Papa John's International Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2013. First quarter 2013 revenues were $355.6 million, a 7.3% increase from first quarter 2012 revenues of $331.3 million, primarily due to comparable sales of 1.6% for North America and 8.2% for international. In addition to these comp sales increases, increased revenues were also driven by the net acquisition of 50 restaurants in the Denver and Minneapolis markets in the second quarter of 2012 and increased volumes in PJ Food Service business. First quarter 2013 net income was $19.3 million, compared to first quarter 2012 net income of $17.0 million. First quarter 2013 diluted earnings per share were $0.85 compared to first quarter 2012 diluted earnings per share of $0.69. Net cash provided by operating activities was $30 million against $44.1 million a year ago. Purchase of property and equipment was $13.25 million against $6.403 million a year ago. Free cash flow was $16.7 million against $37.7 million a year ago. Operating income was $29.63 million against $27.3 million a year ago. Income before income taxes was $30.3 million against $27.520 million a year ago. For the 2013, the company's earnings guidance increased to a range of $2.90 to $3.00 per diluted share, from prior guidance of $2.85 to $2.95 per diluted share. For 2013, the company generally expect debt levels to range between 1 and 1.4x EBITDA.

Papa John's International Inc., Q1 2013 Earnings Call, May 08, 2013

On April 30, 2013, Papa John's International Inc., entered into a First Amended and Restated Credit Agreement, among the company; each of its subsidiary guarantors named in the Amended and Restated Line; RSC Insurance Services Ltd. (RSC"); PNC Bank, National Association, as a lender and in its capacity as Administrative Agent for the lenders; JPMorgan Chase Bank, N.A., as a lender and in its capacity as Co-Syndication Agent for the lenders; U.S. Bank, National Association, as a lender and in its capacity as Co-Syndication Agent for the lenders; Bank of America, N.A., as a lender and in its capacity as Documentation Agent for the lenders; Branch Banking and Trust company, as a lender; and PNC Capital Markets LLC and J.P. Morgan Securities LLC, each as Joint Lead Arranger and as Joint Bookrunner. The Amended and Restated Line amends and restates in its entirety the company's Prior Credit Agreement. The Prior Credit Agreement was a five-year, $175 million unsecured revolving credit facility, dated September 2, 2010 and amended in November 2011 to extend the maturity date to November 30, 2016. The Amended and Restated Line increased the amount available to $300 million and extended the maturity date to April 30, 2018. Under the Amended and Restated Line, interest rates will vary based upon LIBOR plus 75 basis points to 175 basis points or other rates at the company's option. The Amended and Restated Line, which will be used for general corporate purposes, contains a $100 million uncommitted accordion feature. The company's obligations under the Amended and Restated Line are guaranteed by certain of its domestic subsidiaries. Amounts outstanding under the facility at May 6, 2013 were $130 million. Mr. William M. Street did not stand for re-election to its Board of Directors at the company's 2013 Annual Meeting was held on May 1, 2013, since he had reached the age of retirement under the company's Corporate Governance Guidelines.