The Wendy's Company reported unaudited consolidated earnings results for the fourth quarter and full year ended January 1, 2012. For the quarter, the company reported revenues of $615.0 million, an increase of 5.6% compared to $582.6 million for the same period a year ago. Operating profit was $29.28 million against $33.55 million for the same period a year ago. Income from continuing operations before income taxes was $1.62 million against $5.23 million for the same period a year ago. Income from continuing operations was $4.3 million against $6.1 million for the same period a year ago. Net income was $3.98 million or $0.01 per share against net loss of $10.76 million or $0.03 per share for the sane period a year ago. Adjusted EBITDA was $80.9 million, an increase of 10.5% compared to $73.2 million for the same period a year ago. Adjusted income from continuing operations was $16.43 million or $0.04 per share against $11.96 million or $0.03 per share for the sane period a year ago. Adjusted earnings per share were $0.04 compared to $0.03 for the same period a year ago. For the year, the company reported revenues were $2.431 billion, a 2.4% increase compared to $2.375 billion for the same period a year ago. Operating profit was $137.12 million against $150.45 million for the same period a year ago. Income from continuing operations before income taxes was $24.44 million against $13.56 million for the same period a year ago. Income from continuing operations was $17.9 million against $18.1 million for the same period a year ago. Net income was $9.88 million or $0.02 per share against net loss of $4.33 million or $0.01 per share for the sane period a year ago. Adjusted EBITDA was $331.1 million compared to $341.9 million for the same period a year ago. Adjusted income from continuing operations was $62.08 million or $0.15 per share against $71.66 million or $0.17 per share for the sane period a year ago. Adjusted earnings per share were $0.15 compared to $0.17 for the same period a year ago. Cash flow from operations was $247 million. Capital expenditures were $147 million and were primarily related to restaurant remodels, maintenance CapEx and new restaurants. The company generated $100 million of positive free cash flow in 2011. The company provided earnings guidance for the fiscal 2012. The company issued its outlook for adjusted EBITDA of $335 million to $345 million for fiscal 2012. The outlook reflects continuing operations and excludes items such as relocation costs and other expenses related to the consolidation of the Atlanta restaurant support center with the Dublin, Ohio restaurant support center, which the company estimates to be approximately $23 million. The company expects a low-single-digit increase in adjusted EBITDA growth rate for 2012. In terms of growth beyond 2012, the company is targeting an average annual adjusted EBITDA growth rate in the high-single-digit to low-double-digit range. The company also expects adjusted earnings per share growth rate, on average, to be higher than the company's adjusted EBITDA growth rate. The company's 2012 outlook includes the following expectations: Same-store sales growth of approximately 2.0 to 3.0% at Wendy's North America company-operated restaurants. Wendy's company-operated restaurant margin of 14.0% to 14.5%, an increase of up to 50 basis points. This assumes the benefit of same-store sales increases offset by increased commodity costs of 115 to 145 basis points, driven primarily by rising beef costs. Capital expenditures for the its brand of approximately $225 million, an increase of $78 million compared to $147 million in 2011. The tax rate to be between 40% and 42% in 2012. The company plans to achieve 4% same-store sales growth. The company plans to invest between $750,000 and $850,000 in a typical Image Activation remodeled restaurant during 2012. In 2012, it plans to open 20 company-operated restaurants and expects franchisees to open 40 restaurants in North America. In addition, the Company expects to open 55 new franchise or joint venture restaurants in International markets, bringing the Company's restaurant count outside of North America to more than 400 by the end of 2012. In 2011, it re-entered two major international markets - Japan and Argentina and expects to enter additional new markets in 2012.