For comparative purposes, average unit volumes for Q4 2008 and 2008 YTD were adjusted to reflect restaurant sales of any acquired franchise restaurants
as part of Company-owned restaurants average unit volume and were excluded from franchise-owned restaurants average unit volume.
Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurants opening, the sales at these and our other company and franchise restaurants
, changes in restaurant operating costs, our ability to acquire franchise restaurants
, our ability to integrate the franchise restaurants
we acquire or other concepts we develop, strength of consumer spending, conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customers or food supplies, acts of war or terrorism and other factors disclosed from time to time in the Company's filings with the U.
On May 23, 2005, the company completed the previously announced acquisition of 12 franchise restaurants
, one of which is currently under development and expected to open in June, located in Missouri, Kansas and Arkansas.
It is the nation's largest lessor of real estate to the franchise restaurant
industry with a portfolio of 653 properties diversified among 116 restaurant concepts as of Sept.
As previously announced, on June 27, 2007, the first day of the Company's third quarter of fiscal 2007, the Company acquired nine franchise restaurants.
The 2007 earnings estimate presented includes the non-cash charge and ongoing earnings impact related to the Company's acquisitions of franchise restaurants discussed above.
Anytime the Company acquires franchise restaurants
whose current royalty rates are less than the rates charged to new restaurants, then the Company must record a one-time, non-cash charge for the value of the difference between the two royalty rates.
We're on target to open 15 new franchise restaurants
in fiscal year 2005, while refranchising company restaurants to spur growth and development," said Cutter.
3 percent for the December period, and comparable sales for franchise restaurants
OTCBB: GFY0) announced today that the company will be aggressively pursuing the acquisition of non franchise restaurants
which are profitable but under capitalized.