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The Wendy's Company Reports Preliminary Fourth-Quarter and 2012 Results



   The Wendy's Company Reports Preliminary Fourth-Quarter and 2012 Results

Fourth-Quarter Adjusted EBITDA Increases 19% to $95.9 Million; Full-Year
Adjusted EBITDA Increases 1% to $333.3 Million

North America Company-Operated Fourth-Quarter Same-Store Sales Decreases 0.2%;
Full-Year Same-Store Sales Increases 1.6%

Company Reiterates 2013 Adjusted EBITDA Outlook of $350 to $360 million; 2013
Adjusted EPS Outlook of $0.18 to $0.20, an Increase of 13% to 25% from 2012

PR Newswire

DUBLIN, Ohio, Jan. 16, 2013

DUBLIN, Ohio, Jan. 16, 2013 /PRNewswire/ -- The Wendy's Company (NASDAQ: WEN)
today reported preliminary, unaudited results for the fourth quarter and
fiscal year ended Dec. 30, 2012. The Company plans to release its audited
financial statements on Feb. 28, 2013.

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

"We are pleased with progress we made in 2012, as our brand transformation
accelerated with Image Activation and our 'A Cut Above' brand positioning
gained traction with consumers," said President and Chief Executive Officer
Emil Brolick. "Our 2012 North America same-store sales growth of 1.6 percent
and record-high average annual restaurant sales of $1.48 million are evidence
that our growth initiatives are beginning to work. While our fourth-quarter
same-store sales were slightly negative, they increased 4.9 percent on a
two-year basis as we rolled over the successful introduction of Dave's Hot 'n
Juicy™ cheeseburgers a year ago.

"As we look to 2013, we are optimistic about our product pipeline and
marketing plans," Brolick said. "We are also very encouraged by the continued
success of our Image Activation initiative, which is transforming our brand in
the eyes of consumers by contemporizing the Wendy's^® restaurant experience.
Given the attractive results we are achieving, we will accelerate our Image
Activation initiative in 2013, including the introduction of lower-investment
Tier 2 and Tier 3 designs. We expect to complete 200 total reimages in 2013,
including about 100 franchised reimaged restaurants.  Average sales volumes
for Image Activation restaurants have increased more than 25 percent, and we
remain on track to reimage more than 600 Company-operated restaurants by the
end of 2015.  We expect franchisees will also reimage a significant number of
restaurants over the next three years.

"We are confident that our strong balance sheet, financial flexibility and
excellent cash flow provide us the capacity to fund our Image Activation
initiative and also return capital to shareholders in the form of dividends
and share repurchases," Brolick said.    

Preliminary Fourth-Quarter 2012 Summary

Highlights from the fourth quarter include:

  o Consolidated revenues were $629.9 million, an increase of 2.4 percent
    compared to $615.0 million in the fourth quarter of 2011. 
  o Wendy's North America Company-operated restaurant same-store sales
    decreased 0.2 percent during the fourth quarter, compared to a 5.1 percent
    increase a year ago. Franchise same-store sales in North America decreased
    0.6 percent during the quarter.
  o Company-operated restaurant margin was 15.9 percent, compared to 15.0
    percent in the fourth quarter of 2011, primarily due to higher sales,
    including Image Activation, and a reduction in breakfast advertising
    expense, partially offset by commodity cost increases.
  o The Company reported net income from continuing operations of $21.4
    million, compared to net income from continuing operations of $4.3 million
    in the fourth quarter of 2011. The fourth-quarter 2012 results include:

       o A $17.5 million total pretax charge related primarily to
         discontinuing breakfast at certain restaurants as well as facilities
         relocation
       o $5.4 million in prior-year tax benefits
       o Pretax dividend income of $4.6 million from the Company's investment
         in Arby's

  o The Company reported earnings per share from continuing operations of
    $0.06, compared to reported earnings per share from continuing operations
    of $0.01 in the fourth quarter of 2011.
  o Adjusted EBITDA from continuing operations was $95.9 million, up 19
    percent compared to $80.9 million in the fourth quarter of 2011. This
    increase reflects the improvement in restaurant margin and lower general
    and administrative expense.
  o Adjusted Earnings Per Share from continuing operations were $0.08,
    compared to Adjusted Earnings Per Share from continuing operations of
    $0.04 in last year's fourth 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.

