ) (12 ) (15 ) (27 ) Acquired 56 8 64 - 64 Divested (8 ) (56 ) (64 ) - (64 ) Ending - June 24, 2012 643 2,475 3,118 855 3,973 Year-to-date Beginning - December 25, 2011 598 2,463 3,061 822 3,883 Opened - 82 82 55 137 Closed (3 ) (22 ) (25 ) (22 ) (47 ) Acquired 56 8 64 - 64 Divested (8 ) (56 ) (64 ) - (64 ) Ending - June 24, 2012 643 2,475 3,118 855 3,973 Restaurants at June 26, 2011 595 2,393 2,988 745 3,733 Restaurant unit growth 48 82 130 110 240 % increase 8.1 % 3.4 % 4.4 % 14.8 % 6.4 %

Our development pipeline as of June 24, 2012 included approximately 1,500 restaurants (300 units in North America and 1,200 units internationally), the majority of which are scheduled to open over the next six years.

Acquisitions

As previously announced, effective April 23, 2012 , we acquired 56 franchised Papa John's restaurants in the Denver and Minneapolis markets, six of which were subsequently refranchised. The purchase price, which was paid in cash, was $5.2 million net of $700,000 divestiture proceeds from the six restaurants sold. We do not expect the acquisition to have a material impact on our 2012 operating results.

Marketing Incentive Contribution

As previously announced, in connection with a new multi-year supplier agreement, the company received a $5.0 million supplier marketing payment in the first quarter of 2012. The company is recognizing the supplier marketing payment evenly as income over the five-year term of the agreement ( $250,000 per quarter). The company then contributed the supplier marketing payment to the Papa John's Marketing Fund ("PJMF"), an unconsolidated, non-profit corporation, for the benefit of domestic restaurants. The company's contribution to PJMF was fully expensed in the first quarter of 2012.

PJMF elected to distribute the $5.0 million supplier marketing payment to the domestic system as advertising credits in the first quarter of 2012. Our domestic company-owned restaurants' portion of the adverting credits resulted in an increase in income before income taxes of approximately $1.0 million in the first quarter.

The overall impact of these transactions, defined as the "Incentive Contribution," increased income before income taxes $250,000 in the second quarter of 2012 and reduced income before income taxes by approximately $3.5 million for the six-month period, as outlined in the table below. The impact for full-year 2012 will be a reduction to income before income taxes of approximately $3.0 million (diluted earnings per share reduction of $0.08 ). The following table reconciles our GAAP financial results to the adjusted financial results, excluding the impact of the Incentive Contribution, for the three and six months ended June 24, 2012 :

Three Months Ended Six Months Ended June 24 , June 26 , June 24 , June 26 , (In thousands, except per share amounts) 2012 2011 2012 2011 Income before income taxes, as reported $ 24,240 $ 19,067 $ 51,378 $ 45,847 Incentive Contribution (250 ) - 3,471 - Income before income taxes, excluding Incentive Contribution $ 23,990 $ 19,067 $ 54,849 $ 45,847 Net income, as reported $ 14,769 $ 12,124 $ 31,513 $ 28,551 Incentive Contribution (164 ) - 2,275 - Net income, excluding Incentive Contribution $ 14,605 $ 12,124 $ 33,788 $ 28,551 Earnings per diluted share, as reported $ 0.61 $ 0.47 $ 1.30 $ 1.11 Incentive Contribution - - 0.09 - Earnings per diluted share, excluding Incentive Contribution $ 0.61 $ 0.47 $ 1.39 $ 1.11

The non-GAAP measures shown above, which exclude the Incentive Contribution, should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP measures. Management believes presenting the financial information excluding the impact of the Incentive Contribution is important for purposes of comparison to prior year results. In addition, management uses these non-GAAP measures to allocate resources, and analyze trends and underlying operating performance. Annual cash bonuses, and certain long-term incentive programs for various levels of management, are based on financial measures that exclude the Incentive Contribution.

Share Repurchase Activity

The company repurchased 585,000 shares of its common stock for $24.9 million during the three months ended June 24, 2012 and repurchased 957,000 shares for $38.7 million during the six months ended June 24, 2012 . Subsequent to quarter-end through July 26, 2012 , the company repurchased 287,000 shares for $13.6 million .

On July 26, 2012 , the company's Board of Directors approved an increase of $50 million in the amount of the Company's common stock that may be purchased under the Company's share repurchase program through June 30, 2013 , bringing the total authorized under the program to $975 million since its inception in 1999. Approximately $69.2 million currently remains available under the company's share repurchase program, including the amount remaining under the Board's previously authorized share repurchase program. This includes the authorization to purchase shares in both the open market and private transactions, and pursuant to a 10b5-1 trading plan or otherwise.

