PZZA » Topics » 8. Subsequent Events

This excerpt taken from the PZZA 10-Q filed May 5, 2009.

7.  Subsequent Events


On April 27, 2009, we divested ten restaurants located in our Albuquerque, New Mexico market. Total consideration for the sale of the restaurants was $1.1 million, consisting of cash proceeds of $630,000 and notes to Papa John’s from the purchasers, who are existing Papa John’s franchisees, for $500,000. We anticipate a gain of approximately $300,000 will be recognized in the second quarter of 2009 upon completion of the sale.


This excerpt taken from the PZZA 10-Q filed Nov 1, 2005.

8.              Subsequent Events


On September 26, 2005, we completed the sale of 84 Company-owned restaurants, with revenues approximating $40.0 million for the nine months ended September 26, 2005, in Colorado and Minnesota to a new franchise group, PJCOMN Acquisition Corporation, an affiliate of Washington, DC-based private equity firm Milestone Capital Management, LLC, pursuant to an agreement announced in August 2005. Total proceeds from the transaction were $12.0 million, including $1.0 million for prepaid royalties and was received in cash at closing. The sale of the restaurants is not expected to have a significant impact on our remaining 2005 operating results.


On September 26, 2005, Star Papa, our 51% owned joint venture operating Papa John’s restaurants in Texas, completed the acquisition of six independently-owned franchised Papa John’s restaurants located in the Austin, Texas area. The purchase price was $2.3 million. In addition, the Company also purchased seven Papa John’s franchise restaurants located in the Philadelphia, Pennsylvania area at the beginning of the fourth quarter for $1.5 million and the forgiveness of accounts receivable approximating $500,000.



May 5, 2009
Nov 1, 2005
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