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The Wendy's Company Reports 2012 Third Quarter Results



            The Wendy's Company Reports 2012 Third Quarter Results

North America Company-Operated Third Quarter Same-Store Sales Increased 2.7%;
Sixth Consecutive Quarter of Systemwide Same-Store Sales Growth

Company Announces Stockholder Value-Enhancing Initiatives: 100 Percent
Increase in Quarterly Dividend to $0.04 per Share and $100 Million Share
Repurchase Program

Company Reiterates 2012 Outlook; Issues 2013 Preliminary Outlook for Adjusted
EBITDA of $350 Million to $360 Million

Image Activation Program on Track

PR Newswire

DUBLIN, Ohio, Nov. 8, 2012

DUBLIN, Ohio, Nov. 8, 2012 /PRNewswire/ -- The Wendy's Company (NASDAQ: WEN)
today reported results for the third quarter ended Sept. 30, 2012. Highlights
from the quarter included the following:

  o Consolidated revenues were $636.3 million, an increase of 4.1 percent
    compared to $611.4 million in the third quarter of 2011. 
  o Wendy's^® North America Company-operated restaurants generated a
    same-store sales increase of 2.7 percent. Franchise same-store sales in
    North America increased 2.9 percent during the quarter. This is the sixth
    consecutive quarter of positive same-store sales for both Company-operated
    restaurants and franchisees.
  o Company-operated restaurant margin was 13.9 percent, a 20 basis-point
    improvement compared to 13.7 percent in the third quarter of 2011.
    Same-store sales growth drove the margin improvement and offset costs
    related to the Company's investments in customer service initiatives and
    Image Activation.
  o Due in part to a $49.9 million pretax charge related to the early
    retirement of debt, the Company reported a net loss from continuing
    operations of $26.7 million. This compares to net income from continuing
    operations of $2.5 million in the third quarter of 2011. The Company
    reported a loss per share from continuing operations of $0.07, compared to
    earnings per share from continuing operations of $0.01 in the third
    quarter of 2011.
  o Adjusted EBITDA from continuing operations was $84.5 million, compared to
    $87.0 million in the third quarter of 2011. Third-quarter Adjusted EBITDA
    includes the negative impact of approximately $4 million from the
    temporary closure of restaurants for construction and other costs related
    to the Company's Image Activation program. The Company expects its
    fourth-quarter results to benefit from the 47 Image Activation restaurants
    that reopened late in the third quarter and early in the fourth quarter.
    Adjusted Earnings Per Share from continuing operations were $0.03,
    compared to Adjusted Earnings Per Share from continuing operations of
    $0.05 in last year's third quarter. See "Disclosure Regarding Non-GAAP
    Financial Measures" below for a reconciliation of the non-GAAP measures
    (i.e., Adjusted EBITDA from continuing operations and Adjusted Earnings
    Per Share from continuing operations) included herein.

(Logo: http://photos.prnewswire.com/prnh/20120831/MM66742LOGO )

"Our top-line momentum continues as we generated our sixth consecutive quarter
of same-store sales growth, including a two-year same-store sales increase of
4.5 percent, in the third quarter," President and Chief Executive Officer Emil
Brolick said. "Our focus on operational levers such as menu innovation and
improved marketing are reinvigorating the brand.

"We are excited about our progress with Image Activation, which is an
important element of our 'Recipe to Win' growth strategy," Brolick said.
"Average annualized sales volumes for the restaurants we reimaged during 2011
have increased more than 25 percent, and we remain on track to reimage 50
percent of our Company-operated restaurants by the end of 2015.

"The Board of Directors and management are committed to delivering on our core
organic growth strategies and stockholder value-enhancing initiatives,"
Brolick continued. "Our stable free cash flow franchise business model and
substantial cash position allow us to continue to reinvest in the core
business and return capital to stockholders.

"Our anticipated significant free cash flow allows us to double our dividend
and provides the Company the ability to sustain it at this higher rate, while
also commencing a $100 million share repurchase program. We are confident in
our ability to fund the Image Activation program with our excess cash flow and
the substantial cash on the balance sheet.