There were 24.1 million and 24.3 million diluted weighted average shares outstanding for the three- and six-month periods, representing decreases of 6.1% and 5.6% over the prior year comparable periods. Diluted earnings per share increased $0.03 and $0.07 for the three- and six-month periods, respectively, due to the reductions in shares outstanding, primarily resulting from the share repurchase program. Approximately 23.6 million actual shares of the company's common stock were outstanding as of June 24, 2012 .

2012 Earnings Guidance Update

The company raised its 2012 guidance for diluted earnings per share and North America and International comparable sales based on solid results for the first six months of the year and reaffirmed all other guidance. The update is as follows:

Updated Guidance Previous Guidance Diluted earnings per share (a) $2.45 to $2.55 $2.40 to $2.50 North America comparable sales +2.0% to +3.0% +1.5% to +2.5% International comparable sales +4.0% to +5.5% +2.5% to +4.5% (a) The 2012 fiscal year will consist of 53 weeks. The impact of the 53rd week of operations is expected to increase earnings per share by approximately $0.08 to $0.10 , substantially offsetting the decrease in 2012 from the Incentive Contribution.

The company is changing its policy for providing guidance related to key operating assumptions and earnings. Effective at the end of 2012, the company no longer plans to issue a separate press release in December to announce key operating assumptions and earnings guidance for the following year. Instead, the company now plans to include such guidance with the fourth quarter and full year earnings press release, generally issued in late February. Please visit the "Investor Relations" section of our website for a list of upcoming earnings press release and earnings conference call dates for fiscal 2012 results.

Conference Call

A conference call is scheduled for August 1, 2012 at 10:00 a.m. Eastern Time to review our second quarter 2012 earnings results. The call can be accessed from the company's web page at www.papajohns.com in a listen-only mode, or dial 877-312-8816 (U.S. and Canada ) or 253-237-1189 (international). The conference call will be available for replay, including by downloadable podcast, through August 7, 2012 . The replay can be accessed from the company's web site at www.papajohns.com or by dialing 855-859-2056 (U.S. and Canada ) or 404-537-3406 (international). The Conference ID is 68145372.

Forward-Looking Statements

Certain matters discussed in this press release 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 business performance, revenue, earnings, contingent liabilities, commodity costs, margins, 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: aggressive changes in pricing or other marketing or promotional strategies by competitors which may adversely affect 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, which could be impacted by challenges securing financing, finding suitable store locations or securing required domestic or foreign government permits and approvals; our ability to successfully integrate the operations of franchised restaurants we acquire; the credit performance of our franchise loan program; adverse macroeconomic or business conditions; general economic and political 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 and fuel, including increases related to drought conditions; increased employee compensation, benefits, insurance and similar costs (including the implementation of federal health care legislation); the ability of the company to pass along increases in or sustained high costs to franchisees or consumers; the impact of current or future legal claims and current or proposed legislation impacting our business; the impact that product recalls, food quality or safety issues, and general public health concerns could have on our restaurants; currency exchange and interest rates; credit risk associated with parties to leases of restaurants and commissaries, including those Perfect Pizza locations formerly operated by us, for which we remain contractually liable; risks associated with security breaches, including theft of company and customer information; and increased risks associated with our international operations, including economic and political conditions in our international markets and difficulty in meeting planned sales targets and new store growth for our international operations. These and other risk factors are discussed in detail in "Part I. Item 1A. - Risk Factors" of the Annual Report on Form 10-K for the fiscal year ended December 25, 2011 . We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

For more information about the company, please visit www.papajohns.com.

Papa John's International, Inc. and Subsidiaries Consolidated Statements of Income Three Months Ended Six Months Ended June 24, 2012 June 26, 2011 June 24, 2012 June 26, 2011 (In thousands, except per share amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues: North America : Domestic Company -owned restaurant sales $ 143,527 $ 127,641 $ 287,342 $ 266,312 Franchise royalties 19,101 18,103 39,619 37,834 Franchise and development fees 206 124 428 309 Domestic commissary sales 126,593 121,027 264,203 248,699 Other sales 11,771 12,370 24,029 25,817 International: Royalties and franchise and development fees 4,701 4,049 9,187 7,811 Restaurant and commissary sales 12,680 10,220 25,047 19,219 Total revenues 318,579 293,534 649,855 606,001 Costs and expenses: Domestic Company -owned restaurant expenses: Cost of sales 32,881 30,162 65,337 62,262 Salaries and benefits 39,839 34,367 78,652 72,016 Advertising and related costs 13,278 11,898 25,977 24,687 Occupancy costs 8,619 7,939 16,517 15,808 Other operating expenses 20,830 18,492 41,248 38,407 Total domestic Company-owned restaurant expenses 115,447 102,858 227,731 213,180 Domestic commissary and other expenses: Cost of sales 104,412 103,529 217,250 209,972 Salaries and benefits 9,218 8,651 18,221 17,662 Other operating expenses 13,498 13,084 27,804 26,669 Total domestic commissary and other expenses 127,128 125,264 263,275 254,303 International operating expenses 10,975 8,756 21,367 16,484 General and administrative expenses 31,463 27,617 63,059 56,691 Other general expenses 1,135 1,459 6,809 2,240 Depreciation and amortization 8,104 8,425 16,031 16,737 Total costs and expenses 294,252 274,379 598,272 559,635 Operating income 24,327 19,155 51,583 46,366 Net interest expense (87 ) (88 ) (205 ) (519 ) Income before income taxes 24,240 19,067 51,378 45,847 Income tax expense 8,299 6,014 17,367 15,245 Net income, including noncontrolling interests 15,941 13,053 34,011 30,602 Net income attributable to noncontrolling interests (1,172 ) (929 ) (2,498 ) (2,051 ) Net income, net of noncontrolling interests $ 14,769 $ 12,124 $ 31,513 $ 28,551 Basic earnings per common share $ 0.62 $ 0.48 $ 1.32 $ 1.12 Earnings per common share - assuming dilution $ 0.61 $ 0.47 $ 1.30 $ 1.11 Basic weighted average shares outstanding 23,733 25,464 23,893 25,474 Diluted weighted average shares outstanding 24,112 25,685 24,270 25,713

