8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

March 25, 2014

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	(I.R.S. Employer Identification
incorporation or organization)	Number)

2002 Papa Johns Boulevard

Louisville, Kentucky  40299-2367

(Address of principal executive offices)

(502) 261-7272

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Papa John’s International, Inc. is providing supplemental financial information for the quarterly periods ended March 31, 2013, June 30, 2013 and September 29, 2013. This supplemental information provides for separate reporting of Domestic commissary expense line items from other operating expenses within the Consolidated Statements of Income similar to the presentation included in the Company’s fourth quarter and full year 2013 earnings press release and in its 2013 Form 10-K filing. The separate reporting of such amounts had no impact on the Company’s 2013 net income or earnings per share, as adjusted for the two-for-one stock split distributed on December 27, 2013.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)  Exhibits

Exhibit Number	Description
99.1	Papa John’s International, Inc. supplemental financial statement data.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PAPA JOHN’S INTERNATIONAL, INC.
	(Registrant)
Date:  March 25, 2014	/s/ Lance F. Tucker
	Lance F. Tucker
	Senior Vice President, Chief Financial Officer, Chief Administrative Officer and Treasurer

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Papa John’s International, Inc. supplemental financial statement data.

EX-99.1

Exhibit 99.1

Papa John's International, Inc. and Subsidiaries
Consolidated Statements of Income
	Quarter Ended Mar. 31, 2013						Quarter Ended Jun. 30, 2013						Quarter Ended Sept. 29, 2013
	Reported			Reclassified			Reported			Reclassified			Reported			Reclassified
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
(In thousands, except per share amounts)
Revenues:
North America:
Domestic Company-owned restaurant sales	$	157,898		$	157,898		$	155,153		$	155,153		$	152,662		$	152,662
Franchise royalties		20,733			20,733			20,230			20,230			19,419			19,419
Franchise and development fees		546			546			219			219			263			263
Domestic commissary sales		143,894			143,894			140,003			140,003			138,044			138,044
Other sales		12,607			12,607			12,444			12,444			13,566			13,566
International:
Royalties and franchise and development fees		5,067			5,067			5,391			5,391			5,454			5,454
Restaurant and commissary sales		14,859			14,859			15,746			15,746			16,934			16,934
Total revenues		355,604			355,604			349,186			349,186			346,342			346,342
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales		37,073			37,073			37,825			37,825			38,233			38,233
Salaries and benefits		43,272			43,272			42,053			42,053			41,701			41,701
Advertising and related costs		14,793			14,793			14,677			14,677			14,424			14,424
Occupancy costs		8,711			8,711			8,939			8,939			9,583			9,583
Other restaurant operating expenses		22,745			22,745			22,431			22,431			23,061			23,061
Total domestic Company-owned restaurant expenses		126,594			126,594			125,925			125,925			127,002			127,002
Domestic commissary expenses:
Cost of sales		117,778			110,923			114,045			107,676			115,563			107,930
Salaries and benefits		10,067			6,016			10,264			6,084			10,347			6,173
Other commissary operating expenses		16,007			15,461			15,768			15,185			15,965			15,262
Total domestic commissary expenses		143,852			132,400			140,077			128,945			141,875			129,365
Other operating expenses		-			11,452			-			11,132			-			12,510
International restaurant and commissary expenses		12,653			12,653			12,983			12,983			14,372			14,372
General and administrative expenses		33,158			33,158			33,126			33,126			31,780			31,780
Other general expenses		1,185			1,185			1,597			1,597			1,260			1,260
Depreciation and amortization		8,537			8,537			8,530			8,530			8,605			8,605
Total costs and expenses		325,979			325,979			322,238			322,238			324,894			324,894
Operating income		29,625			29,625			26,948			26,948			21,448			21,448
Net interest income (expense)		672			672			(340	)		(340	)		(185	)		(185	)
Income before income taxes		30,297			30,297			26,608			26,608			21,263			21,263
Income tax expense		9,978			9,978			8,563			8,563			6,385			6,385
Net income before attribution to noncontrolling interests		20,319			20,319			18,045			18,045			14,878			14,878
Income attributable to noncontrolling interests		(1,013	)		(1,013	)		(895	)		(895	)		(602	)		(602	)
Net income attributable to the Company	$	19,306		$	19,306		$	17,150		$	17,150		$	14,276		$	14,276
Calculation of income for earnings per share:
Net income attributable to the Company	$	19,306		$	19,306		$	17,150		$	17,150		$	14,276		$	14,276
Increase in noncontrolling interest redemption value		-			-			-			-			-			-
Net income attributable to participating securities		-			-			-			-			-			-
Net income attributable to common shareholders	$	19,306		$	19,306		$	17,150		$	17,150		$	14,276		$	14,276
Basic earnings per common share	$	0.43		$	0.43		$	0.39		$	0.39		$	0.33		$	0.33
Earnings per common share - assuming dilution	$	0.42		$	0.42		$	0.39		$	0.39		$	0.32		$	0.32
Basic weighted average common shares outstanding		44,512			44,512			43,484			43,484			43,182			43,182
Diluted weighted average common shares outstanding		45,612			45,612			44,500			44,500			44,168			44,168
Dividends declared per common share	$	-		$	-		$	-		$	-		$	0.125		$	0.125