Preliminary Full-Year 2012 Summary

Highlights from 2012 include:

  o Consolidated revenues were $2.505 billion, an increase of 3.0 percent
    compared to $2.431 billion in 2011. 
  o Wendy's North America Company-operated restaurants generated a same-store
    sales increase of 1.6 percent during 2012. Franchise same-store sales in
    North America also increased 1.6 percent during the year.
  o Company-operated restaurant margin was 14.0 percent in both 2012 and in
    2011.
  o The Company reported net income from continuing operations of $4.0 million
    before non-controlling interests in 2012, which compares to net income
    from continuing operations of $17.9 million in 2011. The Company reported
    net income from continuing operations attributable to The Wendy's Company
    of $1.6 million in 2012, after non-controlling interests of $2.4 million.
    The 2012 results include:

       o A $75.1 million total pretax charge related to the early retirement
         of debt
       o A $45.0 million total pretax charge related primarily to facilities
         relocation as well as the discontinuation of breakfast at certain
         restaurants
       o A $27.4 million pretax net gain on the sale of an investment
       o $7.6 million in prior-year tax benefits
       o Pretax dividend income of $4.6 million from the Company's investment
         in Arby's

  o The Company's reported earnings per share from continuing operations
    attributable to The Wendy's Company were $0.01, compared to reported
    earnings per share from continuing operations of $0.04 in 2011.
  o Adjusted EBITDA from continuing operations was $333.3 million, a 0.7
    percent increase compared to $331.1 million in 2011. Adjusted Earnings Per
    Share from continuing operations were $0.16 in 2012 compared to $0.15 in
    2011.

2012 Domestic and International Restaurant Portfolio

As of Dec. 30, 2012, the Company's total number of worldwide restaurants was
6,560, including 6,186 restaurants in North America and 374 restaurants
outside of North America.

2012 Restaurant Development

                    Q4 2012 FY 2012
Company openings    12      16
Company closures    (5)     (32)
Company net         7       (16)
Franchisee openings 39      85
Franchisee closures (29)    (103)
Franchisee net      10      (18)
SYSTEM TOTAL        17      (34)

As previously stated, the Company is optimizing its system by purchasing
select franchise restaurants and by selling restaurants to new and existing
franchisees. The Company's optimization goal is to accelerate Image Activation
and to gain operational and market efficiencies. As a result of this strategy,
Company-operated restaurants as a percentage of the U.S. system may decline
slightly. As part of this initiative, the Company during 2012 acquired 56
franchised Wendy's restaurants and sold 30 Company-operated Wendy's
restaurants to franchisees.

Dividend and Share Repurchase

In November 2012, the Company's Board of Directors authorized a 100 percent
increase in the quarterly cash dividend rate to $0.04 per share, as well as a
new share repurchase program for up to $100 million of the Company's common
stock through Dec. 29, 2013.

The Company did not repurchase any shares during the fourth quarter.

Company Reiterates 2013 and Long-Term Outlook

For 2013, the Company reiterated its preliminary outlook for Adjusted EBITDA
of $350 million to $360 million, a 5 to 8 percent increase compared to $333.3
million in 2012.

The Company's outlook for 2013 Adjusted Earnings Per Share of $0.18 to $0.20
is a 13 to 25 percent increase compared to 2012 Adjusted Earnings Per Share of
$0.16. Estimated 2013 Adjusted Earnings Per Share excludes $20 to $30 million
of anticipated pretax depreciation for existing assets that will be replaced
as part of the Company's Image Activation initiative. The Company expects its
total 2013 depreciation and amortization to increase 15 to 20 percent compared
to 2012.

Also included in the 2013 outlook is:

  o Same-store sales growth of 2.0 to 3.0 percent at Wendy's North America
    Company-operated restaurants.
  o New restaurant development of approximately 25 new Company restaurants and
    40 new franchise restaurants, plus approximately 60 new international
    franchise and joint-venture restaurants.
  o Five to 10 Company-operated restaurant closures and approximately 90 to
    100 franchise restaurant closures in North America, plus approximately 15
    to 20 international restaurant closures.
  o The reimaging of 100 Company-operated restaurants and 100 franchised
    restaurants. The outlook includes the cost of a $10 million incentive
    program for franchisees to reimage their restaurants in 2013.
  o Wendy's Company-operated restaurant margin of 14.2 to 14.5 percent,
    compared to 14.0 percent in 2012. This estimate assumes the benefit of
    same-store sales increases, Image Activation sales, discontinuation of
    breakfast at certain restaurants and cost-savings initiatives. It also
    assumes a 90 to 120 basis-point impact from higher commodity costs, driven
    primarily by rising beef and chicken costs.
  o Capital expenditures of approximately $245 million, compared to
    approximately $200 million in 2012. This estimate includes $145 million
    for Image Activation designs at 25 new and 100 reimaged Company-operated
    restaurants in North America.