"Our strong financial position and operating cash flow-generating business
model is a distinct advantage, and one that we believe positions our
stockholders for solid returns over time," Brolick said.

Board Authorizes a 100 Percent Increase in Quarterly Dividend and a $100
Million Share Repurchase Program 
The Company's Board of Directors authorized a 100 percent increase in the
quarterly cash dividend rate from $0.02 to $0.04 per share. The increase will
be effective with the next quarterly cash dividend, which is payable Dec. 17
to stockholders of record as of Dec. 3.

The Company also announced that its Board of Directors authorized a new share
repurchase program for up to $100 million of the Company's common stock
through Dec. 29, 2013. The common stock repurchase program will allow the
Company to make repurchases as market conditions warrant and to the extent
legally permissible.

Company Reiterates 2012 Outlook; Issues 2013 Preliminary Outlook and Long-Term
Outlook
The Company reiterated its outlook for 2012 and issued its preliminary outlook
for 2013 and beyond:

  o For 2012, the Company reiterated its outlook for Adjusted EBITDA from
    continuing operations in a range of $320 million to $335 million. The
    Company expects its 2012 fourth-quarter results to benefit from the 47
    Image Activation reimaged restaurants that reopened late in the third
    quarter and early in the fourth quarter. The outlook for Adjusted EBITDA
    from continuing operations excludes items such as debt extinguishment
    costs, as well as relocation costs and other transition expenses from the
    consolidation of the Company's Atlanta restaurant support center with its
    Dublin, Ohio restaurant support center, in addition to impairment and
    other costs related to the closure of underperforming restaurants.
  o For 2013, the Company issued its preliminary outlook for Adjusted EBITDA
    of $350 million to $360 million. Included in the outlook is the cost of a
    $10 million incentive program for franchisees to reimage their restaurants
    in 2013. The Company plans to provide more details regarding the
    underlying assumptions for this outlook in January 2013.
  o Based upon progress with its "Recipe to Win" strategy, including the
    success and acceleration of the Image Activation program and positive
    same-store sales momentum, the Company is targeting long-term Adjusted
    EBITDA and Adjusted Earnings Per Share growth beyond 2013 in the high
    single-digit to low double-digit range.

Wendy's Accelerating Image Activation
The Company is developing three investment tiers for Image Activation to
optimize returns, with investment levels ranging from $375,000 to $750,000,
excluding maintenance and other costs. The Company is continuously working to
further reduce these investment costs. Highlights from Wendy's Image
Activation plans include the following:

  o For 2012, Wendy's expects to invest $85 million of capital for Image
    Activation. Wendy's is on track to reimage 48 existing Company-operated
    restaurants and open 19 new restaurants, with 16 built with an Image
    Activation design.
  o Wendy's first franchise-owned Image Activation restaurant opened during
    the third quarter of 2012 and is generating strong sales increases.
  o The Company recently introduced an incentive program offering a total of
    $10 million for franchisees to reimage their restaurants in 2013.
  o For 2013, Wendy's plans to reimage 100 and build 25 new Company-operated
    restaurants with Image Activation designs and expects that franchisees
    will reimage approximately 100 and build 40 new restaurants. As part of
    its brand transformation, the Company also plans to introduce its new logo
    across multiple consumer touch points, including advertising and
    packaging, beginning in March 2013.

Domestic and International Restaurant Portfolio Development 
During the third quarter the Wendy's system opened 25 new restaurants and
closed 29 restaurants, including the following:

  o The Company opened two restaurants.
  o Franchisees opened 23 restaurants.
  o The Company closed two underperforming restaurants.
  o Franchisees closed 27 restaurants.

During the first nine months of 2012, the Wendy's system opened 50 new
restaurants and closed 101 restaurants, including the following:

  o The Company opened four restaurants.
  o Franchisees opened 46 restaurants.
  o The Company closed 27 underperforming restaurants.
  o Franchisees closed 74 restaurants.

As previously stated, the Company is working to optimize its system by
purchasing select franchise restaurants and by selling restaurants to new and
existing franchisees. The Company's goal is to accelerate the Image Activation
program and reduce the total number of Company-operated restaurants over the
long term to gain market and cost efficiency. During the third quarter, the
Company acquired 24 franchised Wendy's restaurants in the Albuquerque, N.M.
market.

