Popeye's 2004 Annual Report Download - page 5

3
focus on new domestic markets in Boston, Las Vegas, Phoenix, and
Seattle, in addition to the existing markets in Chicago, New York,
and Washington, D.C. Internationally, Popeyes will be primarily
focusing on new unit growth in Canada and Latin America.
As I look back on 2004, I am struck by the fact that not once
did we rush into a decision. We were deliberate in our actions,
always striving to make the right choices — choices that would
enhance shareholder value. We have simply tried to do the
right things, in the right sequence, at the right time, always
looking to maximize value and protect the interests of every-
one associated with the company. Now, we are being just as
purposeful with Popeyes.
In light of all that has taken place over the last two
years, we have dedicated 2005 solely to further drive
improvements and enhance the growth prospects for
Popeyes. Our job is to make sure the Popeyes team has
minimum distractions and to give them the full support
they need to succeed.
We leave 2004 with fewer moving parts and a greater capacity to
focus. That is important because there is still a good deal of work to be done. And
there are no better people to do it than the people of AFC. There is a work ethic here that
inspires us to keep going until everything is done — and done to the best of our ability.
Now we are gearing up for our new priority — making Popeyes a compelling choice for our
guests, our franchisees, our employees and our shareholders.
Winston Churchill said, “A pessimist sees the difficulty in every opportunity; and an optimist
sees the opportunity in every difficulty.” Surely, AFC has seen its share of difficulties over the
last couple of years, but by also seeing the opportunity in our difficulties, we have become
stronger, leaner, more focused and better positioned to write the next successful chapter in
our history.
Top 2004 Accomplishments
Completed all SEC filings and relisted on NASDAQ
Hired new management team at Popeyes and saw
demonstrable improvements in the business
Implemented four new IT systems in restaurants and at
the operating companies
Restructured our portfolio by selling Church’s Chicken
and Cinnabon
Eliminated the need for a stand-alone corporate center
Frank J. Belatti
Chairman and CEO