Based upon progress with its "Recipe to Win" strategy, including the success
of the Image Activation program, the Company continues to target long-term
Adjusted EBITDA and Adjusted Earnings Per Share growth beyond 2013 in the high
single-digit to low double-digit range.

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 same-store 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.

Under the old methodology, the same-store sales at North America
Company-operated restaurants would have decreased approximately 0.4 percent
for the fourth quarter and would have increased approximately 1.5 percent for
the full year. The new methodology had virtually no impact on results reported
prior to 2012.

Presentation and Webcast Scheduled for 8 a.m. Today, Jan. 16

The Company will present its preliminary 2012 results and 2013 outlook at 8
a.m. ET today, as part of the ICR Conference in Miami Beach, Fla. The live
presentation will be available via webcast from the investor relations section
of the Company's website at www.aboutwendys.com. An archived webcast with the
accompanying slides will be available on the Company's website at
www.aboutwendys.com.

Audited 2012 Results Scheduled for Release on Feb. 28

The Company will release its audited 2012 results before the market opens on
Feb. 28 and will host a conference call at 10 a.m. ET the same day 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
operations and 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, or a 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 26 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 Twelve Month Periods Ended December 30, 2012 and January 1, 2012 
 (In Thousands Except Per Share Amounts) 
                        Three Months                   Twelve Months 
                       2012            2011           2012           2011
                        (Unaudited)     (Unaudited)    (Unaudited) 
 Revenues: 
 Sales                 $               $              $              $    
                       553,943         538,496        2,198,323      2,126,544
 Franchise revenues    75,936          76,522         306,919        304,814
                       629,879         615,018        2,505,242      2,431,358
 Costs and expenses: 
 Cost of sales         464,276         454,440        1,881,248      1,816,109
 General and           69,984          77,243         287,808        292,390
administrative 
 Depreciation and      38,840          32,020         148,976        122,992
amortization 
 Impairment of         13,316          4,621          21,097         12,883
long-lived assets 
 Facilities relocation
costs and other        17,470          14,949         45,031         45,711
transactions 
 Other operating, net  (264)           2,465          4,335          4,152
                       603,622         585,738        2,388,495      2,294,237
 Operating profit      26,257          29,280         116,747        137,121
 Interest expense      (20,801)        (28,195)       (98,604)       (114,110)
 Loss on early
extinguishment of      -               -              (75,076)       -
debt 
 Investment income,    6,786           296            36,243         484
net 
 Other, net            551             239            1,565          945
 Income (loss) from
continuing operations
before income          12,793          1,620          (19,125)       24,440
   taxes
and noncontrolling
interests 
 Benefit from
(provision for) income 8,616           2,670          23,083         (6,528)
taxes 
 Income from           21,409          4,290          3,958          17,912
continuing operations 
 Discontinued
operations: 
 Income (loss) from
discontinued
operations, net of     1,167           (356)          1,951          762
income
   taxes 
 (Loss) income on
disposal of
discontinued           (188)           50             (442)          (8,799)
operations, net of
   income taxes 
 Net income (loss)
from discontinued      979             (306)          1,509          (8,037)
operations 
 Net income            22,388          3,984          5,467          9,875
 Net income
attributable to        -               -              (2,384)        -
noncontrolling
interests 
 Net income
attributable to The    $               $              $              $        
Wendy's                22,388          3,984          3,083            9,875
  Company 
 Basic and diluted
income (loss) per
share attributable to
The 
  Wendy's Company: 
 Continuing            $               $              $              $        
operations             0.06            0.01           0.01               0.04
 Discontinued          0.00            (0.00)         0.00           (0.02)
operations 
 Net income            $               $              $              $        
                       0.06            0.01           0.01               0.02
 Number of shares used
to calculate basic     391,013         389,022        390,275        405,224
   income (loss) per
share 
 Number of shares used
to calculate diluted   392,640         391,992        392,140        407,180
   income (loss) per
share 