As of the end of the third quarter, Wendy's and its franchisees were operating
357 restaurants outside of North America. The Company currently has more than
600 International restaurants under development agreements outside of North
America. As of Sept. 30, 2012, the Company's total number of worldwide
restaurants was 6,543.

Same-store Sales Reporting Methodology 
As previously announced, the Company revised its reporting methodology for
same-store sales, beginning with the first quarter of 2012, to more accurately
reflect comparable sales performance, including the impact of its new and
remodeled restaurants. Using the new methodology, the Company calculates
same-store sales beginning after new restaurants have been open for at least
15 continuous months and after remodeled restaurants have been reopened for
three continuous months. The calculation of same-store sales previously began
after a restaurant had been open for at least 15 continuous months and as of
the beginning of the previous fiscal year. The new methodology had virtually
no impact on third-quarter 2012 same-store sales or on results reported prior
to 2012.

Conference Call and Webcast Scheduled for 10 a.m. Today, Nov. 8 
The Company will host a conference call today at 10 a.m. ET, with a
simultaneous webcast from the investor relations section of the Company's
website at www.aboutwendys.com. Hosting the call will be President and Chief
Executive Officer Emil Brolick, Chief Financial Officer Steve Hare and Chief
Communications Officer John Barker. The live conference call will be available
at (877) 572-6014 or, for international callers, at (281) 913-8524. An
archived webcast with the accompanying slides will be available on the
Company's website at www.aboutwendys.com.

Forward-Looking Statements   
This news release contains certain statements that are not historical facts,
including, most importantly, information concerning possible or assumed future
results of operations of The Wendy's Company and its subsidiaries
(collectively, the "Company"). Those statements, as well as statements
preceded by, followed by, or that include the words "may," "believes,"
"plans," "expects," "anticipates," or the negation thereof, or similar
expressions, constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All
statements that address future operating, financial or business performance;
strategies or expectations; future synergies, efficiencies or overhead
savings; anticipated costs or charges; future capitalization; and anticipated
financial impacts of recent or pending transactions are forward-looking
statements within the meaning of the Reform Act. The forward-looking
statements are based on the Company's expectations at the time such statements
are made, speak only as of the dates they are made and are susceptible to a
number of risks, uncertainties and other factors. The Company's actual
results, performance and achievements may differ materially from any future
results, performance or achievements expressed in or implied by the
forward-looking statements. 

For all forward-looking statements, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Reform Act. Many
important factors could affect future results and could cause those results to
differ materially from those expressed in or implied by the forward-looking
statements. Such factors, all of which are difficult or impossible to predict
accurately, and many of which are beyond the Company's control, include, but
are not limited to:

(1)  changes in the quick-service restaurant industry, such as consumer trends
toward value-oriented products and promotions or toward consuming fewer meals
away from home;  
(2)  prevailing economic, market and business conditions affecting the
Company, including competition from other food service providers, high
unemployment and decreased consumer spending levels;  
(3)  the ability to effectively manage the acquisition and disposition of
restaurants;  
(4)  cost and availability of capital;  
(5)  cost fluctuations associated with food, supplies, energy, fuel,
distribution or labor;  
(6)  the financial condition of the Company's franchisees;  
(7)  food safety events, including instances of food-borne illness involving
the Company or its supply chain; 
(8)  conditions beyond the Company's control such as weather, natural
disasters, disease outbreaks, epidemics or pandemics impacting the Company's
customers or food supplies, or acts of war or terrorism;  
(9)  the availability of suitable locations and terms for the development of
new restaurants;
(10) risks associated with the Image Activation program; 
(11) adoption of new, or changes in, laws, regulations or accounting policies
and practices;
(12) changes in debt, equity and securities markets; 
(13) goodwill and long-lived asset impairments; 
(14) changes in interest rates; 
(15) expenses and liabilities for taxes related to periods up to the date of
sale of Arby's as a result of the indemnification provisions of the Arby's
Purchase and Sale Agreement; and 
(16) other factors cited in the Company's news releases, public statements
and/or filings with the Securities and Exchange Commission, including those
identified in the "Risk Factors" sections of the Company's Forms 10-K and
10-Q.

