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AFC Enterprises Reports Preliminary Fiscal 2013 Operating Results

During the fourth quarter, the Popeyes’ system opened 49 domestic and 22 international restaurants, bringing full year 2013 openings to 194 restaurants, compared to 141 restaurants last year. Included in 2013 openings were the conversions of 24 restaurants acquired in Minnesota and California in 2012. The Popeyes system permanently closed 68 restaurants in fiscal 2013, resulting in net unit growth of 126 restaurants, compared to 66 net restaurants in 2012.

The Company expects final general and administrative expenses for fiscal 2013 will be approximately $73.5 million. The Company’s previous guidance was $74 to $75 million at approximately 3.0% of system-wide sales.

Based on its fourth quarter sales and store opening performance, the Company now expects fiscal 2013 reported earnings per diluted share (“EPS”) will be $1.40 to $1.41. Adjusted earnings per diluted share are expected to be $1.42 to $1.43, compared to $1.24 in fiscal 2012, an increase of approximately 15%. The Company's previous guidance for adjusted EPS was $1.39 to $1.42.

The Company’s Annual Report on Form 10-K for its fiscal year 2013, which ended December 29, 2013, will be filed on Wednesday, February 26, 2014, after market close. The Company will host a conference call on Thursday, February 27, 2014, at 9:00 a.m. Eastern Time to review results and provide guidance for fiscal 2014.

Corporate Profile

AFC Enterprises, Inc. is the franchisor and operator of Popeyes® restaurants, the world's second-largest Quick-Service Restaurant (“QSR”) chicken concept based on number of units. As of December 29, 2013, Popeyes had 2,225 operating restaurants in the United States, 3 territories, and 28 foreign countries. AFC’s primary objective is to deliver sales and profits by offering excellent investment opportunities in its Popeyes brand and providing exceptional franchisee support systems and services to its owners. AFC Enterprises can be found at www.afce.com.

       
12 Weeks Ended   Fiscal Year
12/29/13     12/30/12   12/29/13     12/30/12
Same-store sales growth  
Company-operated restaurants (1.2 %) 7.8 % 2.1 % 5.3 %
Domestic franchised restaurants 0.3 % 6.4 % 3.6 % 7.5 %
Total domestic (company-operated and franchised restaurants) 0.3 % 6.4 % 3.6 % 7.5 %
International franchised restaurants 4.2 % 4.3 % 4.7 % 2.6 %
Total global system 0.8 % 6.2 % 3.7 % 6.9 %
 
Company-operated restaurants (all domestic)
Restaurants at beginning of period 49 40 45 40
New restaurant openings 4 5 9 5
Permanent closings - - (1 ) -
Temporary (closings)/re-openings, net -   -   -   -  
Restaurants at end of period 53 45 53 45
 
Franchised restaurants (domestic)
Restaurants at beginning of period 1,696 1,606 1,634 1,587
New restaurant openings 45 37 115 79
Less: Permanent closings (14 ) (6 ) (27 ) (29 )
Temporary (closings)/re-openings, net (11 ) (3 ) (6 ) (3 )
Restaurants at end of period 1,716 1,634 1,716 1,634
 
Franchised restaurants (international)
Restaurants at beginning of period 442 414 425 408
New restaurant openings 22 20 70 57
Less: Permanent closings (8 ) (13 ) (40 ) (46 )
Temporary (closings)/re-openings, net -   4   1   6  
Restaurants at end of period 456 425 456 425
 
Total restaurant count at end of period 2,225   2,104   2,225   2,104  
 

Management’s Use of Non-GAAP Financial Measures

Adjusted Earnings per Diluted Share: Calculation and Definition

The Company defines adjusted earnings for fiscal 2012 as the Company’s reported net income after adjusting for certain non-operating items consisting of the following: (i) other expenses (income) net of $0.9 million in gains on sale of real estate assets to franchisees, partially offset by $0.3 million loss on disposals of property and equipment and $0.1 million of hurricane-related expenses, net; (ii) $0.5 million in legal fees related to licensing arrangements; and (iii) the tax effect of these adjustments.

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