Burger King Beats; Announces Secondary Offering

Nov. 5.07 | About: Burger King (BKC)

Fast food chain Burger King Holdings reported net income of $49 million in its latest quarter (F1Q08), good for EPS of $0.36, versus EPS of $0.30 a year ago (full earnings call transcript later today). Sales climbed 10% to $602 million; consensus analyst estimates were for EPS of $0.33 on sales of $597 million. The company increased by 146 its global tally of restaurants to 11,290 in its latest quarter. In other news, Burger King announced a secondary offering of 23 million shares from private equity groups TPG Capital, Bain Capital Partners and the Goldman Sachs Funds. The offering will reduce the funds' holdings in the company from their current 58% to roughly 41%. Burger will not offer any shares itself. Shares of BKC lost 2.63% in pre-market action (as of 8:20 AM ET) after gaining 6.25% Friday. Shares are up more than 31% YTD.

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