Also Provides Fiscal 2008 Guidance and Announces $15 Million Accelerated Share
Repurchase
ATLANTA, March 12 /PRNewswire-FirstCall/ -- AFC Enterprises, Inc.
(Nasdaq: AFCE), the franchisor and operator of Popeyes(R) Chicken & Biscuits,
today reported results for its fiscal year 2007 which ended December 30, 2007.
The Company also announced a new strategic plan designed to enhance
shareholder value and leverage the Popeyes brand through expanded marketing
and menu offerings, in addition to improving guest experience and unit
economics. A key component of the new strategic plan is the commencement of a
process to identify experienced and qualified franchisees to purchase company-
operated restaurants.
Fiscal year 2007 highlights*:
- Net income was $23.1 million, or $0.80 per diluted share, compared to
$22.4 million, or $0.75 per diluted share, in fiscal 2006. For the
twelve weeks in the fourth quarter of 2007, net income was $3.6
million, or $0.13 per diluted share, as compared to $5.6 million, or
$0.19 per diluted share, for the thirteen weeks in the fourth quarter
last year. The 53rd week in fiscal 2006 increased net income by
approximately $0.02 per diluted share.
- Total system-wide sales increased by 0.3 percent compared to 7.0
percent last year. Excluding the impact of the 53rd operating week in
fiscal 2006, system-wide sales would have increased by 2.1 percent.
- Total domestic same-store sales decreased 2.3 percent compared to an
increase of 1.6 percent in fiscal 2006. International same-store
sales increased 1.1 percent compared to a decrease of 3.2 percent last
year. Total global same-store sales decreased 2.0 percent compared to
an increase of 1.1 percent last year.
- The Popeyes system opened 124 restaurants and closed 109 restaurants,
bringing the total unit count to 1,905 compared to 1,878 at the end of
2006.
- The Company repurchased approximately 2.5 million shares of common
stock for approximately $39.4 million.
*Fiscal 2007 results included 52 weeks compared to 53 weeks in fiscal
2006.
New Strategic Plan
Commenting on the launch of the Company's new strategic plan, AFC Chief
Executive Officer Cheryl Bachelder said, "Since I joined the Company in
November, we have devoted substantial time and resources towards developing a
new strategic plan which we are excited to share with our investors. We
believe the new plan will set Popeyes on a firm foundation for accelerated
unit growth and enhanced shareholder returns. Implementation of this plan is
underway."
The four key pillars of the new strategic plan include:
Building the Popeyes Brand by offering franchisees a distinctive brand
and menu with clear competitive advantages. Planned steps to exploit
this advantage include:
Launching new marketing messages to excite customers about the
superiority of Popeyes core bone-in chicken products; and
Rolling-out fresh and relevant menu platforms focused on portable
snacks, quick lunch offerings, lighter alternatives and everyday
value.
Running Great Restaurants by strengthening restaurant operations and
improving the Popeyes guest experience through:
Implementing a guest experience monitor (GEM) to gauge guest
satisfaction at every restaurant in the Popeyes system; and
Restructuring the field operations team to accomplish quarterly
operations assessments of restaurants against Popeyes standards and
procedures.
Strengthening Unit Economics by identifying cost savings to improve
food, labor and overhead efficiencies in the restaurants by:
Assembling a task force to address the operating cost structure of
Popeyes restaurants and to identify ways to improve restaurant
operating profit. The team includes franchisees, corporate
operations, supplier partners and the Popeyes
purchasing/distribution cooperative; and
Improving Popeyes restaurant unit economics to better position
franchisees to build new units as the economic environment improves.
Aligning People and Resources to Deliver Results by making significant
investments in brand building, operational tools and talent as
evidenced by:
Making non-recurring investments of $3.5 million in 2008 to
strengthen brand building and menu innovation to drive guest traffic
increases; and
Recruiting Ralph Bower as chief operations officer of Popeyes and
Dick Lynch as chief marketing officer. These two experienced
executives, working with the Company's existing talented team,
complete the Popeyes leadership team.
Added Bachelder, "Today, we are also announcing our decision to commence a
process to identify experienced and qualified franchisees to purchase our
company-operated restaurants so that we can re-purpose our resources towards
the critical initiatives set forth in our new strategic plan. The Company
expects proceeds in the range of $38-$42 million which would yield $0.08-$0.14
of diluted earnings per share, if the divestiture is fully implemented. We
believe our actions today prepare us for long term success, including EPS
average growth of 12-15 percent, 4-6 percent net unit growth, 2-3 percent
same-store sales, and with EBITDA margins and free cash flows among the
highest in the industry, if our plans are successfully implemented."
