Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Brad Ludington – KeyBanc Capital.
Brad Ludington – KeyBanc Capital Markets
Congratulations on the quarter. It’s good to see some good news in this environment. I had a couple of questions, well starting off with the diluted share cap, there was no dilution here in the fourth quarter, is that correct?
J. David Flanery
Yes. That’s pretty much correct.
Brad Ludington – KeyBanc Capital Markets
And then looking at your previous guidance, do you still expect international sales to grow by 25% to 30% given the stronger dollar at this point?
J. David Flanery
Yes, we’re still pretty comfortable. Most of our international growth at this point is focused on new unit development and we feel good about that at this point.
Brad Ludington – KeyBanc Capital Markets
And on share repurchases, is there a goal to complete a certain portion of the $57.5 million that remains or is it just going to kind of opportunistic?
J. David Flanery
I think you’ll see us be very conservative as we were in fourth quarter. It’s nice to have the availability there, but I think we’ll be pretty prudent on how we do that in 2009.
John H. Schnatter
Yes. We have two dichotomies going on, this is John. The first is the momentum of the business is extremely good right now, so you have a tendency to get aggressive. With that being said, this economic outlook is questionable. So we’re trying to balance the real world of what’s going on out in the market with the success that we’re having here at Papa John’s. So we will be conservative, but we will be opportunistic at the same time.
Brad Ludington – KeyBanc Capital Markets
Last question, what should we expect CapEx to be in ’09?
J. David Flanery
Our formal guidance is in that $30 to $35 million range. We’ve done a nice job the past several years of coming in below our formal guidance, but at this point we’re going to leave our formal guidance as is. But know that we watch things very carefully on our capital spending.
Operator
Your next question comes from Michael Wolleben – Sidoti & Company.
Michael Wolleben – Sidoti & Company, LLC
I was wondering if you guys could comment here on what your franchisees domestically are feeling in forms of stress from the consumer on the slower sales volume and how your initiatives are relieving some of that stress for them.
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