The board of directors of Atlanta-based AFC Enterprises, the franchisor and operator of Popeyes Chicken & Biscuits, Church’s Chicken, Cinnabon, Seattle’s Best Coffee and Torrefazione Italia Coffee, has approved a share repurchase programme of up to US$50m, effective immediately.
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The open-ended programme will allow the company to repurchase its shares on the open market from time to time in accordance with the requirements of the Securities and Exchange Commission (SEC).
Chairman and CEO Frank Belatti said: “By almost any comparison we believe AFC is a high performing, yet undervalued company. AFC has consistently demonstrated its ability to deliver strong sustainable earnings growth, driven by its solid business model and strategy.
“We believe we will continue to deliver a 25% EPS growth rate and remain comfortable with consensus earnings estimates of US$0.4 per share for the Q2 2002, and US$1.72 per share for the FY.
“The repurchase programme clearly signals our confidence in our ability to deliver value to our loyal shareholders.”
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