The Company's franchisees are independent third parties that the Company does
not control.  Numerous factors beyond the control of the Company and its
franchisees may affect new restaurant openings. Accordingly, there can be no
assurance that commitments under development agreements with franchisees will
result in new restaurant openings.

The Company currently intends to continue to declare and pay quarterly cash
dividends; however, there can be no assurance that any quarterly dividends
will be declared or paid in the future or of the amount or timing of such
dividends, if any. Future dividend payments, if any, are subject to applicable
law, will be made at the discretion of the Board of Directors and will be
based on such factors as the Company's earnings, financial condition and cash
requirements and other factors.

All future written and oral forward-looking statements attributable to the
Company or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to above. New
risks and uncertainties arise from time to time, and it is impossible for the
Company to predict these events or their impact. The Company assumes no
obligation to update forward-looking statements as a result of new
information, future events or developments, except as required by federal
securities laws. The Company does not endorse any projections regarding future
performance that may be made by third parties.

Disclosure Regarding Non-GAAP Financial Measures 
Adjusted EBITDA from continuing operations and Adjusted Earnings Per Share
from continuing operations, which exclude certain expenses, net of certain
benefits, detailed in the reconciliation tables that accompany this release,
are used by the Company as performance measures for benchmarking against the
Company's peers and competitors, and as internal measures of business
operating performance. The Company believes Adjusted EBITDA from continuing
operations and Adjusted Earnings Per Share from continuing operations provide
a meaningful perspective of the underlying operating performance of the
Company's current business. Adjusted EBITDA from continuing operations and
Adjusted Earnings Per Share from continuing operations are not recognized
terms under U.S. Generally Accepted Accounting Principles ("GAAP").

Because all companies do not calculate Adjusted EBITDA from continuing
operationsand Adjusted Earnings Per Share from continuing operations (and
similarly titled financial measures) in the same way, those measures as used
by other companies may not be consistent with the way the Company calculates
such measures and should not be considered as alternative measures of income
from continuing operations or earnings per share from continuing operations.

Because certain income statement items needed to calculate income from
continuing operations vary from quarter to quarter, the Company is unable to
provide projections of income from continuing operations or earnings per share
from continuing operations, ora reconciliation of projected Adjusted EBITDA
from continuing operations to projected income from continuing operations or
projected Adjusted Earnings Per Share from continuing operations to projected
earnings per share from continuing operations.

The Company's presentation of Adjusted EBITDA from continuing operations and
Adjusted Earnings Per Share from continuing operations does not replace the
presentation of the Company's financial results in accordance with GAAP.

About The Wendy's Company 
The Wendy's Company is the world's third-largest quick-service hamburger
company. The Wendy's system includes more than 6,500 franchise and
Company-operated restaurants in the United States and 27 countries and U.S.
territories worldwide. For more information, visit aboutwendys.com or
wendys.com.

 

