Burger King Worldwide, Inc. Reports Second Quarter 2012 Results

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

Second Quarter Highlights:
  • System-wide comparable sales increased 4.4% and system-wide sales increased 6.4% on a constant currency basis
  • Adjusted EBITDA increased 19% on an organic basis to $172.0 million
  • Adjusted diluted EPS increased 29% to $0.17
  • Established master franchise joint ventures in Russia and China to aggressively expand brand presence
  • Listed Burger King Worldwide on NYSE

“I am pleased with the progress made this quarter, with system-wide comparable sales up 4.4% and adjusted EBITDA up 19% year over year on an organic basis,” said Bernardo Hees, chief executive officer. “In the U.S. and Canada, our focus on menu, restaurant image, operations, and marketing communication is beginning to generate tangible results. Internationally, we are laying the foundation for accelerated development worldwide through the formation of partnerships in Russia and China. We are excited to have listed on the NYSE this quarter and believe BKW is well positioned for long-term growth.”

Consolidated Financial Highlights
    Results   Variance
Three Months Ended June 30, $   %
2012   2011 Favorable / (Unfavorable)
System-wide Comparable Sales Growth 1 4.4% (2.2%)
System-wide Sales Growth 1 6.4% 0.4%
Net Restaurant Growth 70 35 35 100.0%
Total Revenues $540.8 $595.4 ($54.6) (9.2%)
Adjusted EBITDA 2 $172.0 $149.9 $22.1 14.7%
Adjusted EBITDA Margin 2 31.8% 25.2% nm 6.6%
Adjusted Net Income 2 $61.3 $46.5 $14.8 31.8%
Diluted Adjusted Earnings Per Share 2 $0.17 $0.13 $0.04 29.5%
Net Income $48.2 $30.2 $18.0 59.6%
Diluted Earnings Per Share $0.14 $0.09 $0.05 56.8%

(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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