Papa John's Announces Second Quarter Earnings

Highlights

• Second quarter earnings per diluted share of $0.51 in 2009 vs. $0.27 in 2008

• Comparable second quarter earnings per diluted share, excluding the consolidation of BIBP, were $0.36 in 2009 vs. $0.41 in 2008, a decrease of 12.2%

• Domestic system-wide comparable sales increase of 0.1% for the quarter

• 14 net Papa John's worldwide unit openings during the quarter

• Lower end of earnings guidance range for 2009 raised to a range of $1.38 to $1.44 per diluted share, excluding the impact of consolidating BIBP

Papa John's International, Inc. (NASDAQ: PZZA) today announced revenues of $276.6 million for the second quarter of 2009, representing a decrease of 2.4% from revenues of $283.4 million for the comparable period in 2008. Net income for the second quarter of 2009 was $14.2 million, or $0.51 per diluted share (including after-tax income of $4.2 million, or $0.15 per diluted share, from the consolidation of the results of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc. ('BIBP'), a variable interest entity), compared to 2008 second quarter net income of $7.6 million, or $0.27 per diluted share (including a net loss of approximately $4.1 million, or $0.14 per diluted share, from the consolidation of BIBP).

Revenues were $561.6 million for the six months ended June 28, 2009, representing a decrease of 1.9% from revenues of $572.4 million for the same period in 2008. Net income for the six months ended June 28, 2009 was $32.0 million, or $1.15 per diluted share (including after-tax income of $10.0 million, or $0.36 per diluted share, from the consolidation of BIBP), compared to net income of $16.3 million, or $0.57 per diluted share, for the comparable period of 2008 (including a net loss of $9.3 million, or $0.32 per diluted share, from the consolidation of BIBP and a net charge of approximately $700,000, or $0.02 per diluted share, related to restaurant impairment and disposition losses).

'We are pleased with our first half results, especially given the difficult economy and challenging competitive environment,' said Papa John's Founder and chief executive officer, John Schnatter. 'The investments we have made in our system this year are continuing to drive positive results for both our company-owned and franchised restaurants. Our strong cash flow and conservative balance sheet provide us the flexibility to continue to invest in our business even in the most challenging of times.'

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