FINANCIAL HIGHLIGHTS
 
FINANCIAL HIGHLIGHTS (CONTINUING OPERATIONS) & KEY OPERATIONAL METRICS (1)
(Dollars in millions)
2003
2002
2001
Franchise revenues
$ 114.3
$ 109.8
$ 100.3
Total revenues
$ 459.3
$ 524.7
$ 597.5
(Loss) income before discontinued operations and accounting change
$ (6.0)
$ 29.0
$ 22.6
Net cash provided by operating activities of Continuing Operations
$ 50.1
$ 91.1
$ 61.5
Capital expenditures of Continuing Operations
$ 24.3
$ 43.5
$ 49.1
System-wide sales (2)
$ 2,610.8
$ 2,552.0
$ 2,443.3
Domestic same-store sales growth
(2.5)%
(0.7)%
3.1%
Unit openings
336
422
411
Outstanding commitments
2,154
2,550
2,288
Total units
4.091
3,924
3,735
(1) The information presented in the table relates to AFC’s continuing operations. The company sold substantially all the operations of Seattle Coffee Company in 2003 and accordingly, results of those operations have been excluded. Refer to AFC’s Consolidated Financial Statements and Management’s Discussion & Analysis of Financial Condition and Results of Operations in the attached Annual Report on Form 10-K/A for additional information concerning financial performance.
(2) System–wide sales represents combined sales of all restaurants, bakeries, and cafes that we operate or franchise. Information for franchised units is provided by our franchisees. System–wide sales are unaudited.

CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Report, and other written or oral statements made by or on behalf of AFC or its brands are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws.
These forward-looking statements are subject to a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are:

  • adverse effects of litigation or regulatory actions arising in connection with the restatement of our previously issued financial statements;
  • the loss of franchisees and other business partners;
  • failure of our franchisees;
  • the loss of senior management and the inability to attract and retain additional qualified management personnel;
  • a decline in the number of new units to be opened by franchisees;
  • the inability to relist our securities with the Nasdaq National Market or another major securities market or exchange;
  • our inability to address deficiencies and weaknesses in our internal controls;
  • our inability to successfully implement new computer systems;
  • limitations on our business under our credit facility;
  • our inability to enter into new franchise relationships and a decline in our ability to franchise new units;
  • increased costs of our principal food products;
  • labor shortages or increased labor costs;
  • slowed expansion into new markets;
  • changes in consumer preferences and demographic trends, as well as concerns about health or food quality;
  • our inability to compete with others in the QSR industry
  • unexpected and adverse fluctuations in quarterly results;
  • increased government regulation;
  • growth in our franchise system that exceeds our resources to serve that growth;
  • supply and delivery shortages or interruptions;
  • currency, economic and political factors that affect our international operations;
  • inadequate protection of our intellectual property and liabilities for environmental contamination; and
  • the risk factors detailed in our Annual Report on Form 10-K/A for the year ended December 28, 2003 and the other documents we file with the Securities and Exchange Commission.
You should not place undue reliance on any forward-looking statements, since those statements speak only as of the date they are made.