This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AFC Enterprises Reports Earnings For Third Quarter 2013; Narrows Fiscal Year 2013 EPS Guidance

Interest expense, net was $0.8 million compared to $0.7 million last year.

Income tax expense was $5.6 million at an effective tax rate of 38.4%, compared to an effective tax rate of 33.7% in 2012. The higher effective tax rates are primarily due to higher state income taxes in 2013 and the recognition of worker opportunity tax credits and foreign income taxes in 2012. The effective tax rates differ from statutory rates due to credits and permanent differences between reported income before income taxes and taxable income for tax purposes.

Reported net income grew to $9.0 million, or $0.37 per diluted share, compared to $6.9 million, or $0.29 per diluted share, in 2012. Through the end of the third quarter, reported net income was $27.1 million or $1.12 per diluted share, versus $21.8 million or $0.89 per diluted share, last year.

Adjusted earnings per diluted share were $0.38 compared to $0.29 last year. This improvement was primarily due to stronger same-store sales and higher average new restaurant sales. Through the end of the third quarter, adjusted earnings per diluted share were $1.13 compared to $0.91, representing a 24.2% increase over last year.

Free cash flow through the end of the third quarter was $33.2 million compared to $26.3 million in 2012. As a percentage of Total Revenue, Free Cash Flow was 21.1% compared to 20.0% last year.

During the third quarter, the Company repurchased approximately 156,000 shares of its common stock for approximately $6.5 million. Through the end of the third quarter, the Company has repurchased approximately 390,000 shares of common stock for approximately $15.0 million.

During the third quarter, the Popeyes system opened 39 restaurants, which included 23 domestic and 16 international. The Popeyes system permanently closed 6 restaurants, including 1 domestic and 5 international. Through the third quarter, Popeyes opened 123 restaurants and permanently closed 46 restaurants, resulting in 77 net openings, compared to 23 net openings in 2012.

3 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs