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February 26, 2013
19:52 EDTPZZAPapa John's shares lower after restating earnings, missing Q4 EPS estimates
Shares of Papa John's (PZZA) are lower in the after hours after the company disclosed that it would restate its financial results for FY09, FY10, and FY11, in addition to restating the first three quarters of FY12. The restatement of these earnings comes after the board's audit committee reassessed the accounting of the company's joint venture agreements, which also resulted in Papa John's taking a $3.7M. Additionally, Papa John's announced its Q4 earnings, reporting adjusted EPS of 62c against estimates for 76c. The company also boosted its share repurchase authorization by $50M. Shares of Papa John's, which resumed trading at 7:00 pm ET after being halted ahead of the company disclosing its earnings restatements, are down $3.90, or 6.88%, to $52.75.
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