Ms. Bachelder concluded, "After completing an exhaustive assessment of the
Popeyes brand and business opportunities, I am more convinced than ever that
Popeyes will be set on a firm foundation and positioned for accelerated
growth. Our strengths are significant -- we have better chicken in a growing
QSR segment. We have opportunities to improve our guest experience and our
unit economics and we are attacking these with urgency. With strong
fundamentals in place, we believe Popeyes' broad appeal creates a large unit
expansion opportunity, both domestically and internationally. In short,
Popeyes now has a strategic plan to establish the brand as a growing QSR chain
that delivers sound returns to its shareholders."
2007 Financial Performance Review
Total system-wide sales increased by 0.3 percent. This growth was
comprised of a 0.6 percent decrease in franchisee restaurant sales to $1.65
billion, and a 22.7 percent increase in company-operated restaurant sales to
approximately $80.0 million. Excluding the impact of the 53rd week in fiscal
2006, system-wide sales would have increased by 2.1 percent.
Total domestic same-store sales decreased 2.3 percent compared to an
increase of 1.6 percent in the prior year, and total global same-store sales
decreased 2.0 percent compared to an increase of 1.1 percent in the prior
year. Same-store sales softness reflects the increased level of value
promotion activity in the QSR sector, as competitors strive to retain
customers in an increasingly challenging economic environment.
Same-store sales for company-operated restaurants decreased 7.8 percent
compared to a 9.0 percent increase last year. This decrease reflects the
continued rollover effect of unusually high same-store sales of re-opened
company-operated restaurants in New Orleans following Hurricane Katrina, as
well as softer same-store sales in the Atlanta and Tennessee markets.
Total revenues were $167.3 million, compared to $153.0 million in the
prior year. The $14.3 million increase was comprised of approximately $13.1
million from the re-opening of company-operated restaurants in New Orleans,
$5.4 million (net of lost franchise royalty revenue) from 13 franchised
restaurants the Company acquired in the Memphis and Nashville markets in the
second quarter of 2006, $3.9 million from new openings of company-operated
restaurants in the Atlanta market, and a $2.1 million increase in revenue,
primarily driven by sales from new franchised restaurants. These increases in
total revenues were partially offset by a reduction of $6.5 million from
negative same-store sales, a $2.5 million decrease from the impact of the 53rd
week in fiscal 2006, and a $1.2 million reduction as result of the sale of an
entity which was consolidated in 2006.
General and administrative expenses were consistent with previous guidance
at $49.5 million, or 2.9 percent of system-wide sales, a $1.4 million increase
compared to 2006. This increase was primarily due to higher professional and
severance costs, which were partially offset by a reduction in employee
incentive payments due to lower sales performance and lower equity
compensation.
Other income was $2.7 million, or $0.06 per diluted share, including a
gain of $4.5 million from Hurricane Katrina insurance recoveries, partially
offset by an expense of $1.8 million related to net losses for impairment and
other charges.
Operating profit was $45.6 million, compared to operating profit of $45.3
million last year.
Fiscal 2007 EBITDA was $52.5 million, at a margin of 31.4 percent of total
revenue, compared to 2006 EBITDA of $51.9 million, at a margin of 33.9 percent
of total revenue. AFC's EBITDA computation and reconciliation to GAAP
measures is described in detail under the heading "Use of Non-GAAP Financial
Measures."
Income tax expense was $13.8 million, yielding an effective tax rate of
37.4 percent, compared to an effective tax rate of 35.1 percent in the prior
year.
Net income was $23.1 million, or $0.80 per diluted share, compared to
$22.4 million, or $0.75 per diluted share, for fiscal 2006. Fiscal 2007
diluted earnings per share were consistent with the Company's revised fiscal
2007 guidance of $0.78-$0.80. Net income in fiscal 2006 benefited by
approximately $0.02 per diluted share for the 53rd operating week. Net of
insurance recovery benefits and other expense charges, earnings per diluted
share for fiscal 2007 would have been $0.74 from the Company's core
operations.
