Popeye's 2011 Annual Report Download - page 3

Financial Highlights & Key Operational Metrics(1)
(Dollars in millions, except per common share data) 2011 2010 2009
Franchise revenues $ 95.0 $ 89.4 $ 86.0
Total revenues(1) $ 153.8 $ 146.4 $ 148.0
Net income $ 24.2 $ 22.9 $ 18.8
Earnings per common share, diluted(2) $ 0.97 $ 0.90 $ 0.74
Adjusted earnings per common share, diluted(3,6) $ 0.99 $ 0.86 $ 0.74
Operating EBITDA(4,6) $ 45.4 $ 45.3 $ 41.0
Operating EBITDA margin(4,6) 29.5% 30.9% 27.7%
Free cash flow(5,6) $ 28.5 $ 26.3 $ 23.7
Global system-wide sales growth(7) 6.6% 5.1% 1.8%
Domestic system-wide same-store sales growth 3.0% 2.5% 0.6%
International system-wide same-store sales growth 3.3% 3.1% 1.9%
Global system-wide same-store sales growth 3.1% 2.6% 0.7%
New restaurant openings 140 106 95
Total restaurants 2,035 1,977 1,943
See page 8 for definitions, computations, and reconciliations to GAAP measures.
Serving it up by design
Popeyes has grown over the past 40 years by creating a distinctive, relevant brand and an attractive franchise model
that delivers results for restaurant owners and AFCE investors. In 2008, we established a Strategic Road Map for Results to
re-energize Popeyes, with four pillars to guide our decision making. We’ve been serving up industry-leading innovation and
performance improvements ever since.
We follow a disciplined approach that addresses all the elements of a great restaurant company:
Superior affordable food so good you can’t wait to eat at Popeyes
Service so good you can’t wait to come back to Popeyes
Profits so good that you are thrilled to own a Popeyes
Returns so good you can’t wait to build more Popeyes
Serving up results like nobody else
AFC Enterprises, Inc. (NASDAQ: AFCE) is the franchisor and operator of Popeyes® restaurants, the world’s
second-largest quick-service chicken concept based on number of units. Founded in 1972, Popeyes is a growing
global brand, bringing the flavor and festivals of Louisiana to people in 45 states across America, 25 countries,
and three territories: Guam, Puerto Rico, and the Cayman Islands. The passion that Popeyes guests have for our
bold, distinctive food is the same passion that over 345 franchisees have for the brand. The Popeyes brand offers
restaurant owners an excellent investment opportunity backed by exceptional franchisee support systems and
services. For AFCE investors, we believe the Popeyes highly franchised business model provides strong, stable
cash flows, a solid balance sheet, a diversified revenue stream, and significant opportunities for restaurant growth.
2011 ANNUAL REPORT 1