Burger King Worldwide, Inc. (BKW) Announces Outlook for First Quarter 2013
Burger King Worldwide, Inc. Expects Adjusted Diluted EPS Growth of More Than
45% to Approximately $0.17; Board Approves a 20% Increase of Cash Dividend to
$0.06 Per Share, and the Authorization of a $200 Million Share Repurchase
MIAMI -- April 11, 2013
Burger King Worldwide, Inc. (NYSE: BKW) today announced its outlook for the
first quarter ended March 31, 2013 and enhancements to return capital to
The company expects adjusted diluted EPS of approximately $0.17^1, growing
over 45% versus the prior year period. The company expects global comparable
sales growth of negative 1.5% for the quarter, reflective of a more
challenging environment and the impact of leap day. U.S. and Canada comparable
sales growth is expected to be negative 3.0%, due to tougher prior year
comparisons, a challenging macroeconomic environment and heightened
competitive activity. After negative comparable sales growth early in the
quarter, comparable sales growth in both the U.S. and Canada and worldwide was
positive in March, as more compelling value offers resonated with consumers.
Underscoring management’s and the Board of Directors’ confidence in the
long-term strength of the business and its ability to generate sustainable
cash flow, the Board declared a cash dividend of $0.06 per share, a 20%
increase from the previous dividend of $0.05 per share declared on February
14, 2013. The dividend is payable on May 15, 2013 to shareholders of record at
the close of business on May 1, 2013.
In an effort to have a balanced approach to capital allocation and to return
cash to shareholders, the Board authorized the repurchase of up to $200
million of the company’s common stock. The share repurchases will be made in
the open market from time to time prior to May 31, 2016, and will be funded
from available cash. The amount and timing of the repurchases will be
determined by the company’s management. The share repurchases may be suspended
or discontinued at any time. Shares of common stock repurchased under the plan
will be deposited into treasury and retained for possible future use.
About Burger King Worldwide
Founded in 1954, BURGER KING^® (NYSE: BKW) is the second largest fast food
hamburger chain in the world. The original HOME OF THE WHOPPER^®, the BURGER
KING^® system operates in nearly 13,000 locations serving over 11 million
guests daily in 86 countries and territories worldwide. Approximately 97
percent of BURGER KING^® restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been in business
for decades. To learn more about Burger King Worldwide, please visit the
company's website at www.bk.com or follow us on Facebook and Twitter.
This press release contains forward-looking statements, including statements
regarding our expectations regarding comparable sales and adjusted diluted
earnings per share for the first quarter 2013; our expectations regarding the
long-term strength of the business and the ability of the company to generate
sustainable cash flow; and our ability to execute on our share repurchase plan
to return cash to our shareholders. These forward-looking statements are not
guarantees of future performance and involve risks, uncertainties and
assumptions which are difficult to predict. Important factors could cause
actual events to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not limited to,
those risk factors set forth in our filings with the Securities and Exchange
Commission. Neither we nor any other person assumes responsibility for the
accuracy or completeness of any of these forward-looking statements as
predictions of future events. You should not rely upon forward-looking
statements as predictions of future events. We do not undertake any
responsibility to update any of these forward-looking statements to conform
our prior statements to actual results or revised expectations.
^1 Adjusted diluted EPS is a non-GAAP number that is calculated consistent
with the methodology used in prior quarters.
Burger King Worldwide, Inc.
Rahul Ketkar, 305-378-7696
Miguel Piedra, 305-378-7277
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