Operating EBITDA was $55.9 million at 31.3% of total revenue, compared to $45.4 million at 29.5% of total revenue last year. The $10.5 million increase was primarily the result of higher franchise revenues and higher Company-operated restaurant operating profit, partially offset by our strategic investments to accelerate global sales and new restaurant development. Operating EBITDA is a supplemental non-GAAP measure of performance. See the heading entitled “Management’s Use of Non-GAAP Financial Measures.”Income tax expense was $17.3 million, at an effective tax rate of 36.3%, compared to an effective tax rate of 34.6% in 2011. The prior year income tax expense included a tax benefit of $0.8 million, or 2.2%, for work opportunity tax credits related to prior years. Excluding the impact of these tax credits, the 2012 effective rate was lower than 2011 due to minor favorable adjustments to income tax reserves, partially offset by higher state income taxes. Other differences in the effective tax rate and the statutory rates are due to changes in estimated income tax reserves.
AFC Enterprises Reports Fiscal 2012 Results; Provides Fiscal 2013 Guidance
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