Arcos Dorados Holdings, Inc. Presents at Latin America Investment Summit, Apr-21-2015
Apr 17 15
Arcos Dorados Holdings, Inc. Presents at Latin America Investment Summit, Apr-21-2015 . Venue: Key Largo.
Arcos Dorados Reports Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of 2015; Plans to Open 40 to 45 New Restaurants in 2015
Mar 17 15
Arcos Dorados reported audited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's net income attributable to the company fell to $10.0 million, or $0.05 per share, from $32.1 million, or $0.15 per share, a year earlier. The decrease was due to lower operating results and higher foreign-exchange losses. Revenue fell 13% year-on-year to $913.6 million against $1,046.003 million. The decrease reflects a weaker official exchange rate used to re-measure the results of ARCO's Venezuelan operation, and the depreciation of local currencies, mainly in Argentina and Brazil. Adjusted EBITDA fell to $93.3 million from $118 million in the year-earlier period %, primarily due to the re-measurement of the Venezuelan operation at a weaker official foreign exchange rate versus the prior-year quarter and, to a lesser extent, the devaluation of the Brazilian Real. Operating income was $53.684 million against $90.683 million a year ago. Income before income taxes was $25.025 million against $53.481 million a year ago.
For the year, the company’s total revenues were $3,651.065 million against $4,033.310 million a year ago. Operating income was $70.857 million against $228.522 million a year ago. Loss before income taxes was $76.549 million against income before income taxes of $96.594 million a year ago. Net loss attributable to the company was $109.333 million or $0.52 per basic share against net income attributable to the company of $53.854 million or $0.26 per basic share a year ago. Adjusted EBITDA was $251.674 million against $344.467 million a year ago. Net financial debt as at December 31, 2014 was $662.175 million against $609.357 million as at December 31, 2013. Capital expenditures for the year totaled $169.8 million, which included 82 new restaurant openings and brought the overall restaurant count to 2,121 at year end. The decline in net loss attributable to the company reflected the result of inventory write-downs, fixed asset impairment charges and foreign currency exchange losses, following the transitions to the SICAD and SICAD II exchange rates in Venezuela, which were partially offset by lower net interest and income tax expenses. In all, the change in the exchange rate in Venezuela generated negative impacts of $40.0 million and $143.8 million in Adjusted EBITDA and net income, respectively, in 2014. Cash generated by operating activities totaled $193.1 million.
For the year 2015, the company will provide a baseline expectation for medium to long-term revenue growth and adjusted EBITDA margin improvement. The company expects capital expenditures of $90 million to $120 million.
The company plans to open 40 to 45 new restaurants in 2015. As was the case in 2014, the company expects freestanding restaurants to represent about 60% of its 2015 openings. The company also plans for about 80% of its new stores - new restaurants to be opened in Brazil in 2015. Finally, about 55% of its 2015 openings will be composed of sub-franchisee-operated restaurants.
Arcos Dorados Holdings, Inc., Annual General Meeting, Apr 27, 2015
Mar 13 15
Arcos Dorados Holdings, Inc., Annual General Meeting, Apr 27, 2015., at 09:00 Argentina Standard Time. Location: Company’s office located at Dr. Luís Bonavita 1294. Agenda: To consider the approval of the financial statements of the company corresponding to the fiscal year ended December 31, 2014, the Independent report of the External Auditors EY (Pistrelli, Henry Martin y Asociados S.R.L., member firm of Ernst & Young Global), and the Notes corresponding to the fiscal year ended December 31, 2014; to consider the appointment and remuneration of EY as the company’s independent auditors for the fiscal year ended December 31, 2015; to consider the election of Class I Directors of the board of directors, to hold office until the conclusion of the annual general shareholders’ meeting held in the calendar year 2018.