 The Wendy's Company and Subsidiaries 
 Consolidated Statements of Operations 
 Three and Nine Month Periods Ended September 30, 2012 and October 2, 2011 
 (In Thousands Except Per Share Amounts) 
                                 Three Months          Nine Months 
                                2012       2011       2012         2011
                                 (Unaudited)           (Unaudited) 
 Revenues: 
 Sales                          $          $          $            $      
                                558,335    534,525     1,644,380    1,588,048
 Franchise revenues             77,973     76,891     230,983      228,292
                                636,308    611,416    1,875,363    1,816,340
 Costs and expenses: 
 Cost of sales                  478,425    458,000    1,416,972    1,361,669
 General and administrative     72,175     66,006     217,824      215,147
 Depreciation and amortization  41,878     30,816     110,136      90,972
 Impairment of long-lived       -          -          7,781        8,262
assets 
 Facilities relocation and      11,285     -          26,242       -
other transition costs 
 Transaction related costs      145        23,839     1,319        30,762
 Other operating expense, net   1,217      365        4,599        1,687
                                605,125    579,026    1,784,873    1,708,499
 Operating profit               31,183     32,390     90,490       107,841
 Interest expense               (21,566)   (28,384)   (77,803)     (85,915)
 Loss on early extinguishment   (49,881)   -          (75,076)     -
of debt 
 Gain on sale of investment,    -          -          27,407       -
net 
 Other income, net              900        304        3,064        894
   (Loss) income from
continuing operations before
income taxes and                (39,364)   4,310      (31,918)     22,820
       noncontrolling
interests 
 Benefit from (provision for)   12,672     (1,766)    14,467       (9,198)
income taxes 
    (Loss) income from          (26,692)   2,544      (17,451)     13,622
   continuing operations 
 Discontinued operations: 
    Income (loss) from
   discontinued operations, net 784        (1,441)    784          1,118
   of income taxes 
    Loss on disposal of
   discontinued operations, net (254)      (5,069)    (254)        (8,849)
   of income taxes 
       Net income (loss) from   530        (6,510)    530          (7,731)
      discontinued operations 
         Net (loss) income      (26,162)   (3,966)    (16,921)     5,891
         Net income
        attributable to         -          -          (2,384)      -
        noncontrolling
        interests 
            Net (loss) income   $          $          $            $          
           attributable to The   (26,162)   (3,966)   (19,305)         5,891
           Wendy's Company 
 Basic and diluted (loss)
income per share attributable
to The Wendy's Company: 
    Continuing operations       $          $          $            $          
                                 (0.07)      0.01         (0.05)         0.03
    Discontinued operations     0.00       (0.02)     0.00         (0.02)
    Net (loss) income           $          $          $            $          
                                 (0.07)     (0.01)        (0.05)         0.01
 Number of shares used to
calculate basic (loss) income   390,406    395,677    390,028      410,624
per share 
 Number of shares used to
calculate diluted (loss) income 390,406    397,899    390,028      412,243
per share 
                                                      September    January 1,
                                                      30, 2012     2012
              Balance Sheet                           (Unaudited)  (Audited)
             Data: 
              Cash and cash                           $            $          
             equivalents                              453,592      475,231
              Total assets                            4,340,079    4,300,668
              Long-term debt,
             including current                        1,457,328    1,356,999
             portion 
              Total
             stockholders'                            1,971,744    1,996,069
             equity 

 

 

Reconciliation of Adjusted EBITDA from Continuing Operations
to Net (Loss) Income Attributable to The Wendy's Company
(In Thousands)
(Unaudited)
                                Three Months             Nine Months 
                               2012         2011        2012         2011
Adjusted EBITDA from           $    84,491  $   87,045  $   237,445  $  
continuing operations                                                250,185
(Less) plus:
Depreciation and amortization  (41,878)     (30,816)    (110,136)    (90,972)
Impairment of long-lived       -            -           (7,781)      (8,262)
assets
Costs associated with closed
restaurants in                 -            -           (1,477)      -
     other operating expense,
net
Facilities relocation and      (11,285)     -           (26,242)     -
other transition costs
Transaction related costs      (145)        (23,839)    (1,319)      (30,762)
Arby's indirect corporate
overhead in                    -            -           -            (14,623)
     general and
administrative (G&A)
SSG purchasing cooperative     -            -           -            2,275
expense reversal in G&A
Operating profit               31,183       32,390      90,490       107,841
Interest expense               (21,566)     (28,384)    (77,803)     (85,915)
Loss on early extinguishment   (49,881)     -           (75,076)     -
of debt
Gain on sale of investment,    -            -           27,407       -
net
Other income, net              900          304         3,064        894
  (Loss) income from
  continuing operations before (39,364)     4,310       (31,918)     22,820
       income taxes and
  noncontrolling interests
Benefit from (provision for)   12,672       (1,766)     14,467       (9,198)
income taxes
  (Loss) income from           (26,692)     2,544       (17,451)     13,622
  continuing operations
Discontinued operations:
Income (loss) from
discontinued operations, net   784          (1,441)     784          1,118
of income taxes
Loss on disposal of
discontinued operations, net   (254)        (5,069)     (254)        (8,849)
of income taxes
 Net income (loss) from        530          (6,510)     530          (7,731)
discontinued operations
  Net (loss) income            (26,162)     (3,966)     (16,921)     5,891
  Net income
  attributable to              -            -           (2,384)      -
  noncontrolling
  interests
        Net (loss) income                   $           $            $      
  attributable to The Wendy's  $  (26,162)  (3,966)     (19,305)     5,891
  Company

