AFC Enterprises, Inc. (AFCE | charts | news | Powerrating), an Atlanta-based developer of quick-service restaurants, revealed higher income per share for the fiscal year 2005 compared to last year despite fall in total revenues.

The company posted 2005 net income of $149.6 million or $5.14 per share, up from $24.6 million or $0.87 per share in the year-ago period. AFC Enterprises said that the improvement in the current year income was mainly due to realization of $158.0 million after-tax gain from the sale of Church's chicken brand.

Total revenues for the period fell to $143.4 million from $163.9 million in the fiscal year 2004. Sale by company operated restaurants declined to $60.3 million from $85.8 million, while Franchise revenues increased to $77.5 million from $72.8 million in the comparable year. Other revenues rose marginally to $5.6 million from $5.3 million in the corresponding year.

The company revealed that the total revenues for the period fell because of closure of under performing restaurants, sale of company-owned restaurants to franchisees and lost sales of $8.7 million due to Hurricane Katrina.

Popeyes' same store sales for the company in the month of February was 17.2%, up from 10.0%, while that of franchised fell to 4.3% from 5.6% last year. Total domestic same store sales for the period declined to 4.7% from 5.8% in February 2005.

AFC Enterprises said that the board of directors approved an extension of the existing share repurchase program for 2006, wherein the management would spend around $15 million for buyback of stocks.

Looking ahead, the company sees system-wide sales for 2006 to grow at 6-8%. Further, AFC Enterprises expects system-wide openings of 130-140 restaurants from earlier provided guidance of 125-130 new openings.
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