UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22, 2005
TRIARC COMPANIES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-2207 38-0471180
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
280 Park Avenue
New York, NY 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212)451-3000
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure
The information in this Report is being furnished, not filed, pursuant
to Regulation FD. The information in this Report shall not be incorporated by
reference into any registration statement pursuant to the Securities Act of
1933, as amended. The furnishing of the information in this Report is not
intended to, and does not, constitute a determination or admission that the
information in this Report is material, or that investors should consider this
information before making an investment decision with respect to any security of
Triarc Companies, Inc. or Arby's, LLC.
Pursuant to the requirements of a servicing agreement relating to the
7.44% fixed rate insured notes due 2020 issued by Arby's Franchise Trust (a copy
of which is filed as Exhibit 10.4 to Triarc's current report on Form 8-K dated
March 30, 2001), our subsidiary Arby's, LLC (the parent of Arby's Franchise
Trust) prepares a report containing certain unaudited financial and operating
information, which is delivered to certain parties, including the noteholders,
certain nationally recognized rating agencies and the indenture trustee and the
insurer for the notes. The information within the report is subject to
finalization including the effect of any audit adjustments. Such report reflects
Arby's U.S. and Canadian operations for periods that may not be consistent with
our fiscal fourth quarter. Such report was prepared in accordance with the
reporting requirements of the servicing agreement, and not in accordance with
generally accepted accounting principles. Accordingly, pursuant to Regulation
FD, Triarc is furnishing in this Report certain unaudited information reflected
in the Arby's report that has not been previously publicly disclosed, as
follows:
o During the period October 1 to December 31, 2004 Arby's collected
franchise royalties of approximately $24.2 million from U.S. and
Canadian Arby's(R) franchisees and $1.9 million of royalties from
Sybra, Inc., a wholly-owned subsidiary of ours. Such cash
collections do not include accrued but unpaid amounts and may
include amounts that have previously been accrued.
o During the period October 1 to December 31, 2004 Arby's gross
collections (including royalties) from U.S. and Canadian
franchisees were approximately $25.0 million and gross
collections from Sybra, Inc., a wholly-owned subsidiary of ours,
were $1.9 million. Such cash collections do not include accrued
but unpaid amounts and may include amounts that have previously
been accrued.
o During the period September 26, 2004 to January 2, 2005 Arby's
servicing expenses were approximately $9.7 million.
o During the period October 1 to December 31, 2004 Arby's total
United States and Canadian systemwide Arby's sales were
approximately $744.5 million and the average royalty rate was
approximately 3.51% during this period. Systemwide sales include
sales as reported by all restaurants, whether operated by us or
by franchisees.
o During the period September 26, 2004 to January 2, 2005 there
were 33 Arby's restaurants opened and 20 restaurants closed
(generally, underperforming restaurants) in the United States and
Canada. As of January 2, 2005, there were 3,334 Arby's
restaurants in the United States and 125 restaurants in Canada.
o As of December 31, 2004, the average unit volume for the
preceding twelve months for Arby's U.S. and Canadian restaurants
was approximately $861,000. Average unit volume includes sales
from all restaurants, including partial month units, new openings
and closed units for the previous twelve months, rather than
sales only from restaurants open a full twelve months or more.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRIARC COMPANIES, INC.
By: /S/ FRANCIS T. MCCARRON
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Francis T. McCarron
Senior Vice President and
Chief Financial Officer
Dated: February 22, 2005