Free cash flow in fiscal 2007 was $28.5 million. This free cash was used
to invest in new company-operated restaurants, make required debt payments
totaling $1.1 million, and repurchase and retire shares of the Company's
common stock. AFC's free cash flow computation and reconciliation to GAAP
measures is described in detail under the heading "Use of Non-GAAP Financial
Measures."
During fiscal 2007, the Company repurchased approximately 2.5 million
shares of its common stock for approximately $39.4 million. As of February
22, 2008, there were approximately 27.2 million shares of the Company's common
stock outstanding.
The Popeyes system opened 124 new restaurants in fiscal 2007, below the
lower end of the Company's expectations. Year-end openings fell below
expectations due to construction delays in international markets and in the
U.S. For fiscal 2007, the Popeyes system reported 109 restaurant closures,
consistent with the Company's previous guidance. The closures included 61
units domestically and 48 units internationally.
On a system-wide basis, Popeyes had 1,905 units operating at the end of
fiscal 2007, compared to 1,878 units at the end of last year. Total unit
count was comprised of 1,583 domestic units and 322 international units in 24
foreign countries and two territories. Of this total, 1,840 were franchised
and 65 were company-operated restaurants.
Fiscal 2008 Guidance
"As mentioned, our new strategic plan for the Popeyes system requires a
number of specific and significant investments in fiscal 2008 to strengthen
the brand, build top-line sales, run stronger, more profitable restaurants and
position the system for accelerated unit growth," stated Ms. Bachelder.
For fiscal 2008, the Company expects diluted EPS to be in the range of
$0.63-$0.68 per diluted share. This range includes $3.5 million, or
approximately $0.08 per diluted share, related to investments to strengthen
the Popeyes brand and which the Company believes are non-recurring. The
Company's fiscal 2008 diluted earnings per share guidance excludes the impact
of potential recoveries related to historical Directors and Officers'
insurance claims and other one-time, non-operational benefits or expenses.
Excluding the non-recurring $3.5 million of investments, the Company
expects fiscal 2008 diluted earnings per share to be in the range of $0.71-
$0.76, compared to fiscal 2007 diluted earnings per share of $0.74, after
excluding $2.7 million, or approximately $0.06 per diluted share, related to
insurance recoveries and other non-recurring expense charges.
For fiscal 2008, the Company expects same-store sales in a difficult
consumer environment to be flat to positive 1.0 percent and expects global new
restaurant openings for 2008 in the range of 115-130. The Company expects its
closure rate of restaurants to be similar to those experienced in the past few
years as the Company continues to reinforce its operational standards and
close underperforming restaurants throughout the system. Net openings are
expected to be in the range of 5-15 units.
Popeyes general and administrative expenses as a percentage of system-wide
sales have been maintained at slightly below 3 percent compared to the
industry average of approximately 5 percent. During 2008, as result of the
investments to retool and strengthen the brand, including non-recurring
investments of $3.5 million, general and administrative expenses as a
percentage of system-wide sales, are expected to increase to 3.0 to 3.1
percent. After 2008, the Company expects to see that percentage return to a
trend below 3 percent of system-wide sales on an on-going basis. The
investments, which management believes are non-recurring, principally include
transition costs associated with branding and marketing, operational changes
and the cost of new licensed technology.
The Company expects its 2008 EBITDA margin and generation of free cash
flow to be lower than 2007 due primarily to the 3.5 million of non-recurring
investments discussed above. However, the Company's 2008 EBITA margin and
generation of free cash flow are still expected to rank among the most
efficient in the industry.
Accelerated Share Repurchase
The Company previously announced that its Board of Directors has
authorized additional repurchases of the Company's common stock. As of
February 22, 2008, the Company had approximately $56.4 million remaining under
this authorization. Pursuant to this repurchase program, the Company has
today entered into an accelerated stock repurchase agreement with a financial
institution to repurchase $15 million of common stock. The Company may
continue to undertake additional repurchases of its common stock in the open
market, either before or after completion of the accelerated stock repurchase
transaction. Under the terms of its current credit facility, the Company has
the ability to repurchase more than $35 million of shares during fiscal year
2008, including the $15 million accelerated share repurchase.
