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Thursday, 11/06/2014 3:39:02 PM

Thursday, November 06, 2014 3:39:02 PM

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Tim Hortons beats by $0.06, beats on revenue

Nov 5 2014, 07:35 ET | About: Tim Hortons Inc. (THI) | By: Niloofer Shaikh, SA News Editor

Tim Hortons (NYSE:THI): Q3 EPS of $0.95 beats by $0.06.
Revenue of $909.16M (+10.2% Y/Y) beats by $21.26M.
Press Release


http://seekingalpha.com/news/2094575-tim-hortons-beats-by-0_06-beats-on-revenue?uprof=45#email_link


Tim Hortons Inc. announces 2014 third quarter results:
Wed November 5, 2014 7:30 AM|PR Newswire | About: THI

Strong momentum in the business;
same-store sales growth highest in past 10 quarters

Financial & Sales Highlights
Performance Q3 2014 Q3 2013
%
Change YTD 2014
Total revenues $ 909.2 $ 825.4 10.2% $ 2,549.9
Operating income $ 168.8 $ 168.8 0.0% $ 506.5
Adjusted operating income(1) $ 196.1 $ 169.8 15.5% $ 533.7
Effective tax rate 34.0 % 28.3 % 30.3 %
Net income attributable to THI $ 98.1 $ 113.9 -13.8% $ 312.8
Diluted earnings per share attributable to THI
("EPS") $ 0.74 $ 0.75 -2.2% $ 2.31
Adjusted EPS(1) $ 0.95 $ 0.76 25.2% $ 2.52
Fully diluted shares (weighted average) 132.9 150.9 (11.9)% 135.3



(All numbers in millions, except EPS and effective tax rate. All numbers rounded.)

(1) Adjusted operating income and adjusted diluted earnings per share attributable to THI ("adjusted EPS") are non-GAAP measures, and exclude costs related to the proposed transaction with Burger King Worldwide, Inc., an affiliate of 3G Capital, of $27.3 million in Q3 2014, and corporate reorganization expenses of $1.0 million in Q3 2013. Please refer to "Information on non-GAAP Measures" and the reconciliation information in footnote (3) of this release for details of reconciling items.




Same-Store Sales(2) Q3 2014 Q3 2013 YTD 2014
Canada 3.5% 1.7% 2.6%
U.S. 6.8% 3.0% 4.8%



(2) Includes average same-store sales at franchised and Company-operated locations open for 13 months or more. Substantially all of our restaurants are franchised.



Highlights
• Strong same-store sales growth in both Canada and the U.S. driven primarily by gains in average cheque
• Sales continued to benefit from menu innovations including the Spicy Crispy Chicken Sandwich and Dark Roast coffee
• Costs of $27.3 million associated with the proposed transaction with Burger King Worldwide, Inc., an affiliate of 3G Capital, had a negative impact of $0.21 on EPS
• Adjusted EPS(3) increased 25.2% to $0.95

More...


http://seekingalpha.com/pr/11572435-tim-hortons-inc-announces-2014-third-quarter-results

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