Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Tuesday, February 17, 2015

Tim Hortons' new owner lost $514M in quarter after Burger King merger

Restaurant Brands International Inc. lost $514.2 million US, or $2.52 per diluted share, in the fourth quarter as the company behind Burger King completed its acquisition of Tim Hortons.

The loss compares with a profit of $66.8 million, or 19 cents per diluted share, in the same period a year ago, when Tim Hortons wouldn't have been included in the numbers.

The quarterly loss included a $143-million loss related to derivatives, and $94.3 million attributed to the Tim Hortons deal and restructuring costs.

In August, Burger King's owners proposed a merger that would see the burger chain merge with Tim Hortons in a deal valued at more than $20 billion. Late last year, after approvals from regulators, shareholders and governments, that deal became official.

The combined company has 18,000 employees in 100 countries. Tuesday's numbers are the first we've seen since the deal closed.

Same-store sales growth

Despite the eye-popping loss, it wasn't all bad news.

Overall revenue came in at $416 million, a big jump from $265 million a year ago (when Tims numbers wouldn't have been included.)

On a per-store basis, there was sales growth in both of the company's brands. Comparable store sales were up 4.1 per cent for Tim Hortons, while Burger King's comparable sales were up three per cent.

Tim Hortons said last month it cut about 350 employees, mainly at its headquarters and regional offices.

Original Article
Source: CBC
Author: cbc

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