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This excerpt taken from the BKC DEF 14A filed Oct 8, 2009. Overview
This Compensation Discussion and Analysis
(“CD&A”) describes our compensation philosophy,
how the Compensation Committee establishes executive
compensation, the objectives of our various compensation
programs, how performance metrics are selected and evaluated for
the various components of our compensation programs and how the
performance of our CEO and other NEOs is evaluated and results
in the level of compensation awarded under the various
components of our compensation program.
As used in this CD&A, the following terms have the
following meanings:
This excerpt taken from the BKC DEF 14A filed Oct 8, 2008. Overview This Compensation Discussion and Analysis (“CD&A”) describes our compensation philosophy, how the Compensation Committee establishes executive compensation, the objectives of our various compensation programs, how performance metrics are selected and evaluated for the various components of our compensation programs and how the performance of our CEO and other NEOs is evaluated and results in the level of compensation awarded under the various components of our compensation program. As used in this CD&A, the following terms have the following meanings:
This excerpt taken from the BKC 10-K filed Aug 28, 2008. Overview
Cash provided by operations was $243 million in fiscal
2008, compared to $110 million in fiscal 2007.
Our leverage ratio, as defined by our credit agreement, was 1.8x
as of June 30, 2008, compared to 2.1x as of June 30,
2007. The weighted average interest rate on our term debt for
fiscal 2008 was 6.0%, which included the benefit of interest
rates swaps on 56% of our debt.
On January 30, 2008, we entered into interest rate swaps
with an aggregate notional value of $275 million, which
became effective on March 31, 2008 and mature on
December 31, 2011, and in September 2007, interest rate
swaps with an aggregate notional value of $60 million
matured. At June 30, 2008, 75% of our debt was hedged using
interest rate swaps.
During fiscal 2008, we declared and paid four quarterly
dividends of $0.0625 per share, resulting in $34 million of
cash payments to shareholders of record. During the first
quarter of fiscal 2009, we declared a quarterly dividend of
$0.0625 that is payable on September 30, 2008 to
shareholders of record on September 12, 2008.
Table of Contents
During fiscal 2008, we repurchased 1.2 million shares of
common stock under our previously announced share repurchase
program at an aggregate cost of $32 million, which we will
retain in treasury for future use. As of July 1, 2008, we
had $68 million remaining under the share repurchase
program. We intend to use a portion of our excess cash to
repurchase shares under our share repurchase program depending
on market conditions.
We had cash and cash equivalents of $166 million as of
June 30, 2008. In addition, as of June 30, 2008, we
had a borrowing capacity of $73 million under our
$150 million revolving credit.
On July 16, 2008, we acquired 72 restaurants in Nebraska
and Iowa from one of our franchisees for a purchase price of
approximately $67 million.
We expect that cash on hand, cash flow from operations and our
borrowing capacity under our revolving credit facility will
allow us to meet cash requirements, including capital
expenditures, tax payments, dividends, debt service payments and
share repurchases, if any, over the next twelve months and for
the foreseeable future. If additional funds are needed for
strategic initiatives or other corporate purposes, we believe we
could incur additional debt or raise funds through the issuance
of our equity securities.
This excerpt taken from the BKC 10-K filed Sep 7, 2007. Overview
Cash provided by operations was $117 million in fiscal
2007, compared to cash provided by operations of
$74 million in fiscal 2006.
During fiscal 2007, we retired $125 million in debt. Our
leverage ratio, as defined by our credit agreement, was 2.1x as
of June 30, 2007, compared to 2.6x as of June 30,
2006. By lowering our leverage ratio, the interest rate on our
Term Loan A of our senior secured credit facility decreased by
50 basis points. During the first quarter of fiscal 2008,
we retired an additional $25 million in debt.
During fiscal 2007, we declared and paid two quarterly dividends
of $0.0625 per share, resulting in $17 million of cash
payments to shareholders of record. During the first quarter of
fiscal 2008, we declared a quarterly dividend of $0.0625 that is
payable on September 28, 2007 to shareholders of record on
September 14, 2007.
We had cash and cash equivalents of $170 million as of
June 30, 2007. In addition, as of June 30, 2007, we
had a borrowing capacity of $120 million under our
$150 million revolving credit facility (net of
$30 million in letters of credit issued under the revolving
credit facility).
We expect that cash on hand, cash flow from operations and our
borrowing capacity under our revolving credit facility will
allow us to meet cash requirements, including capital
expenditures, tax payments, dividends and share repurchases, if
any, and debt service payments, in the short-term and for the
foreseeable future. If additional funds are needed for strategic
initiatives or other corporate purposes, we believe we could
incur additional debt or raise funds through the issuance of our
equity securities.
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