Ms. Bachelder concluded, "We believe 2008 investments in marketing,
operations and talent will jump start our strategic plan. Unit growth in 2008
will be modest as we concentrate on our new brand building initiatives. This
year will set us on a firm foundation so that we can accelerate unit growth
thereafter and deliver the returns our shareholders expect from a growing
restaurant concept. Our entire team is enthusiastic and determined to drive
strong returns for our stakeholders with the powerful Popeyes brand and
franchise system."
Conference Call
The Company will host a conference call and internet webcast with the
investment community at 9:00 A.M. Eastern Time on March 13, 2008, to review
the results of fiscal 2007 and discuss the 2008 operating plan and provide
2008 guidance. To access the Company's webcast, go to www.afce.com , select
"Investor Information" and then select "AFC Enterprises Fiscal 2007 Earnings
Conference Call."
Corporate Profile
AFC Enterprises, Inc. is the franchisor and operator of Popeyes(R) Chicken
& Biscuits, the world's second-largest quick-service chicken concept based on
number of units. As of December 30, 2007, Popeyes had 1,905 restaurants in
the United States, Puerto Rico, Guam and 24 foreign countries. AFC has a
primary objective to be the world's Franchisor of Choice(R) by offering
investment opportunities in its Popeyes Chicken & Biscuits brand and providing
exceptional franchisee support systems and services. AFC Enterprises can be
found at www.afce.com .
AFC Contact Information
Investor inquiries:
Cheryl Fletcher, Director, Finance & Investor Relations
(404) 459-4487 or investor.relations@afce.com
Media inquiries:
Alicia Thompson, Vice President, Popeyes Communications & Public Relations
(404) 459-4572 or popeyescommunications@popeyes.com
AFC Enterprises, Inc.
Consolidated Balance Sheets
As of December 30, 2007 and December 31, 2006
(In millions, except share data)
ASSETS 2007 2006
Current assets:
Cash and cash equivalents $5.0 $6.7
Accounts and current notes receivable, net 13.1 12.9
Prepaid income taxes 0.5 7.4
Other current assets 16.6 15.6
Total current assets 35.2 42.6
Long-term assets:
Property and equipment, net 42.4 39.9
Goodwill 11.7 11.7
Trademarks and other intangible assets, net 51.6 52.4
Other long-term assets, net 14.1 16.5
Total long-term assets 119.8 120.5
Total assets $155.0 $163.1
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $26.1 $23.8
Other current liabilities 14.9 10.9
Current debt maturities 14.0 1.4
Total current liabilities 55.0 36.1
Long-term liabilities:
Long-term debt 118.8 132.6
Deferred credits and other long-term
liabilities 21.5 25.6
Total long-term liabilities 140.3 158.2
Total liabilities 195.3 194.3
Commitments and contingencies
Shareholders' deficit:
Preferred stock ($.01 par value; 2,500,000
shares authorized; 0 issued and outstanding) - -
Common stock ($.01 par value; 150,000,000
shares authorized; 27,356,105 and 29,487,648
shares issued and outstanding at December
30, 2007 and December 31, 2006, respectively) 0.3 0.3
Capital in excess of par value 127.7 161.7
Notes receivable from officers, including
accrued interest - -
Accumulated deficit (168.5) (194.4)
Accumulated other comprehensive income 0.2 1.2
Total shareholders' deficit (40.3) (31.2)
Total liabilities and shareholders'
deficit $155.0 $163.1
AFC Enterprises, Inc.
Consolidated Statements of Operations
(In millions, except per share data)
12/13 Weeks Ended 52/53 Weeks Ended
12/30/2007 12/31/2006 12/30/2007 12/31/2006
Revenues:
Sales by company-
operated restaurants $19.0 $18.4 $80.0 $65.2
Franchise revenues 19.1 20.5 82.8 82.6
Other revenues 1.0 1.1 4.5 5.2
Total revenues 39.1 40.0 167.3 153.0
Expenses:
Restaurant employee,
occupancy and other
expenses 10.0 9.5 40.7 33.7
Restaurant food,
beverages and packaging 6.7 6.1 27.3 21.3
General and administrative
expenses 13.8 12.4 49.5 48.1
Depreciation and
amortization 1.6 1.5 6.9 6.4
Other expenses (income),
net (1.0) 0.4 (2.7) (1.8)
Total expenses 31.1 29.9 121.7 107.7
Operating profit 8.0 10.1 45.6 45.3
Interest expense, net 2.2 2.2 8.7 11.1
Income before income taxes
and discontinued operations 5.8 7.9 36.9 34.2
Income tax expense 2.2 2.3 13.8 12.0
Income before discontinued
operations 3.6 5.6 23.1 22.2
Discontinued operations, net
of income taxes - - - 0.2
Net income $3.6 $5.6 $23.1 $22.4
Basic earnings per common
share:
Income before discontinued
operations $0.14 $0.19 $0.81 $0.75
Discontinued operations,
net of income taxes - - - 0.01
Net income $0.14 $0.19 $0.81 $0.76
Diluted earnings per common
share:
Income before discontinued
operations $0.13 $0.19 $0.80 $0.74
Discontinued operations,
net of income taxes - - - 0.01
Net income $0.13 $0.19 $0.80 $0.75
AFC Enterprises, Inc.
