901491--2/23/2010--PAPA_JOHNS_INTERNATIONAL_INC

related topics
{acquisition, growth, future}
{competitive, industry, competition}
{condition, economic, financial}
{customer, product, revenue}
{system, service, information}
{regulation, change, law}
{property, intellectual, protect}
{financial, litigation, operation}
{tax, income, asset}
{cost, regulation, environmental}
{cost, operation, labor}
{operation, international, foreign}
{product, market, service}
Our growth strategy requires the opening of new Papa John s restaurants. We may not be able to achieve our planned growth targets due to factors outside of our control, including the current economic environment. We face substantial competition from other food industry competitors, and our results of operations can be negatively impacted by the actions of one or more of our major competitors. Our results of operations and the operating results of our franchisees may be adversely impacted by any increases in the cost of food ingredients and other commodities. Changes in consumer preferences or discretionary consumer spending or negative publicity could adversely impact our results. We are subject to federal and state laws governing our workforce. Changes in these laws, including minimum wage increases, or additional laws could increase costs for our system-wide operations. Current credit markets may adversely impact the ability of our franchisees to obtain financing, which may hinder our ability to achieve our planned growth in restaurant openings. Our expansion into emerging or under-penetrated markets may present increased risks. We may be subject to impairment charges. Our dependence on a sole or limited number of suppliers for some ingredients could result in disruptions to our business. Changes in purchasing practices by our domestic franchisees could harm our commissary business. We may be required to resort to litigation to protect our intellectual property rights, which could negatively affect our results of operations. Our business and brand may be harmed should the services of our Founder, John Schnatter, as Chief Executive Officer, Chairman and brand spokesman terminate for any reason. Our international operations are subject to increased risks and other factors that may make it more difficult to achieve or maintain profitability or meet planned growth rates. Disruptions of our critical business or information technology systems could harm our ability to conduct normal business.

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