http://www.morningstar.com/earnings/16897723--q4-2010.aspx

 
Q4 2010 Earnings Call Transcript

Transcript Call Date 08/24/2010

Operator: Good day, ladies and gentlemen. Thank you very much for your patience, and welcome to the Burger King Holdings Fourth 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. 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 E. Wagner - SVP, IR and Global Communications: Thank you, Marianne, and good morning everyone. We have prepared an earnings call PowerPoint presentation to assist in presenting our fourth quarter results. These slides, as well as the audio broadcast of this call, maybe accessed through our Investor Relations page on our website at www.bk.com. 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 25 minutes today discussing our fourth quarter performance and our outlook for fiscal '11, before opening the call up 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 current 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.

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

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

John W. Chidsey - CEO and Executive Chairman: Thank you, Amy. Good morning everyone. During the call we will discuss our fourth quarter and full year fiscal year 2010 results along with our outlook for fiscal '11. We'll then move to the Q&A portion of the call.

Sustained levels of high unemployment throughout much of the world and low levels of consumer confidence made fiscal 2010 one of the toughest operating environments in recent history. Despite the difficult economy and challenged consumer, we continued to make meaningful progress across our True North strategic plan’s growth pillars of grow the brand, invest wisely, run great restaurants and focus on our people. We posted positive worldwide traffic during the last nine months of the fiscal year versus the prior year period, opened 249 net new restaurants during the fiscal year, entered Russia and kept on pace with our reimaging program, all while generating significant operating cash flows which we used to fund our development initiatives, pay down debt and increase our cash balances.

Read our Earnings Call Transcript disclaimer.
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