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AFC Reports Financial Results For Second Quarter 2013; Reiterates Fiscal 2013 Earnings Guidance

Global same-store sales increased 4.4% in the second quarter compared to a 7.5% increase in 2012, for a two-year growth of 11.9%.

Total domestic same-store sales increased by 4.3% compared to a 8.4% increase last year for a two-year growth of 12.7%.

Same-store sales growth of our company-operated restaurants was positive 1.7% in the second quarter. The two-year same-store sales growth of Company-operated restaurants was 9.5%.

International same-store sales increased 5.8%, representing the 14 th consecutive quarter of positive same-store sales. Second quarter two-year international same-store sales growth was 6.7%.

As a result of positive same store sales and new restaurant growth, total revenues were $47.9 million compared to $39.6 million last year, an increase of 21% year-over-year.

Company-operated restaurant operating profit (“ROP”) was $3.2 million at 18.3% of sales, compared to $2.5 million at 17.5% of sales last year. The $0.7 million increase in ROP was primarily due to higher revenues resulting from positive same-store sales and new restaurant openings, and an improvement in food cost margins. Company-operated restaurant operating profit is a supplemental non-GAAP measure of performance. See the heading entitled “Management’s Use of Non-GAAP Financial Measures.”

General and administrative expenses were $16.8 million at 2.9% of system-wide sales, compared to $14.6 million at 2.9% of system-wide sales last year. The $2.2 million increase was primarily attributable to an increase in domestic franchisee restaurant support services, international franchise development and marketing support, an increase in performance-based incentive compensation expense and other general and administrative expenses, net.

Through the end of the second quarter, Operating EBITDA was $34.1 million at 31.5% of total revenues, compared to $28.6 million at 31.0% of total revenues in 2012. The 50 basis point increase was primarily a result of strong same-store sales, one-time franchise fees associated with the conversion of the restaurants in Minnesota and California acquired in 2012 and higher restaurant operating profit at Company-operated restaurants. The Company’s Operating EBITDA margin remains among the highest in the QSR industry. Operating EBITDA is a supplemental non-GAAP measure of performance. See the heading entitled “Management’s Use of Non-GAAP Financial Measures.”

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