Burger King Reports Drop in Net Income02 November 2012
GLOBAL - Fast food chain Burger King has reported a drop in net income for the three months to the end of September of 83 per cent.
The burger company has seen income drop from $38.8 million in 2011 to just $6.6 million this year.
The company's total revenues for the threed month period fell from $607.7 million to $451.1 million although adjusted EBITDA rose from $161 million to $162 million - an increase on an organic basis of six per cent.
Adjusted diluted earnings per share rose by 11 per cent to $0.17.
BKW Chief Executive Officer Bernardo Hees said: "We completed our first full quarter as a public company with continued positive momentum despite the challenging global economic environment.
"BKW is fortunate to have one of the most widely recognised and resilient brands in the global QSR industry and we are proud of the hard work and dedication of our employees and franchisees, who are striving to deliver a strong finish to a critical year for the BURGER KING® system.
"In the US and Canada, we are executing on our four pillar strategy, while internationally we completed additional refranchisings and development agreements that we believe will accelerate restaurant growth in the years to come."
Chief Financial Officer Daniel Schwartz added: "We are excited to begin returning cash to our shareholders with the initiation of a quarterly cash dividend, underscoring our confidence in BKW's business model and commitment to disciplined capital allocation."
TheMeatSite News Desk