Q3 2010 Earnings Call Transcript

Transcript Call Date 04/29/2010

Operator: Good day, ladies and gentlemen. Thank you very much for your patience, and welcome to the Burger King Holdings Third Quarter Fiscal 2010 Earnings Conference Call. My name is Marianne, and I will be your conference coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's conference. (Operator Instruction). As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to your host for today’s conference, Ms. Amy Wagner, Senior Vice President of Investor Relations and Global Communications. Please proceed.

Amy Wagner - SVP of IR and Global Communications: Thank you, Marianne and good morning everyone. Welcome to Burger King’s third quarter fiscal 2010 earnings conference call. We have prepared an earnings call PowerPoint presentation to assist in presenting our third quarter results. These slides, as well as the audio broadcast of this call, maybe accessed through our Investor Relations page on our website at Both the audio portion and the slideshow will be archived on our website where it will be available for future reference for 30 days.

Presenting on the call today are John Chidsey, Chairman and Chief Executive Officer, and Ben Wells, Chief Financial Officer. Also with us on the call is, Mike Kappitt, Chief Marketing Officer of North America who will be available to answer any questions you may have about our marketing, advertising and products during the Q&A portion of the call.

We’ll spend about 20 minutes discussing our third quarter performance, before opening the call for questions. Before we begin today, I would like to remind everyone that this conference call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations based on currently available data.

However, actual results may be impacted by future events and uncertainties and could differ materially from what is discussed today. More detailed information about these uncertainties is contained within the forward-looking statements section of this morning's earnings release.

The presentation also includes non-GAAP financial measures as defined in Regulation G. The reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and other information required by Reg G are also included in the appendix to the presentation.

And with that, I’ll now turn the call over to John.

John W. Chidsey - Chairman and CEO: Thank you, Amy and thank you for your participation in today’s call. We will spend the first 20 minutes discussing our third quarter fiscal 2010 results and our outlook for the balance of the year. We’ll then open it up for Q&A.

Even though the past 12 months have been challenging and sales have been soft, we have remained committed and focused on the success and growth of our brand by effectively managing our business for the long-term.

During this quarter, we opened a net new 37 restaurants, invested in our U.S and Canada reimaging program, continued the deployment of new restaurant equipment, and developed innovate products that support both ends of our barbell menu strategy.

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