Popeye's 2010 Annual Report Download - page 2

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2010 ANNUAL REPORT 1
Financial Highlights & Key Operational Metrics(1)
(Dollars in millions, except per common share data) 2010 2009 2008
Franchise revenues $ 89.4 $ 86.0 $ 84.6
Total revenues(1) $ 146.4 $ 148.0 $ 166.8
Net income $ 22.9 $ 18.8 $ 19.4
Earnings per common share, diluted(2) $ 0.90 $ 0.74 $ 0.76
Adjusted earnings per common share, diluted(3,6) $ 0.86 $ 0.74 $ 0.65
Operating EBITDA(4,6) $ 45.3 $ 41.0 $ 42.0
Operating EBITDA margin(4,6) 30.9% 27.7% 25.2%
Free cash flow(5,6) $ 25.3 $ 22.1 $ 22.0
Free cash flow margin(5,6) 17.3% 14.9% 13.2%
Global system-wide sales growth(7) 5.1% 1.8% 0.6%
Domestic system-wide same-store sales growth 2.5% 0.6% (2.2)%
International system-wide same-store sales growth 3.1% 1.9% 4.1%
Global system-wide same-store sales growth 2.6% 0.7% (1.7)%
New restaurant openings 106 95 140
Total restaurants 1,977 1,943 1,922
Seefinancialdefinitions,computations,andreconciliationstoGAAPmeasuresonpage8.
Passion. Performance. Popeyes.
AFC Enterprises, Inc. (NASDAQ: AFCE) is the franchisor and operator of Popeyes® restaurants,
which bring the flavor and festival of Louisiana to people around the globe. Founded in 1972,
Popeyes is the world’s second-largest quick-service chicken concept based on number of units,
with 1,977 restaurants. People have a passion for Popeyes and its bold, distinctive food, with a
menu from the flavor-rich Cajun and Creole regions of Louisiana. More than great food, Popeyes
is good business for more than 340 franchisees in 45 states across America; 26 countries
internationally; and in three territories — Guam, Puerto Rico, and the Cayman Islands.* The Popeyes
brand offers restaurant owners an excellent investment opportunity backed by exceptional franchisee
support systems and services. For AFCE stakeholders, we believe the franchise-focused Popeyes
business model provides strong, stable cash flows and significant opportunities for restaurant growth.
*Information is as of December 26, 2010.
2008 2009 2010
$0.65
$0.74
$0.86
Adjusted Diluted EPS(3,6)