Asset Sale Boosts Wendy’s Results in 2nd Quarter
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Wendy’s International reported that its second-quarter net income rose 9% to $24.3 million, including a $13.7-million after-tax gain from the sale of certain assets of its finance subsidiary to Great Western Credit Corp., a unit of Great Western Financial Corp. of Beverly Hills.
A year earlier, the Dublin, Ohio-based company posted net income of $22.3 million.
Revenue for the three months ended June 30 increased a scant 3% to $300.2 million from $290.4 million a year earlier.
The assets sold by Wendy’s Capital Corp., the company’s finance subsidiary, included land and buildings for 85 restaurants leased to Wendy’s franchise owners nationwide.
Robert L Barney, chairman and chief executive of the restaurant company, noted that the firm’s results reflected slow economic conditions being felt by the restaurant industry as a whole.
For detailed data and results of other companies, please see tables, Page 4.
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