UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-Q
(Mark
One)
ý Quarterly report pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
For the
quarterly period ended September 26, 2004
OR
o Transition report pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 0-21660
PAPA JOHN’S INTERNATIONAL, INC.
(Exact name of registrant
as specified in its charter)
|
Delaware
|
|
61-1203323
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer Identification
number)
|
2002
Papa Johns Boulevard
Louisville,
Kentucky 40299-2334
(Address of principal
executive offices)
(502) 261-7272
(Registrant’s telephone
number, including area code)
Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days:
Yes ý No
o
Indicate by check mark whether the registrant is an
accelerated filer (as defined by Rule 12b-2 of the Act).
Yes ý No
o
At October 29, 2004, there were outstanding 16,742,208
shares of the registrant’s common stock, par value $.01 per share.
PART
I. FINANCIAL INFORMATION
Item 1.
Financial Statements
Papa John’s
International, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
|
(In thousands)
|
|
Sept. 26, 2004
|
|
Dec. 28, 2003
|
|
|
|
|
(Unaudited)
|
|
(Note)
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
13,462
|
|
$
|
7,071
|
|
|
Accounts
receivable
|
|
25,597
|
|
19,717
|
|
|
Inventories
|
|
21,766
|
|
17,030
|
|
|
Prepaid expenses
and other current assets
|
|
11,628
|
|
11,590
|
|
|
Deferred income
taxes
|
|
8,000
|
|
7,050
|
|
|
Total
current assets
|
|
80,453
|
|
62,458
|
|
|
|
|
|
|
|
|
|
Investments
|
|
8,053
|
|
7,522
|
|
|
Net property and
equipment
|
|
200,502
|
|
203,818
|
|
|
Notes receivable
from franchisees and affiliates
|
|
5,680
|
|
11,580
|
|
|
Goodwill
|
|
51,233
|
|
48,577
|
|
|
Other assets
|
|
16,279
|
|
13,259
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
362,200
|
|
$
|
347,214
|
|
|
|
|
|
|
|
|
|
Liabilities
and stockholders’ equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
29,157
|
|
$
|
28,309
|
|
|
Income and other
taxes
|
|
7,110
|
|
12,070
|
|
|
Accrued expenses
|
|
40,866
|
|
40,288
|
|
|
Current portion
of debt
|
|
16,965
|
|
250
|
|
|
Total
current liabilities
|
|
94,098
|
|
80,917
|
|
|
|
|
|
|
|
|
|
Unearned
franchise and development fees
|
|
7,803
|
|
5,911
|
|
|
Long-term debt,
net of current portion
|
|
87,522
|
|
61,000
|
|
|
Deferred income
taxes
|
|
7,947
|
|
7,881
|
|
|
Other long-term
liabilities
|
|
33,889
|
|
32,233
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity:
|
|
|
|
|
|
|
Preferred stock
|
|
—
|
|
—
|
|
|
Common stock
|
|
322
|
|
317
|
|
|
Additional
paid-in capital
|
|
233,787
|
|
219,584
|
|
|
Accumulated
other comprehensive loss
|
|
(1,404
|
)
|
(3,116
|
)
|
|
Retained
earnings
|
|
307,697
|
|
293,921
|
|
|
Treasury stock
|
|
(409,461
|
)
|
(351,434
|
)
|
|
Total
stockholders’ equity
|
|
130,941
|
|
159,272
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity
|
|
$
|
362,200
|
|
$
|
347,214
|
|
Note: The
balance sheet at December 28, 2003 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.
See accompanying notes.
2