Consolidated Statements of Cash Flows
(In millions)
2007 2006
Cash flows provided by (used in) operating
activities:
Net income $23.1 $22.4
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Discontinued operations, net of income taxes - (0.2)
Depreciation and amortization 6.9 6.4
Asset write downs 1.9 0.1
Net gain on sales of assets (0.3) (2.3)
Gain on insurance recoveries related to asset
damages, net (3.2) -
Deferred income taxes (0.5) 2.2
Non-cash interest, net (0.3) 0.4
Provision for credit losses 0.4 (0.3)
Excess tax benefits from stock-based
compensation (0.9) (1.8)
Stock-based compensation expense 1.7 3.4
Change in operating assets and liabilities:
Accounts receivable (0.6) 2.0
Prepaid income taxes 7.8 25.8
Other operating assets 0.4 (0.4)
Accounts payable and other operating
liabilities 4.0 (9.0)
Net cash provided by operating
activities of continuing operations 40.4 48.7
Net cash (used in) operating activities
of discontinued operations - -
Cash flows provided by (used in) investing
activities:
Capital expenditures of continuing operations (10.0) (7.0)
Proceeds from dispositions of property and
equipment 0.3 4.3
Property insurance proceeds 4.5 3.5
Acquisition of franchised restaurants (0.4) (9.3)
Purchases of short-term investments - (5.9)
Sales and maturities of short-term investments - 36.7
Proceeds from notes receivable 0.8 0.8
Other, net - -
Net cash provided by (used in)
investing activities (4.8) 23.1
Cash flows provided by (used in) financing
activities:
Principal payments - 2005 Credit Facility
(term loans) (6.9) (59.5)
Net borrowings under 2005 revolving credit
facility 5.0 -
Principal payments - other notes (including
VIEs) (0.1) (1.3)
Special cash dividend (0.7) (0.7)
Stock repurchases (39.4) (24.4)
Proceeds from exercise of employee stock
options 3.3 10.7
Excess tax benefits from stock-based
compensation 0.9 1.8
Decrease in restricted cash 1.1 0.7
Debt issuance costs (0.2) (0.1)
Other, net (0.3) (0.5)
Net cash (used in) financing activities (37.3) (73.3)
Net (decrease) in cash and cash equivalents (1.7) (1.5)
Cash and cash equivalents at beginning of year 6.7 8.2
Cash and cash equivalents at end of year $5.0 $6.7
Q4 Ended Q4 Ended Year to Date Year to Date
12/30/07 12/31/06 12/30/07 12/31/06
Total Same-Store Sales
Company-operated (7.4%) (7.6%) (7.8%) 9.0%
Franchised (a) (1.3%) (3.0%) (2.1%) 1.3%
Total Domestic (1.6%) (3.1%) (2.3%) 1.6%
International (b) 1.9% 0.8% 1.1% (3.2%)
Total Global (1.2%) (2.8%) (2.0%) 1.1%
Total Franchised
(a and b) (1.0%) (2.6%) (1.8%) 0.9%
New Unit Openings
Company-operated 3 2 5 3
Franchised 21 34 77 97
Total Domestic 24 36 82 100
International 15 14 42 42
Total Global 39 50 124 142
Unit Count
Company-operated 65 56 65 56
Franchised 1,518 1,503 1,518 1,503
Total Domestic 1,583 1,559 1,583 1,559
International 322 319 322 319
Total Global 1,905 1,878 1,905 1,878
Use of Non-GAAP Financial Measures
EBITDA: Calculation and Definition
The following table reconciles on a historical basis for 2006 and 2007,
the Company's earnings before interest expense, taxes, depreciation and
amortization ("EBITDA") on a consolidated basis to the line on our
consolidated statement of operations entitled net income, which we believe is
the most directly comparable GAAP measure on our consolidated statement of
operations to EBITDA:
(dollars in millions) 2006 2007
Net income $22.4 $23.1
Interest expense, net $11.1 $8.7
Income tax expense $12.0 $13.8
Depreciation and amortization $6.4 $6.9
EBITDA $51.9 $52.5
Total Revenue $153.0 $167.3
EBITDA as a percentage of Total Revenue
(EBITDA margin) 33.9% 31.4%
Free cash flow: Calculation and Definition
The following table reconciles on a historical basis for 2007, the
Company's free cash flow on a consolidated basis to the line on our
consolidated statement of operations entitled net income, which we believe is
the most directly comparable GAAP measure on our consolidated statement of
operations to free cash flow:
(dollars in millions) 2007
Net income $23.1
Depreciation and amortization $6.9
Stock compensation expense $1.7
Maintenance capital expenses $(3.2)
Free cash flow $28.5
Management's Use of Non-GAAP Financial Measures
EBITDA and free cash flow are supplemental non-GAAP financial measures.
