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Burger King Worldwide, Inc. Reports Third Quarter 2012 Results

Burger King Worldwide, Inc. (NYSE: BKW) today reported financial results for its third quarter ended September 30, 2012.

Third Quarter Highlights:
  • System-wide comparable sales increased 1.4% and system-wide sales increased 3.9% on a constant currency basis
  • Adjusted EBITDA increased 6% on an organic basis to $162.0 million
  • Adjusted Diluted EPS increased 11% to $0.17
  • Refinanced Term Loan B, lowering annualized cash interest costs by approximately $25 million
  • Initiated new quarterly cash dividend of $0.04 per share

BKW Chief Executive Officer Bernardo Hees said, “We completed our first full quarter as a public company with continued positive momentum despite the challenging global economic environment. BKW is fortunate to have one of the most widely recognized and resilient brands in the global QSR industry and we are proud of the hard work and dedication of our employees and franchisees who are striving to deliver a strong finish to a critical year for the BURGER KING® system. In the U.S. and Canada, we are executing on our four pillar strategy, while internationally we completed additional refranchisings and development agreements that we believe will accelerate restaurant growth in the years to come.” Chief Financial Officer Daniel Schwartz added, “We are excited to begin returning cash to our shareholders with the initiation of a quarterly cash dividend, underscoring our confidence in BKW’s business model and commitment to disciplined capital allocation.”

Consolidated Financial Highlights
  Results   Variance
Three Months Ended September 30, $   %
2012   2011 Favorable / (Unfavorable)
($ in millions, except per share data)
 
System-wide Comparable Sales Growth 1 1.4 % 1.6 %
System-wide Sales Growth 1 3.9 % 3.6 %
 
Net Restaurant Growth 63 59 4 6.8%
 
Total Revenues $451.1 $607.7 ($156.6 ) (25.8%)
Adjusted EBITDA 2 $162.0 $161.0 $1.0 0.6%
Adjusted EBITDA Margin 2 35.9 % 26.5 % nm 9.4%
Adjusted Net Income 2 $61.1 $54.2 $6.9 12.7%
Adjusted Diluted Earnings Per Share 2 $0.17 $0.16 $0.02 10.6%
Net Income $6.6 $38.8 ($32.2 ) (83.0%)
Diluted Earnings Per Share $0.02 $0.11 ($0.09 ) (83.3%)

(1) System-wide comparable sales growth and system-wide sales growth are calculated on a constant currency basis and include sales at franchise restaurants and company-owned restaurants.

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