AFC Enterprises, Inc. (AFCE)

[Penny Roger$]

AFC Enterprises, Inc. (AFC) develops, operates, and franchises quick-service restaurants (QSRs) under the trade names Popeyes Chicken & Biscuits and Popeyes Louisiana Kitchen (Popeyes). Within Popeyes, it manages two business segments: franchise operations and Company-operated restaurants. During the fiscal year ended December 26, 2010, AFC operated and franchised 1,977 Popeyes restaurants in 45 states, the District of Columbia, Puerto Rico, Guam and 27 foreign countries. In fiscal 2010, of AFC’s 1,542 domestic franchised restaurants, approximately 70% were concentrated in Texas, California, Louisiana, Florida, Illinois, Maryland, New York, Georgia, Virginia and Mississippi. Of its 397 international franchised restaurants, approximately 55% were located in Korea, Canada and Turkey. Of its 38 Company-operated restaurants, approximately 90% were concentrated in Louisiana and Tennessee.

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