Capital expenditures are forecast to come in at $50 million next year, one-third of which is going toward the opening of company-owned restaurants. The rest of those dollars will go toward cost-reduction measures and maintenance capital for its existing units.

The new-store openings will be split 50-50 between domestic and foreign markets. The new units represent 4% to 5% US growth and 30% to 35% international expansion. Papa John's currently operates 2,994 restaurants in the US and 26 countries. About 22% of its domestic units are company owned, with the rest owned by franchisees, and management wants to increase that share to 25% in the next few years.

Papa John's recently acquired its franchise operations in Beijing, consisting of five restaurants, for $4.3 million, giving the company the rights to develop there and in the surrounding region. The acquisition will allow the company better support its franchise owners in other parts of Asia, says Robb Chase, president of Papa John's international division.