Note:  In the fourth quarter of 2013, the Company elected to separate the Domestic commissary expenses from other operating expenses.  This schedule is being provided to report the first, second and third quarters of 2013 consistent with the fourth quarter and full year of 2013.  The "Reported" columns are as reported in prior earnings press releases, Forms 10-Q and Form 10-K and the "Reclassified" columns show the amounts that the Company intends to report in the 2014 Forms 10-Q. There was no impact on Net income attributable to the Company or earnings per share, as adjusted for the two-for-one stock split distributed on December 27, 2013.

Papa John's International, Inc. and Subsidiaries
Consolidated Statements of Income
	Quarter Ended			Year Ended
	Dec. 29, 2013			Dec. 29, 2013
	Reported			Reported
	(Unaudited)
(In thousands, except per share amounts)
Revenues:
North America:
Domestic Company-owned restaurant sales	$	169,604		$	635,317
Franchise royalties		21,310			81,692
Franchise and development fees		153			1,181
Domestic commissary sales		156,929			578,870
Other sales		14,705			53,322
International:
Royalties and franchise and development fees		6,067			21,979
Restaurant and commissary sales		19,122			66,661
Total revenues		387,890			1,439,022
Costs and expenses:
Domestic Company-owned restaurant expenses:
Cost of sales		43,106			156,237
Salaries and benefits		46,290			173,316
Advertising and related costs		15,278			59,172
Occupancy costs		9,313			36,546
Other restaurant operating expenses		24,043			92,280
Total domestic Company-owned restaurant expenses		138,030			517,551
Domestic commissary expenses:
Cost of sales		122,164			448,693
Salaries and benefits		6,850			25,123
Other commissary operating expenses		14,618			60,526
Total domestic commissary expenses		143,632			534,342
Other operating expenses		12,917			48,011
International restaurant and commissary expenses		16,601			56,609
General and administrative expenses		36,164			134,228
Other general expenses		2,631			6,673
Depreciation and amortization		9,433			35,105
Total costs and expenses		359,408			1,332,519
Operating income		28,482			106,503
Net interest income (expense)		(541	)		(394	)
Income before income taxes		27,941			106,109
Income tax expense		8,204			33,130
Net income before attribution to noncontrolling interests		19,737			72,979
Income attributable to noncontrolling interests		(932	)		(3,442	)
Net income attributable to the Company	$	18,805		$	69,537
Calculation of income for earnings per share:
Net income attributable to the Company	$	18,805		$	69,537
Increase in noncontrolling interest redemption value		(510	)		(510	)
Net income attributable to participating securities		(530	)		(530	)
Net income attributable to common shareholders	$	17,765		$	68,497
Basic earnings per common share	$	0.42		$	1.58
Earnings per common share - assuming dilution	$	0.41		$	1.55
Basic weighted average common shares outstanding		42,417			43,387
Diluted weighted average common shares outstanding		43,301			44,243
Dividends declared per common share	$	0.125		$	0.250

Note:  In the fourth quarter of 2013, the Company elected to separate the Domestic commissary expenses from other operating expenses.  This schedule is being provided to report the first, second and third quarters of 2013 consistent with the fourth quarter and full year of 2013.  The "Reported" columns are as reported in prior earnings press releases, Forms 10-Q and Form 10-K and the "Reclassified" columns show the amounts that the Company intends to report in the 2014 Forms 10-Q. There was no impact on Net income attributable to the Company or earnings per share, as adjusted for the two-for-one stock split distributed on December 27, 2013.