Wendy's/Arby's Group Inc. (WEN) reported that its third-quarter net income was $14.69 million, compared to a loss of $12.15 million in the same quarter last year. On a per share basis, net income for the quarter was $0.03, compared to a loss of $0.13 in the year ago quarter. Revenues for the quarter were $903.22 million, compared to $310.37 million in the prior year quarter.
The company said that the 2009 results include the effect of the merger between Triarc Companies, Inc. and Wendy's International Inc. which was completed on September 29, 2008; however, the third quarter ended September 27, 2008 only include results for Triarc Companies, Inc. In connection with the merger, Wendy's became a wholly owned subsidiary of Triarc and Triarc changed its name to Wendy's/Arby's Group, Inc. and converted each outstanding share of Triarc's Class B common stock into one share of Wendy's/Arby's Class A common stock.
The Company purchased 10.3 million of shares of common stock as of October 26, 2009, for $49.1 million at an average per share price of $4.77. At the close of business on October 30, 2009, the Company had about 463 million shares of common stock outstanding. On November 3, 2009, the Board authorized an additional $50 million for a total of $100 million authorized common stock repurchases. The authorization will remain in effect through January 2, 2011 and will allow the Company to make repurchases as market conditions warrant.
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