-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, W2E3gB7o5zHDFmbvudwk3Yz6ZK4GWgcEOc6hMh1Tlz+zJT91+uWnazAypFM2fUtn wHFj/Xk92sVVvLL6Elp1wg== 0000950131-01-501025.txt : 20010502 0000950131-01-501025.hdr.sgml : 20010502 ACCESSION NUMBER: 0000950131-01-501025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010501 ITEM INFORMATION: FILED AS OF DATE: 20010501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PJ AMERICA INC CENTRAL INDEX KEY: 0001021723 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 611308435 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21587 FILM NUMBER: 1618016 BUSINESS ADDRESS: STREET 1: 2300 RESOURCE DRIVE CITY: BIRMINGHAM STATE: AL ZIP: 35242 BUSINESS PHONE: 2059812830 MAIL ADDRESS: STREET 1: 2300 RESOURCE DRIVE CITY: BIRMINGHAM STATE: AL ZIP: 35242 8-K 1 d8k.txt FORM 8-K 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: May 1, 2001 PJ AMERICA, INC. (Exact name of registrant as specified in its charter) Delaware 0-21587 61-1308435 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 2300 Resource Drive Birmingham, Alabama 35242 (Address of principal executive offices) (205) 981-2800 (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- Item 5. Other Events On April 24, 2001, PJ America, Inc., a Delaware Corporation (the "Company") announced first quarter 2001 results. The Company also gave an outlook for the second quarter of 2001. The Company announced expected total sales of $28 to $29 million, comparable restaurant sales of 0% to 2%, and earnings per share of $0.18 to $0.22. Exhibit No. Description of Exhibit - ----------- ---------------------- 99 PJ America, Inc. Press Release dated April 24, 2001 announcing First Quarter 2001 results. 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 hereunto duly authorized. PJ AMERICA, INC. Date: May 1, 2001 By /s/ D. Ross Davison --------------------------------- D. Ross Davison Vice President Administration, Chief Financial Officer And Treasurer (Principal Financial Officer) EX-99 2 dex99.txt PRESS RELEASE DATED 4/24/01 [LOGO] Better Ingredients. Better Pizza. Note: A conference call will be held Wednesday, April 25, 2001 at 10:00 a.m. EST for discussion of first quarter and other announcements. If you are interested in participating in the conference call, please call 1- 800-464-9034 immediately prior to the scheduled time. The conference ID is: 100773 Contact: D. Ross Davison Chief Financial Officer and Treasurer (205) 981-2823 PJ AMERICA REPORTS FIRST QUARTER RESULTS Birmingham, Alabama, April 24, 2001 PJ America, Inc. (NASDAQ: PJAM), the largest franchisee of Papa John's International, Inc. announced today its financial results for the first quarter ended April 1, 2001. First Quarter Highlights: . Sales increased 16% to $30.0 million from $25.8 million. Comparable restaurant sales increased 3.5%. . Reported net income for the quarter was $849 thousand and diluted EPS was $0.20. These results compare to net income of $1.21 million and diluted EPS of $0.23 for the first quarter in 2000. . The Company opened 1 restaurant during the quarter. At the close of business on the last day of the quarter, the Company closed two restaurants and sold 8 restaurants. Therefore, the Company began the second quarter with 167 restaurants in 9 states and Puerto Rico. The net impact of these events was immaterial. Second Quarter Outlook . The Company stated it expects to report diluted net earnings per share of $0.18 to $0.22 on projected revenues of $28.0 to $29.0 million for the second quarter ending July 1, 2001. These projected results for the second quarter are based an on anticipated comparable restaurant sales increase of 0% to 2%, and two restaurant openings. . Due to the previously announced tender offer proposal, the Company will postpone its Annual meeting of stockholders, previously scheduled for June 5, 2001 in Louisville, Kentucky. The Board has appointed a special committee of outside directors to review the proposal and evaluate strategic alternatives. The Company's President and CEO, Doug Stephens said, "This year's strategy to move our anniversary promotion to February versus its traditional time in April provided a boost in sales and produced a solid quarter for our core markets. Our new markets, however, did not show as much aggregate financial improvement as expected. This is the key focus for us, as we must develop a profitable business in our new markets to justify future development. Lou Romanus, our new COO is focusing on the new markets as his primary task." Forward Looking Statements This information contains forward-looking statements within the meaning of Section 27A of The Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect management's expectations based upon currently available information and data; however, actual results are subject to future events and uncertainties, which could cause actual results to materially differ from those projected in these statements. Factors that can cause actual results to materially differ include: the ability to increase sales and operate profitably in new markets, increased advertising, promotions and discounting by competitors which may adversely affect sales; the ability of the Company to open new restaurants and operate new and existing restaurants profitably; increases in food, labor, employee benefits and similar costs; economic and political conditions in the territories in which the Company operates; and new product and concept development by food industry competitors. Further information regarding factors that could affect the Company's financial and other results is included in the Company's forms 10-Q and 10-K, filed with the Securities and Exchange Commission. PJ America, Inc. Three Months Ended ----------------------- April 1, March 26, 2001 2000 --------- ---------- Restaurant sales $ 29,953 $ 25,825 Net income $ 849 $ 1,206 ========= ========== Diluted earnings per share $ 0.20 $ 0.23 ========= ========== Weighted average shares - diluted 4,327 5,312 ========= ========== (All data above in thousands except per share amounts) PJ AMERICA, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME April 1, March 26, 2001 2000 --------- ---------- (In thousands, except per share amounts) Restaurant sales $ 29,953 $ 25,825 Cost and expenses: Cost of sales 8,709 7,649 Salaries and benefits 8,733 7,526 Other operating expenses 8,061 6,525 --------- ---------- 25,503 21,700 General and administrative expenses 2,063 1,430 Depreciation and amortization 1,005 946 --------- ---------- Total costs and expenses 28,571 24,076 --------- ---------- Operating income 1,382 1,749 Other (expense) income (55) 106 --------- ---------- Income before income taxes and cumulative effect of change in accounting principle 1,327 1,855 Income tax expense 478 649 --------- ---------- Net income $ 849 $ 1,206 ========= ========== Basic earnings per share $ 0.20 $ 0.23 ========= ========== Diluted earnings per share $ 0.20 $ 0.23 ========= ========== Weighted average shares outstanding - Basic 4,324 5,290 ========= ========== Weighted average shares outstanding - Diluted 4,327 5,312 ========= ========== -----END PRIVACY-ENHANCED MESSAGE-----