First-Quarter 2013 Summary
Highlights from the first quarter included the following:
- Consolidated revenues increased to $603.7 million in the first quarter of 2013, compared to $593.2 million in the first quarter of 2012.
- Wendy?s? North America Company-operated restaurants generated a same-store sales increase of 1.0 percent in the first quarter of 2013. Franchise same-store sales in North America increased 0.6 percent during the quarter.
- Company-operated North America restaurant margin increased 100 basis points to 12.8 percent in the first quarter of 2013, compared to 11.8 percent in the first quarter of 2012. The margin improvement was due primarily to higher same-store sales, including rollover pricing and favorable product mix, along with reductions in beverage costs and breakfast advertising expense, partly offset by an increase in commodity costs of 90 basis points.
- Adjusted EBITDA increased 21.0 percent to $77.3 million in the first quarter of 2013, compared to first quarter 2012 Adjusted EBITDA of $63.9 million. See ?Disclosure Regarding Non-GAAP Financial Measures? below for a reconciliation of the non-GAAP measures included herein (i.e., Adjusted EBITDA and Adjusted Earnings Per Share).
- Net income attributable to The Wendy?s Company was $2.1 million in the first quarter of 2013, compared to $12.4 million in the first quarter of 2012. The first-quarter 2012 results included an $18 million after-tax net gain on the sale of an investment.
- Adjusted Earnings Per Share were $0.03 in the first quarter of 2013, compared to $0.01 in the first quarter of 2012.
- Earnings per share were $0.01 in the first quarter of 2013, compared to $0.03 in the first quarter of 2012. The first-quarter 2012 results included an after-tax net gain on the sale of an investment of $0.05 per share.
Click 1 to read more.
