Tim Hortons Inc. announces new share repurchase program for up to $440 million in common shares

Tim Hortons Inc. announces new share repurchase program for up to $440 million 
in common shares 
(All amounts in Canadian dollars) 
OAKVILLE, ON, Feb. 20, 2014 /CNW/ - Tim Hortons Inc. (TSX: THI, NYSE: THI) 
today announced that it plans to commence a new share repurchase program for 
up to $440 million in common shares. 
The Company has obtained regulatory approval from the Toronto Stock Exchange 
(TSX) to commence a new share repurchase program (a "normal course issuer bid" 
or "bid") for up to $440 million in common shares, not to exceed the 
regulatory maximum of 13,726,219 shares, representing 10% of the Company's 
public float as of February 14, 2014, as defined under TSX rules.  The bid is 
planned to commence on February 28, 2014 and is due to terminate on the 
earlier of February 27, 2015 or the date the maximum share or dollar amount is 
"The new share repurchase program is comprised of the remaining portion of our 
previously announced target of repurchasing $1 billion of shares in the 12 
months ended August 2014, plus an additional amount of approximately $200 
million," said Cynthia Devine, Chief Financial Officer. 
Subject to the negotiation and execution of a broker agreement, the Company's 
common shares will be purchased under the bid through a combination of a 
10b5-1 automatic trading plan as well as at management's discretion in 
compliance with regulatory requirements, and given market, cost and other 
Repurchases will be made through the facilities of the TSX (and/or other 
Canadian marketplaces), the New York Stock Exchange (NYSE), or by such other 
means as may be permitted by the TSX and/or the NYSE, and under applicable 
laws, including private agreements under an issuer bid exemption order issued 
by a securities regulatory authority in Canada. Purchases made by way of 
private agreements under an issuer bid exemption order issued by a securities 
regulatory authority will be at a discount to the prevailing market price as 
provided in the exemption order. 
There can be no assurance as to the precise number of shares that will be 
repurchased under the bid, or the aggregate dollar amount of the shares 
purchased. Tim Hortons may discontinue purchases at any time, subject to 
compliance with applicable regulatory requirements. Shares purchased pursuant 
to the bid will be cancelled. 
The maximum number of shares that may be purchased during any trading day may 
not exceed 25% of the average daily trading volume on the TSX, based on the 
previous six completed calendar months, for a daily total of 83,032 common 
shares. This limit, for which there are permitted exceptions, is determined in 
accordance with regulatory requirements.  On February 3, 2014, Tim Hortons 
reached the regulatory maximum under the 2013 program, having purchased 
15,239,531 shares at an average price of $59.88 per share.  The 2013 program 
was thus terminated on February 3, 2014.  As of February 14, 2014, Tim Hortons 
had 138,165,308 common shares outstanding. 
Safe Harbor Statement 
Certain information in this news release, particularly information regarding 
future economic performance, finances, and plans, expectations and objectives 
of management, and other information, constitutes forward-looking information 
within the meaning of Canadian securities laws and forward-looking statements 
within the meaning of the Private Securities Litigation Reform Act of 1995. We 
refer to all of these as forward-looking statements. Various factors including 
competition in the quick service segment of the food service industry, general 
economic conditions and others described as "risk factors" in the Company's 
2012 Annual Report on Form 10-K filed February 21, 2013, our Quarterly Report 
on Form 10-Q filed on November 7, 2013, and our 2013 Annual Report on Form 
10-K expected to be filed on or about February 25, 2014 with the U.S. 
Securities and Exchange Commission and Canadian Securities Administrators, 
could affect the Company's actual results and cause such results to differ 
materially from those expressed in, or implied by, forward-looking statements. 
As such, readers are cautioned not to place undue reliance on forward-looking 
statements contained in this news release, which speak only as to management's 
expectations as of the date hereof. 
Forward-looking statements are based on a number of assumptions which may 
prove to be incorrect, including, but not limited to, assumptions about: the 
absence of an adverse event or condition that damages our strong brand 
position and reputation; the absence of a material increase in competition or 
in volume or type of competitive activity within the quick service restaurant 
segment of the food service industry; our ability to obtain financing on 
favourable terms; our ability to maintain investment grade credit ratings; 
prospects and execution risks concerning our U.S. market strategy; general 
worldwide economic conditions; cost and availability of commodities; the 
ability to retain our senior management team or the inability to attract and 
retain qualified personnel; continuing positive working relationships with the 
majority of the Company's restaurant owners; the absence of any material 
adverse effects arising as a result of litigation; and there being no 
significant change in the Company's ability to comply with current or future 
regulatory requirements. 
We are presenting this information for the purpose of informing you of 
management's current expectations regarding these matters, and this 
information may not be appropriate for any other purpose. We assume no 
obligation to update or alter any forward-looking statements after they are 
made, whether as a result of new information, future events, or otherwise, 
except as required by applicable law. Please review the Company's Safe Harbor 
Statement at www.timhortons.com/en/about/safeharbor.html. 
Tim Hortons Inc. Overview 
Tim Hortons is one of the largest publicly-traded restaurant chains in North 
America based on market capitalization, and the largest in Canada. Operating 
in the quick service segment of the restaurant industry, Tim Hortons appeals 
to a broad range of consumer tastes, with a menu that includes premium coffee, 
hot and cold specialty drinks (including lattes, cappuccinos and espresso 
shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini 
and classic sandwiches, wraps, soups, prepared foods and other food products.  
As of December 29, 2013, Tim Hortons had 4,485 systemwide restaurants, 
including 3,588 in Canada, 859 in the United States and 38 in the Gulf 
Cooperation Council. More information about the Company is available at 

SOURCE  Tim Hortons 
Scott Bonikowsky: (905) 339-6186 orinvestor_relations@timhortons.com 
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