Based on second quarter results, we are maintaining our 2012 adjusted EBITDA outlook of $320 million to $335 million. We continue to see strong sales increases at our Image Activation restaurant and plan to accelerate the expansion of the program in 2013. We are confident that the substantial capital investments we and our franchisees are making will drive the long-term profitability and growth of the Wendy's brand.

The 3 key reference points guiding our thinking strategically and tactically are: our brand positioning of A Cut Above, the growth pyramid illustrated in this slide and our Recipe to Win. Our company and franchise operators are aligned with and committed to these 3 cultural foundations, as keys to producing consistent brand, sales and profit growth.

The 7 growth initiatives, as illustrated by this pyramid, begin with the foundation of our business, North American sales growth. Beyond driving same-store sales growth, Image Activation is the most important initiative in our company. As our reimaged restaurants enable our marketing, our food and our people to be more effective in delivering a total experience that our customers are telling us that they absolutely love.

The 6 P's in our Recipe to Win bring our growth strategies to life, and when executed in unison, are powerful. We are optimistic about the potential of each of these growth players and our Recipe to Win.

And now, I'll turn it over to Steve, and then I'll return with more thoughts on our growth strategy.

Stephen E. Hare

Thank you, Emil, and good morning. And thank you for joining us today. We began the second quarter with the introduction of the Spicy Guacamole Chicken Club in April. In May, we launched our new Signature sides, featuring Mac 'N Cheese, Baked Sweet Potato and our Chili Cheese Fries. In June, we promoted the return of a Wendy's seasonal favorite, the Berry Almond Chicken Salad.

Read the rest of this transcript for free on

If you liked this article you might like

How Healthy Is That Happy Meal? Inside the Kids' Menus at McDonald's and More

McDonald's Is Still Serving Your Kids Belly Bombs

How Lethal Is That Happy Meal? Inside the Kids' Menus at McDonald's and More

Panera Bread Dares CEOs of McDonald's, Wendy's and Others to Eat Off Kids Menu