|Exchange:||NASDAQ national market|
|Stock:||Papa John's International Inc.|
|Papa John's International Inc. operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and restaurant-based delivery restaurants under the trademark 'Papa John’s'. The first Company-owned Papa John’s restaurant opened in 1985 and the first franchised restaurant opened in 1986. At December 30, 2012, there were 4,163 Papa John’s restaurants in operation, consisting of 696 Company-owned and 3,467 franchised restaurants operating domestically in all 50 states and in 35 countries. Papa John’s has defined six reportable segments: domestic restaurants, domestic commissaries, domestic franchising, international operations, variable interest entities and ‘all other’ business units. The domestic restaurant segment consists of the operations of all domestic company-owned restaurants and derives its revenues mainly from retail sales of pizza and side items, such as breadsticks, cheesesticks, chicken strips, chicken wings, dessert pizza and soft drinks to the general public. The domestic commissary segment consists of the operations of its regional dough production and product distribution centers and derives its revenues mainly from the sale and distribution of food and paper products to domestic company-owned and franchised restaurants. The domestic franchising segment consists of its franchise sales and support activities and derives its revenues from sales of franchise and development rights and collection of royalties from its domestic franchisees. The international operations segment mainly consists of its company-owned restaurants and distribution sales to franchised Papa John’s restaurants located in the United Kingdom, Mexico and China and its franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from its international franchisees. Variable interest entities consist of entities in which the Company is the main beneficiary, and include BIBP and certain franchisees to which it has extended loans. All other business units that do not meet the quantitative thresholds for determining reportable segments consist of operations that derive revenues from the sale, mainly to company-owned and franchised restaurants, of printing and promotional items, risk management services, and information systems and related services used in restaurant operations and certain partnership development activities. A total of 368 Papa John’s restaurants were opened during 2012, consisting of 28 Company-owned (eight in North America and 20 in Beijing and North China) and 340 franchised restaurants (182 in North America and 158 international), while 88 Papa John’s restaurants closed during 2012, consisting of five Company-owned (three in North America and two in Beijing and North China) and 83 franchised restaurants (44 in North America and 39 international). The Company's marketing strategy consists of both national and local components. Its domestic national strategy includes national advertising on television, through print, direct mail and online. Papa John has registered ‘Pizza Papa John’s and design’, ‘Better Ingredients. Better Pizza.’ and ‘Pizza Papa John’s Better Ingredients. The Company along with its franchisees, is subject to various federal, state and local laws affecting the operation of its respective businesses. The Company is subject to Federal Trade Commission (“FTC”) regulation and various state laws regulating the offer and sale of franchises.|
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