Market News
McDonald's (MCD)
Don Thompson, currently President of McDonald USA, has been elected to the role of President and Chief Operating Officer, with oversight responsibility for the company’s 32,000 restaurants worldwide. In addition, the company announced the promotions of Jan Fields, currently EVP Executive Vice President and Chief Operations Officer for McDonald’s USA, to succeed Thompson as President of McDonald’s USA, and Jim Johannesen, currently U.S. Division President—Central Division, to succeed Fields as EVP and Chief Operations Officer for McDonald’s USA.
Thompson, 46, began his McDonald’s career in 1990 as an engineer in the Restaurant Systems Group. He moved into restaurant operations four years later, and rose quickly through the operations ranks. He was named Regional Manager of the San Diego Region in 1998, and was promoted to Regional Vice President a year later. In 2000 he was named President of the Midwest Division of McDonald’s USA, and in 2001 was appointed President of the company’s West Division. In 2004, he returned to Oak Brook as EVP of McDonald’s Restaurant Systems Group. A year later he was promoted to EVP and Chief Operations Officer for McDonald’s USA, and in 2006 was named President of McDonald’s USA.
Jan 12 · 6:50:00 AM · Source: Company Press Release
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by Rich Pike
Electronic Arts (ERTS)
Electronic Arts Monday said it expects GAAP and non-GAAP net revenue and earnings per share for the fiscal year ending March 31, 2010 to be below the financial guidance previously provided on November 9, 2009. Revised fiscal year 2010 expectations are primarily the result of weakness for EA and the overall packaged goods sector in Europe in December, and a product mix shift to lower margin distribution products in the December quarter, primarily in North America.
Jan 11 · 4:56:00 PM · Source: Company News Release
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by Larry Etter
Alcoa (AA)
Alcoa Inc. Monday opened the earnings season by reporting a fourth-quarter net loss of $277 million, or 28 cents a share. In the year-earlier quarter, Alcoa lost $1.2 billion, or $1.49 a share. Sales fell 4% to $5.4 billion.
Revenues topped analyst estimates.
Jan 11 · 4:47:00 PM · Source: Company News Release
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by Larry Etter
Alcoa (AA)
Alcoa reported for the 4th-quarter 2009 a loss of $277 million, or $-.28 per share, on sales of $5.4 billion. That compares to the prior year loss of $1.19 billion, or $-1.49 per share, on sales of $5.7 billion.
Alcoa is spinning the results positively that sales are up sequentially. That's nice, and they have cut their losses compared to Q4 2008. “This was a tough year for the aluminum industry – a price crash, demand destruction, and credit crunch. Yet, today Alcoa is stronger than when the year started,” said Klaus Kleinfeld, Alcoa President and CEO. “We reshaped our cost structure and portfolio for profitable growth. And, we built the cash reserves to weather current economic uncertainties and invest in opportunities for future growth. Alcoa will benefit from those achievements for many years to come.”
Jan 11 · 4:46:00 PM · Source: Company Press Release
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by Rich Pike
AFC Enterprises (AFCE)
AFC reported global same-store sales decreased 1.0 percent in the 2009 fiscal fourth quarter ended Dec 27th, compared to a decrease of 2.1 percent during the same time last year. Global same-store sales increased 0.7 percent for the full fiscal 2009. The Company expects 2009 reported earnings to be at the upper end of $0.66-$0.70 per diluted share, compared to reported earnings of $0.76 per diluted share in 2008.
AFC Enterprises, Inc. is the franchisor and operator of Popeyes® restaurants, the world's second-largest quick-service restaurant chicken concept based on number of units. As of December 27, 2009, Popeyes had 1,943 restaurants in the United States, Puerto Rico, Guam and 27 foreign countries.
Jan 11 · 4:22:00 PM · Source: Company Press Release
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by Rich Pike
Sonic (SONC)
Sonic reported for the 1st-quarter 2010 earnings of $6.2 million, or $.10 per share, on sales of $136.5 million. That compares to the prior year earnings of $7.1 million, or $.12 per share, on sales of $184.1 million.
Lower sales reflects primarily the impact on the company's revenue mix from refranchising 205 partner drive-ins during fiscal 2009. The company now receives franchise royalties from these refranchised drive-ins instead of partner drive-in sales. To a lesser extent, the decline in revenues also included the effect of lower same-store sales on partner drive-in sales and franchise royalties.
Fiscal 2010 Revised Outlook
Based on Sonic's first quarter results and the anticipation of a continued challenging economic and credit market environment, management anticipates earnings for 2010 will be flat versus fiscal 2009 earnings, as adjusted. This expectation is primarily based on a projected decline in annual system-wide same-store sales of 4% to 6% for the fiscal year, reflecting expected improvement in the latter half of the year versus the current trend. The company also anticipates a decline in restaurant-level margins associated with the decline in sales.
Jan 11 · 4:07:00 PM · Source: Company Press Release
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by Rich Pike
Ruby Tuesday (RT)
Ruby Tuesday reported for the 2nd-quarter 2010 earnings of $0.4 million, or $.01 per share. That compares to the prior year loss of $37.4 million, or $-.73 per share. Same-restaurant sales at Company-operated restaurants declined 1.7% and those for domestic franchised restaurants decreased 4.7% in the second quarter compared to the same quarter of the prior year.
Sandy Beall, Founder and CEO, commented on the results, saying, "In an environment that remains challenging, we are pleased that the momentum we established over the prior several quarters through our marketing strategies, cost savings initiatives, and store-level operations continued in the second quarter and is resulting in a stronger business, substantial free cash flow, and significant debt reduction.
Jan 11 · 3:57:00 PM · Source: Company Press Release
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by Rich Pike
California Pizza Kitchen (CPKI)
Nestle announced today it has agreed to acquire Kraft Foods' frozen pizza business in the US and Canada. The acquisition includes the California Pizza Kitchen brand license for frozen pizza and related products sold in grocery stores. This transaction is subject to regulatory approval and is expected to be completed in 2010.
Jan 11 · 3:40:00 PM · Source: Company Press Release
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by Rich Pike
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