Reconciliation of Adjusted EBITDA from Continuing Operations
to Net Income Attributable to The Wendy's Company
(In Thousands)
(Unaudited)
                                Three Months           Twelve Months 
                               2012       2011        2012         2011
Adjusted EBITDA from           $  95,883  $  80,870   $ 333,328    $ 331,055
continuing operations
(Less) plus:
Depreciation and amortization  (38,840)   (32,020)    (148,976)    (122,992)
Impairment of long-lived       (13,316)   (4,621)     (21,097)     (12,883)
assets
Costs associated with closed
restaurants                    -          -           (1,477)      -
 in other operating expense,
net
Facilities relocation costs
and other                      (17,470)   (14,949)    (45,031)     (45,711)
 transactions
Arby's indirect corporate
overhead in                    -          -           -            (14,623)
 general and administrative
(G&A)
SSG purchasing cooperative
expense                        -          -           -            2,275
 reversal in G&A
Operating profit               26,257     29,280      116,747      137,121
Interest expense               (20,801)   (28,195)    (98,604)     (114,110)
Loss on early extinguishment   -          -           (75,076)     -
of debt
Investment income, net         6,786      296         36,243       484
Other, net                     551        239         1,565        945
Income (loss) from continuing
operations
 before income taxes and       12,793     1,620       (19,125)     24,440
noncontrolling
 interests
Benefit from (provision for)   8,616      2,670       23,083       (6,528)
income taxes
Income from continuing         21,409     4,290       3,958        17,912
operations
Discontinued operations:
Income (loss) from
discontinued operations,       1,167      (356)       1,951        762
 net of income taxes
(Loss) income on disposal of
discontinued                   (188)      50          (442)        (8,799)
 operations, net of income
taxes
Net income (loss) from         979        (306)       1,509        (8,037)
discontinued operations
Net income                     22,388     3,984       5,467        9,875
Net income attributable to
noncontrolling                 -          -           (2,384)      -
 interests
Net income attributable to The $  22,388  $    3,984  $     3,083  $     9,875
 Wendy's Company

 

Reconciliation of Adjusted Income and Adjusted Earnings Per Share from
Continuing Operations to Net Income
and Earnings Per Share Attributable to The Wendy's Company
(In Thousands Except Per Share Amounts)
(Unaudited)
                                    Three Months
                                    2012                  2011
                                               Per share             Per share
Adjusted income and adjusted        $          $          $          $        
earnings per                         32,097       0.08     16,425       0.04
 share from continuing operations
(Less) plus:
Facilities relocation costs and     (10,779)   (0.03)     (9,288)    (0.02)
other transactions
Impairment of long-lived assets     (8,216)    (0.02)     (2,847)    (0.01)
Benefits of prior years tax matters 5,439      0.02       -          -
Dividend from Arby's                2,868      0.01       -          -
   Total adjustments                (10,688)   (0.02)     (12,135)   (0.03)
Income from continuing operations   21,409     0.06       4,290      0.01
Net income (loss) from discontinued 979        0.00       (306)      (0.00)
 operations
Net income and earnings per         $          $          $          $        
 share attributable to The Wendy's   22,388       0.06     3,984        0.01
 Company
                                    Twelve Months
                                    2012                  2011
                                               Per share             Per share
Adjusted income and adjusted
earnings                            $          $          $          $        
 per share from continuing           63,784       0.16     62,080       0.15
operations
(Less) plus:
Loss on early extinguishment of     (46,547)   (0.12)     -          -
debt
Facilities relocation costs and
other                               (27,817)   (0.07)     (28,514)   (0.07)
 transactions
Gain on sale of investment, net     17,978     0.05       -          -
Impairment of long-lived assets     (13,017)   (0.04)     (7,936)    (0.02)
Benefits of prior years tax matters 7,620      0.02       -          -
Dividend from Arby's                2,868      0.01       -          -
Costs associated with closed
 restaurants in other operating     (911)      (0.00)     -          -
 expense, net
Arby's indirect corporate overhead
in                                  -          -          (9,140)    (0.02)
 general and administrative (G&A)
SSG purchasing cooperative          -          -          1,422      0.00
 expenses in G&A
   Total adjustments                (59,826)   (0.15)     (44,168)   (0.11)
Income from continuing operations   3,958      0.01       17,912     0.04
Net income (loss) from discontinued 1,509      0.00       (8,037)    (0.02)
 operations
Net income                          5,467      0.01       9,875      0.02
Net income attributable to          (2,384)    (0.00)     -          -
 noncontrolling interests
Net income and earnings per         $          $          $          $        
 share attributable to The           3,083        0.01     9,875        0.02
 Wendy's Company

SOURCE The Wendy's Company

Website: http://www.aboutwendys.com
Contact: Media and Investor Contacts - 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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