Yum Brands Inc. Q4 2005 Earnings Conference Call Transcript (YUM)

Yum Brands Inc. (YUM)
Q4 2005 Earnings Conference Call
February 7th 2006, 9:15 AM.

Executives:

Tim Jerzyk, Vice President, Investor Relations
David C. Novak, Chairman, President and Chief Executive Officer
Richard T. Carucci, Chief Financial Officer

Analysts:

Joseph Buckley, Bear Stearns
David Palmer, UBS
Rachael Rothman, Merrill Lynch
Larry Miller, Prudential
Jeffrey Bernstein, Lehman Brothers
John Ivankoe, JP Morgan
Steven Kron, Goldman Sachs
Peter Oakes, Piper Jaffray
David Palmer, UBS Warburg

Presentation

Operator

Good morning my name is Lee and I will be your conference operator today. At this time I would like to welcome everyone to the Yum Brand Incorporated Fourth Quarter 2005 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remark there will be a question and answer session. If you would like to ask a question during this time simply press “*