Papa John's International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets June 24 , December 25, 2012 2011 (In thousands) (Unaudited) (Note) Assets Current assets: Cash and cash equivalents $ 33,625 $ 18,942 Accounts receivable, net 27,693 28,169 Notes receivable, net 4,447 4,221 Inventories 19,695 20,091 Prepaid expenses and other current assets 13,428 13,732 Deferred income taxes 6,240 7,636 Total current assets 105,128 92,791 Property and equipment, net 186,567 185,132 Notes receivable, less current portion, net 10,572 11,502 Goodwill 78,342 75,085 Other assets 26,828 25,872 Total assets $ 407,437 $ 390,382 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 32,379 $ 32,966 Income and other taxes payable 4,044 3,969 Accrued expenses and other current liabilities 49,666 44,198 Total current liabilities 86,089 81,133 Deferred revenue 8,592 4,780 Long-term debt 50,000 51,489 Other long-term liabilities 23,638 22,014 Long-term accrued income taxes 3,924 3,597 Deferred income taxes 9,648 9,147 Total liabilities 181,891 172,160 Total stockholders' equity 225,546 218,222 Total liabilities and stockholders' equity $ 407,437 $ 390,382 Note: The balance sheet at December 25, 2011 has been derived from the audited consolidated financial statements at that date, but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements.

Papa John's International, Inc. and Subsidiaries Consolidated Statements of Cash Flows Six Months Ended (In thousands) June 24, 2012 June 26, 2011 (Unaudited) (Unaudited) Operating activities Net income, including noncontrolling interests $ 34,011 $ 30,602 Adjustments to reconcile net income to net cash provided by operating activities: Provision for uncollectible accounts and notes receivable 719 (7 ) Depreciation and amortization 16,031 16,737 Deferred income taxes 1,946 4,332 Stock-based compensation expense 3,218 3,903 Excess tax benefit on equity awards (1,471 ) (403 ) Other 2,480 316 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (75 ) (1,167 ) Inventories 533 1,819 Prepaid expenses and other current assets 417 (246 ) Other assets and liabilities 429 816 Accounts payable (587 ) (1,970 ) Income and other taxes payable 75 325 Accrued expenses and other current liabilities 3,297 (1,611 ) Long-term accrued income taxes 327 403 Deferred revenue 3,812 (924 ) Net cash provided by operating activities 65,162 52,925 Investing activities Purchase of property and equipment (15,046 ) (12,422 ) Loans issued (1,206 ) (1,684 ) Repayments of loans issued 1,730 3,920 Acquisitions, net of cash acquired (5,908 ) - Proceeds from divestitures of restaurants 948 - Other (4 ) 51 Net cash used in investing activities (19,486 ) (10,135 ) Financing activities Net repayments on line of credit facility (1,489 ) (51,000 ) Excess tax benefit on equity awards 1,471 403 Tax payments for restricted stock (822 ) (798 ) Proceeds from exercise of stock options 10,400 10,663 Acquisition of Company common stock (38,728 ) (26,162 ) Distributions to noncontrolling interests (1,930 ) (2,029 ) Other 125 42 Net cash used in financing activities (30,973 ) (68,881 ) Effect of exchange rate changes on cash and cash equivalents (20 ) 82 Change in cash and cash equivalents 14,683 (26,009 ) Cash and cash equivalents at beginning of period 18,942 47,829 Cash and cash equivalents at end of period $ 33,625 $ 21,820

Papa John's International, Inc.

Lance Tucker , Chief Financial Officer, 502-261-4218

Source: Papa John's International, Inc.

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