Wendy's 2013 Annual Report Download - page 5

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PART I
Special Note Regarding Forward-Looking Statements and Projections
This Annual Report on Form 10-K and oral statements made from time to time by representatives of the
Company may contain or incorporate by reference certain statements that are not historical facts, including, most
importantly, information concerning possible or assumed future results of operations of the Company. Those
statements, as well as statements preceded by, followed by, or that include the words “may,” “believes,” “plans,”
“expects,” “anticipates,” or the negation thereof, or similar expressions, constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). All statements that
address future operating, financial or business performance; strategies or expectations; future synergies, efficiencies or
overhead savings; anticipated costs or charges; future capitalization; and anticipated financial impacts of recent or
pending transactions are forward-looking statements within the meaning of the Reform Act. The forward-looking
statements are based on our expectations at the time such statements are made, speak only as of the dates they are
made and are susceptible to a number of risks, uncertainties and other factors. Our actual results, performance and
achievements may differ materially from any future results, performance or achievements expressed or implied by our
forward-looking statements. For all of our forward-looking statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Reform Act. Many important factors could affect our future results and
could cause those results to differ materially from those expressed in or implied by the forward-looking statements
contained herein. Such factors, all of which are difficult or impossible to predict accurately, and many of which are
beyond our control, include, but are not limited to, the following:
• competition, including pricing pressures, couponing, aggressive marketing and the potential impact of
competitors’ new unit openings on sales of Wendy’s restaurants;
• consumers’ perceptions of the relative quality, variety, affordability and value of the food products we offer;
• food safety events, including instances of food-borne illness (such as salmonella or E. Coli) involving
Wendy’s or its supply chain;
• consumer concerns over nutritional aspects of beef, poultry, french fries or other products we sell, concerns
regarding the ingredients in our products and/or cooking processes used in our restaurants, or concerns
regarding the effects of disease outbreaks such as “mad cow disease” and avian influenza or “bird flu;”
• the effects of negative publicity that can occur from increased use of social media;
• success of operating and marketing initiatives, including advertising and promotional efforts and new
product and concept development by us and our competitors;
• the impact of general economic conditions and high unemployment rates on consumer spending,
particularly in geographic regions that contain a high concentration of Wendy’s restaurants;
• changes in consumer tastes and preferences, and in discretionary consumer spending;
• changes in spending patterns and demographic trends, such as the extent to which consumers eat meals
away from home;
• certain factors affecting our franchisees, including the business and financial viability of franchisees, the
timely payment of such franchisees’ obligations due to us or to national or local advertising organizations,
and the ability of our franchisees to open new restaurants in accordance with their development
commitments, including their ability to finance restaurant development and remodels;
• changes in commodity costs (including beef, chicken and corn), labor, supply, fuel, utilities, distribution
and other operating costs;
• availability, location and terms of sites for restaurant development by us and our franchisees;
• development costs, including real estate and construction costs;
• delays in opening new restaurants or completing remodels of existing restaurants, including risks associated
with the Image Activation program;
• the timing and impact of acquisitions and dispositions of restaurants;
• anticipated or unanticipated restaurant closures by us and our franchisees;
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