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WEN » Topics » PART I Special Note Regarding Forward-Looking Statements and Projections

This excerpt taken from the WEN 10-K filed Apr 3, 2006.

PART I
Special Note Regarding Forward-Looking Statements and Projections

       Certain statements in this Annual Report on Form 10-K, including statements under “Item 1. Business” and “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” that are not historical facts, including, most importantly, information concerning possible or assumed future results of operations of Triarc Companies, Inc. and its subsidiaries, and statements preceded by, followed by, or that include the words “may,” “believes,” “plans,” “expects,” “anticipates,” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address operating performance, events or developments that are expected or anticipated to occur in the future, including statements relating to revenue growth, earnings per share growth or statements expressing general optimism about future operating results, are forward-looking statements within the meaning of the Reform Act. These forward-looking statements are based on our current expectations, speak only as of the date of this Form 10-K and are susceptible to a number of risks, uncertainties and other factors. Our actual results, performance and achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Reform Act. Many important factors could affect our future results and could cause those results to differ materially from those expressed in the forward-looking statements contained herein. Such factors include, but are not limited to, the following:

• competition, including pricing pressures and the potential impact of competitors' new units on sales by Arby's® restaurants;
 
• consumers' perceptions of the relative quality, variety, affordability and value of the food products we offer;
 
• success of operating initiatives;
 
• development costs;
 
• advertising and promotional efforts;
 
• brand awareness;
 
• the existence or absence of positive or adverse publicity;
 
• new product and concept development by us and our competitors, and market acceptance of such new product offerings and concepts;
 
• changes in consumer tastes and preferences, including changes resulting from concerns over nutritional or safety aspects of beef, poultry, french fries or other foods or the effects of food-borne illnesses such as “mad cow disease” and avian influenza or “bird flu”;
 
• changes in spending patterns and demographic trends;
 
• adverse economic conditions, including high unemployment rates in geographic regions that contain a high concentration of Arby's restaurants;
 
• the business and financial viability of key franchisees;
 
• the timely payment of franchisee obligations due to us;
 
• availability, location and terms of sites for restaurant development by us and our franchisees;
 
• the ability of our franchisees to open new restaurants in accordance with their development commitments, including the ability of franchisees to finance restaurant development;
 
• delays in opening new restaurants or completing remodels;
 
• the timing and impact of acquisitions and dispositions of restaurants;
 
• our ability to successfully integrate acquired restaurant operations;
 
• anticipated or unanticipated restaurant closures by us and our franchisees;
 
• our ability to identify, attract and retain potential franchisees with sufficient experience and financial resources to develop and operate Arby's restaurants;

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• changes in business strategy or development plans, and the willingness our franchisees to participate in our strategy;
 
• business abilities and judgment of our and our franchisees' management and other personnel;
 
• availability of qualified restaurant personnel to us and to our franchisees;
 
• our ability, if necessary, to secure alternative distribution of supplies of food, equipment and other products to Arby's restaurants at competitive rates and in adequate amounts, and the potential financial impact of any interruptions in such distribution;
 
• changes in commodity (including beef), labor, supplies and other operating costs and availability and cost of insurance;
 
• adverse weather conditions;
 
• significant reductions in our client assets under management (which would reduce our advisory fee revenue), due to such factors as weak performance of our investment products (either on an absolute basis or relative to our competitors or other investment strategies), substantial illiquidity or price volatility in the fixed income instruments that we trade, loss of key portfolio management or other personnel, reduced investor demand for the types of investment products we offer, and loss of investor confidence due to adverse publicity;
 
• increased competition from other asset managers offering similar types of products to those we offer;
 
• pricing pressure on the advisory fees that we can charge for our investment advisory services;
 
• difficulty in increasing assets under management, or efficiently managing existing assets, due to market-related constraints on trading capacity or lack of potentially profitable trading opportunities;
 
• our removal as investment manager of one or more of the collateral debt obligation vehicles (CDOs) or other accounts we manage, or the reduction in our CDO management fees because of payment defaults by issuers of the underlying collateral or the triggering of certain structural protections built into CDOs;
 
• availability, terms (including changes in interest rates) and deployment of capital;
 
• changes in legal or self-regulatory requirements, including franchising laws, investment management regulations, accounting standards, environmental laws, overtime rules, minimum wage rates and taxation rates;
 
• the costs, uncertainties and other effects of legal, environmental and administrative proceedings;
 
• the impact of general economic conditions on consumer spending or securities investing, including a slower consumer economy and the effects of war or terrorist activities; and
 
• other risks and uncertainties affecting us and our subsidiaries referred to in this Form 10-K (see especially “Item 1A. Risk Factors” and “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations”) and in our other current and periodic filings with the Securities and Exchange Commission, all of which are difficult or impossible to predict accurately and many of which are beyond our control.

       All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We assume no obligation to update any forward-looking statements after the date of this Form 10-K as a result of new information, future events or developments, except as required by federal securities laws. In addition, it is our policy generally not to make any specific projections as to future earnings, and we do not endorse any projections regarding future performance that may be made by third parties.

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