Income for Burger King up 6% in year

by FoodBusinessNews.net Staff
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MIAMI — As the result of decreased costs, expansion and improved margins, income for Burger King Holdings, Inc. was up 6% during fiscal 2009.

For the year ended June 30, the company had income of $200.1 million, equal to $1.48 per share on the common stock, which compared with income of $189.6 million, or $1.40 per share, during the previous year. Revenue for the year was $2,537.4 million, up 3% from $2,454.7 million during fiscal 2008.

"We experienced a difficult operating environment in fiscal 2009 with unprecedented volatile currency markets, significant commodity inflation and 25-year-high unemployment levels," said John Chidsey, chairman and chief executive officer. "In spite of these challenging macro-economic conditions, adjusted earnings per share, net of currency translation, grew by 14%, cash flow from operations increased 28% to $311 million, and the brand experienced the highest net restaurant growth in almost a decade."

For the fourth quarter ended June 30, the company had income of $58.9 million, or 44c per share, up 16% from $50.6 million, or 38c per share, during the same quarter of the previous year. Revenue was $629.9 million, down 2% from $645.7 million during the same quarter of the previous year.

"As we enter into fiscal 2010, some macro-indicators suggest a stabilization of world economies in under way," Mr. Chidsey said. "However, we anticipate that the challenging consumer environment will continue due to high unemployment levels, which has resulted in a significant reduction in out-of-home eating expenditures. Our long-term strategies remain on course, and we are committed to tactically respond to an ever-changing consumer dynamic."

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