Popeye's 2004 Annual Report Download - page 3

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A LETTER TO OUR STAKEHOLDERS
Dear Stakeholders,
Over the past two years, we have worked diligently to do what was
necessary and prudent to unlock the greatest value at AFC. As I look
back over this past year, I must say that I am pleased with what we have
accomplished — especially since we set out specifically to execute many
of these initiatives twelve months ago.
As 2004 began, we were determined to assess and improve our adminis-
trative processes and procedures, resume trading on NASDAQ, evaluate
and make appropriate changes to our portfolio, collapse the corporate
center, and turn our undivided attention to growing the Popeyes brand.
Despite facing what often were competing priorities, our people remained steadfast and
resolute, never wavering from the goal of getting the job done. They worked hard to do what
had to be done in the appropriate sequence, while delivering our desired results.
Maintaining a proper balance throughout the year, we were careful to protect
the integrity of our brands, the investments of our franchisees, and the work environment
of our employees. All the while, we were seeking to improve the value of the enterprise
for our shareholders.
The fact that we succeeded in maintaining that balance bodes very well for the future of this
company because the majority of the people who did the hard work during 2004 remain with
the company and are now focused on our 2005 objectives. There is a sense of genuine
enthusiasm about running the business without competing priorities.
Now we are concentrating on just one thing, driving Popeyes to new levels of performance
and profitability. That single-minded focus is good for everyone. It is good for our franchisees,
who know our efforts are designed to assist them in every way we can toward a “future of
opportunity.” It is good for our employees, who can concentrate their efforts on a single
brand, ensuring that their energy, creativity, and boundless spirit are devoted to making
Popeyes the brand of choice in our industry. And it is good for our shareholders, who will
benefit from a streamlined organization that is free from many previous distractions and is
committed to building the business.
There is a school of thought that
acquiring businesses is always
good and trimming businesses
cannot be a positive move.
At AFC, we constantly look at
both sides of the equation —
growth and reduction — and
continually analyze what will be in
the best interest of the enterprise
and our stakeholders. Sometimes it is growth, but sometimes reduction provides the greatest
value and clarity and builds the strongest platform for future success.
“...we expect to take deliberate
actions that will unlock value
as a whole.”
—Frank J. Belatti, AFC 2003 Annual Report
Frank Belatti
Chairman and CEO