 

 

Reconciliation of Adjusted Income and Adjusted Earnings per Share from
Continuing Operations to Net (Loss) Income
and Earnings per Share Attributable to The Wendy's Company
(In Thousands Except per Share Amounts)
(Unaudited)
                          Three Months
                          2012                          2011
                          After tax       Per share     After tax   Per share
                                          (a)
Adjusted income and
adjusted earnings per     $     11,300    $             $           $        
share from continuing                     0.03          17,563      0.05
operations
(Less) plus:
Loss on early             (30,926)        (0.08)        -           -
extinguishment of debt
Facilities relocation
and other transition      (6,977)         (0.02)        -           -
costs
Transaction related       (89)            (0.00)        (15,019)    (0.04)
costs
   Total adjustments      (37,992)        (0.10)        (15,019)    (0.04)
(Loss) income from        (26,692)        (0.07)        2,544       0.01
continuing operations
Net income (loss) from
discontinued              530             0.00          (6,510)     (0.02)
operations
Net loss and loss per                     $             $           $      
share attributable to     $   (26,162)    (0.07)        (3,966)      (0.01)
The Wendy's Company
Reported number of
shares used to
calculate diluted                         390,406                   397,899
(loss) income per
share
Plus: Diluted effect
of stock options and                      1,514                     -
restricted shares
Adjusted number of
shares used to                            391,920                   397,899
calculate adjusted
earnings per share
                          Nine Months
                          2012                          2011
                          After tax       Per share     After tax   Per share
                                          (a)
Adjusted income and
adjusted earnings per     $     33,868    $             $           $        
share from continuing                     0.09          45,887      0.11
operations
(Less) plus:
Loss on early             (46,547)        (0.12)        -           -
extinguishment of debt
Gain on sale of           17,978          0.05          -           -
investment, net
Impairment of             (4,801)         (0.02)        (5,106)     (0.01)
long-lived assets
Costs associated with
closed restaurants in     (911)           (0.00)        -           -
other operating
expense, net
Facilities relocation
and other transition      (16,223)        (0.04)        -           -
costs
Arby's indirect
corporate overhead in     -               -             (9,212)     (0.02)
general and
administrative (G&A)
Transaction related       (815)           (0.00)        (19,380)    (0.05)
costs
SSG purchasing
cooperative expenses      -               -             1,433       0.00
in G&A
   Total adjustments      (51,319)        (0.13)        (32,265)    (0.08)
(Loss) income from        (17,451)        (0.04)        13,622      0.03
continuing operations
Net income (loss) from
discontinued              530             0.00          (7,731)     (0.02)
operations
Net (loss) income         (16,921)        (0.04)        5,891       0.01
Net income
attributable to           (2,384)         (0.01)        -           -
noncontrolling
interests
    Net (loss) income
and (loss) earnings
per share attributable    $   (19,305)    $             $           $        
to                                        (0.05)        5,891       0.01
        The Wendy's
Company
Reported number of
shares used to
calculate diluted                         390,028                   412,243
(loss) income per
share
Plus: Diluted effect
of stock options and                      1,946                     -
restricted shares
Adjusted number of
shares used to                            391,974                   412,243
calculate adjusted
earnings per share
(a) Adjusted earnings per share amounts for the three and nine months ended
September 30, 2012, include the dilutive effect of stock options and
restricted shares.  The effect of stock options and restricted shares was
excluded from the reported number of shares used to calculate basic and
diluted loss per share, as the impact would have been anti-dilutive. 
Included above is a reconciliation of the number of shares used to calculate
adjusted earnings per share amounts.

SOURCE The Wendy's Company

Website: http://www.aboutwendys.com
Contact: Media and Investors: John Barker, +1-614-764-3044,
john.barker@wendys.com, or Dave Poplar, +1-614-764-3311,
david.poplar@wendys.com
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