David Flanery Quotations

We're making progress. We're learning. We are having the expected occasional setbacks along the way, but our commitment to international (growth) is solid.

Our sales probably didn't drop off as fast as they should have when we grew so fast and weren't performing at the store level. We really fixed most of the issues starting in 2003 and on into 2004. We were very comfortable where we were, but we weren't seeing the sales results. We were starting to get very frustrated around here.

As International expansion continues to be a focus of Papa John's growth, we are placing resources behind these two proven team members. We expect great things in the continued development of our brand internationally.

There were some value investors that did very well focusing in on the underlying cash flow and the value of the organization when our stock was lower. They've done very well.