ENP Newswire -
Release date- 20082014 -
Second Quarter 2014 Highlights
Reported net income was
Adjusted earnings per diluted share were
Global same-store sales increased 3.6% in 2014, for a two-year growth rate of 8.0%.
Total domestic same-store sales increased 3.8%, compared to 4.3% last year.
International same-store sales increased 2.2%, compared to 5.8% last year.
Included in second quarter 2013 domestic openings were the conversion of eight restaurant properties which were acquired in 2012 in
Net restaurant openings were 21, compared to 28 net restaurant openings last year.
Total system-wide sales increased by 9.5%.
Total revenues increased approximately 12% to
Through the end of the second quarter, Operating EBITDA was
Company-operated restaurant operating profit was
Average restaurant operating profit margins of
Through the end of the second quarter, free cash flow was
The Company repurchased approximately 222,000 shares of its common stock for approximately
Fiscal 2014 Guidance
Based on second quarter year-to-date performance, the Company reiterates full year guidance as follows:
Same-store sales growth of 3.0% to 4.0%.
Adjusted earnings per diluted share in the range of
New restaurant openings of 180 to 200, with net restaurant openings of 100 to 130, for a system growth rate of approximately 5%. During 2014, the Company expects to open 10 to 15 new company-operated restaurants.
General and administrative expenses of approximately 3.0% of system-wide sales.
An effective income tax rate of approximately 38%.
Capital expenditures for the year of
Share repurchases of
The Company will host a conference call and internet webcast with the investment community at
Condensed Consolidated Balance Sheets (unaudited): See Full Press Release at:
Forward-Looking Statement: Certain statements in this Press Release contain 'forward-looking statements' within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. Examples of such statements in this Press Release include discussions regarding the Company's planned implementation of its strategic plan, planned share repurchases, projections and expectations regarding same-store sales for fiscal 2014 and beyond, expectations regarding future growth and commodity costs, expectations regarding restaurant reimaging, guidance for new restaurant openings and closures, effective income tax rate, and the Company's anticipated 2014 and long-term performance, including projections regarding general and administrative expenses, capital expenditures and adjusted earnings per diluted share, and similar statements of belief or expectation regarding future events. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: competition from other restaurant concepts and food retailers, continued disruptions in the financial markets, the loss of franchisees and other business partners, labor shortages or increased labor costs, increased costs of our principal food products, changes in consumer preferences and demographic trends, as well as concerns about health or food quality, instances of avian flu or other food-borne illnesses, general economic conditions, the loss of senior management and the inability to attract and retain additional qualified management personnel, limitations on our business under our 2013 Credit Facility, our ability to comply with the repayment requirements, covenants, tests and restrictions contained in our 2013 Credit Facility, failure of our franchisees, a decline in the number of franchised units, a decline in our ability to franchise new units, slowed expansion into new markets, unexpected and adverse fluctuations in quarterly results, increased government regulation, effects of volatile gasoline prices, supply and delivery shortages or interruptions, currency, economic and political factors that affect our international operations, inadequate protection of our intellectual property and liabilities for environmental contamination and the other risk factors detailed in the Company's 2013 Annual Report on Form 10-K and other documents we file with the
Director, Finance & Investor Relations
VP, Corporate Communications
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