We use EBITDA and free cash flow, in addition to net income, operating profit
and cash flows from operating activities, to assess our performance and
believe it is important for investors to be able to evaluate us using the same
measures used by management. We believe these measures are important
indicators of our operational strength and performance of our business because
they provide a link between profitability and operating cash flow. EBITDA and
free cash flow as calculated by us are not necessarily comparable to similarly
titled measures reported by other companies. In addition, EBITDA and free cash
flow: (a) do not represent net income or cash flows from operations as defined
by GAAP; (b) are not necessarily indicative of cash available to fund our cash
flow needs; and (c) should not be considered as an alternative to net income,
operating profit, cash flows from operating activities or our other financial
information determined under GAAP.
Forward-Looking Statement: Certain statements in this release contain
"forward-looking statements" within the meaning of the federal securities
laws. Statements regarding future events and developments and our future
performance, as well as management's current expectations, beliefs, plans,
estimates or projections relating to the future, are forward-looking
statements within the meaning of these laws. These forward-looking statements
are subject to a number of risks and uncertainties. Examples of such
statements in this press release include discussions regarding the Company's
planned implementation of its new strategic plan and financial projections
based on the full implementation of such plan, the Company's ability to
repurchase shares of its common stock under its share repurchase program and
the number of shares that may actually be repurchased (if any), expectations
regarding same-store sales for fiscal 2008 and beyond, guidance for new
openings and restaurant closures, and the Company's anticipated 2008
performances including projections regarding general and administrative
expenses, net earnings per diluted share, EBITDA margins and free cash flows.
Among the important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements are:
competition from other restaurant concepts and food retailers, the loss of
franchisees and other business partners, labor shortages or increased labor
costs, increased costs of our principal food products, changes in consumer
preferences and demographic trends, as well as concerns about health or food
quality, instances of avian flu or other food-borne illnesses, the loss of
senior management and the inability to attract and retain additional qualified
management personnel, limitations on our business under our 2005 Credit
Facility, failure of our franchisees, a decline in the number of franchised
units, a decline in our ability to franchise new units, slowed expansion into
new markets, unexpected and adverse fluctuations in quarterly results,
increased government regulation, adverse effects of regulatory actions arising
in connection with the restatement of our previously issued financial
statements, effects of increased gasoline prices, general economic conditions,
supply and delivery shortages or interruptions, currency, economic and
political factors that affect our international operations, inadequate
protection of our intellectual property and liabilities for environmental
contamination and the other risk factors detailed in our 2007 Annual Report on
Form 10-K and other documents we file with the Securities and Exchange
Commission. Therefore, you should not place undue reliance on any forward-
looking statements.
SOURCE AFC Enterprises, Inc. 03/12/2008
CONTACT: Investors, Cheryl Fletcher, Director, Finance & Investor
Relations, +1-404-459-4487, investor.relations@afce.com, Media, Alicia
Thompson, Vice President, Popeyes Communications & Public Relations,
+1-404-459-4572, popeyescommunications@popeyes.com, both of AFC Enterprises,
Inc.
Web site: http://www.afce.com
(AFCE)
http://www.prnewswire.com
|
