Dunkin Brands (DNKN) 8-K Dunkin’ Brands Reports First Quarter 2012 Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

Dunkin’ Brands Reports First Quarter 2012 Results

• Revenue up 9.5% and adjusted operating income up 19.8%

• Dunkin’ Donuts U.S. comp store sales increase 7.2%

• Baskin-Robbins U.S. comp store sales increase 9.4%

CANTON, Mass. (April 26, 2012) – Dunkin’ Brands Group, Inc. (Nasdaq: DNKN), the parent company of Dunkin’ Donuts (DD) and Baskin-Robbins (BR), today reported results for the first quarter ended March 31, 2012. “We’re pleased with the performance of the business in the first quarter during which we had continued strong revenue and operating income growth. Our core Dunkin’ Donuts U.S. segment is thriving with 7.2 percent comp store sales growth and accelerating net development compared to the first quarter of 2011,” said Nigel Travis, Chief Executive Officer, Dunkin’ Brands Group, Inc., and President, Dunkin’ Donuts U.S. “We also recently announced several exciting strategic developments including an agreement with The Coca-Cola Company to serve its products in Dunkin’ Donuts and Baskin-Robbins restaurants in the U.S., an agreement with NBA star LeBron James to serve as a brand ambassador in select Southeast Asia markets for both brands, and signing a partnership with Dallas Cowboys Owner Jerry Jones and Hall of Fame quarterback Troy Aikman to develop Dunkin’ Donuts restaurants in the Dallas/Fort Worth region.”

Consolidated Key Highlights

	Quarter 1						Increase (Decrease)
($ in millions, except per share data)	2012			2011			$/#			%
System-wide Sales Growth		10.9	%		5.4	%
DD U.S. Comparable Store Sales Growth		7.2	%		2.8	%
BR U.S. Comparable Store Sales Growth		9.4	%		0.5	%
DD International Comparable Store Sales Growth		2.3	%
BR International Comparable Store Sales Growth		7.6	%
Consolidated Net POD Development1		82			94			(12	)		-12.8	%
DD Global PODs at period end		10,121			9,805			316			3.2	%
BR Global PODs at period end		6,755			6,482			273			4.2	%
Consolidated Global PODs at period end		16,876			16,287			589			3.6	%
Revenues	$	152.4			139.2			13.2			9.5	%
Operating Income		55.2			44.8			10.4			23.1	%
Adjusted Operating Income2		63.0			52.6			10.4			19.8	%
Net Income (Loss)		26.0			(1.7	)		27.7			n/a
Adjusted Net Income2		30.6			9.5			21.1			221.6	%
Earnings (Loss) Per Share—Basic and Diluted
Class L—basic and diluted		n/a		$	0.85			n/a			n/a
Common—basic	$	0.22			(0.51	)		0.73			n/a
Common—diluted		0.21			(0.51	)		0.72			n/a
Diluted Adjusted Earnings per Pro Forma Common Share2	$	0.25			0.10			0.15			150.0	%
Pro Forma Weighted Average Number of Common Shares – Diluted (in millions)		121.3			97.4			23.9			24.6	%

(amounts and percentages may not recalculate due to rounding)

¹ Total DD U.S net development for the quarter was 45; total BR International net development for the quarter was 49; DD International and BR U.S. had declining store bases during the quarter.

² Adjusted operating income and adjusted net income are non-GAAP measures reflecting operating income and net income adjusted for amortization of intangible assets, impairment charges, and other non-recurring charges, net of the tax impact of such adjustments in the case of adjusted net income. Diluted adjusted earnings per pro forma common share is a non-GAAP measure, calculated using adjusted net income, and gives effect to the conversion of Class L common stock as if the conversion were completed at the beginning of the respective fiscal period. Please refer to “Non-GAAP Measures and Statistical Data,” “Dunkin’ Brands Group, Inc. Non-GAAP Reconciliations,” and “Dunkin’ Brands Group, Inc. Diluted Adjusted Earnings per Pro Forma Common Share” for further detail.

Worldwide system-wide sales growth in the first quarter was primarily attributable to Dunkin’ Donuts U.S. comparable store sales growth (which includes stores open 54 weeks or more), global store development, and growth in Baskin-Robbins international sales.

Dunkin’ Donuts U.S. comparable store sales gains in the first quarter were driven by increased average ticket and higher traffic resulting from strong beverage sales growth including gains across all cold beverages; differentiated breakfast and afternoon sandwich offerings such as the Angus Steak, Egg and Cheese Breakfast Sandwich and the Turkey, Bacon and Cheddar, and Ham and Cheese Bakery Sandwiches; sales of Dunkin’ Donuts K-Cup portion packs; and the “What Are You Drinkin’” marketing campaign.

Baskin-Robbins U.S. comparable store sales growth was driven by new product news around Valentine’s Day Cake Bites, a new “More Flavors, More Fun” advertising campaign, and improved operational execution.

In the first quarter, Dunkin’ Brands franchisees and licensees opened 82 net new restaurants across the globe. This includes 45 net new Dunkin’ Donuts U.S. locations and 49 net new Baskin-Robbins International locations. Both Baskin-Robbins U.S. and Dunkin’ Donuts International experienced declining store counts in the first quarter. Additionally, Dunkin’ Donuts U.S. franchisees remodeled 108 restaurants during the quarter.

Revenues grew by 9.5 percent compared to the first quarter of 2011, primarily from increased royalty income driven by the increase in system-wide sales.

Operating income and adjusted operating income increased $10.4 million, or 23.1 percent, and $10.4 million, or 19.8 percent, respectively, from the first quarter of 2011 primarily as a result of the increase in revenues and higher income from our joint ventures.

Net income and adjusted net income increased by $27.7 million and $21.1 million, respectively, compared to the first quarter of 2011 as a result of the increase in operating income and a decrease in interest expense associated with the refinancings completed last year and the repayment of our debt with the proceeds from our initial public offering.

Company Updates & Fiscal Year 2012 Targets

On March 5, 2012, the Company’s Board of Directors approved the initiation of a quarterly cash dividend with the first quarter cash dividend of $0.15 per share paid on March 28, 2012 to shareholders of record as of the close of business on March 19, 2012. The Company today announced that the Board of Directors declared a second quarter cash dividend of $0.15 per share, payable on May 16, 2012 to shareholders of record as of the close of business on May 7, 2012.

Additionally, as described below, the Company is increasing certain targets and reaffirming others that it has previously provided regarding its 2012 performance.

• It expects Dunkin’ Donuts U.S. comparable store sales growth to be in the range of 4 to 5 percent and Baskin-Robbins U.S. comparable store sales growth to be in the range of 2 to 4 percent.

• The Company continues to target opening 550 to 650 net new units globally. It expects that Dunkin’ Donuts U.S. will add between 260 and 280 net new restaurants and Baskin-Robbins U.S. will close between 60 and 80 restaurants. Internationally, the Company continues to target 350 to 450 net new units between the two brands.

• The Company is increasing its range for revenue growth to between 7 and 8 percent with adjusted operating income growth of between 12 and 14 percent. The targets for revenue and adjusted operating income growth are based on a 52-week year in 2011.

• The Company is increasing its range for adjusted earnings per share to $1.21 to $1.24 which would represent 29 to 32 percent growth over $0.94 adjusted earnings per share in 2011.

“The fundamentals of the business are extremely strong, and we remain laser-focused on our strategic imperatives — operational excellence, brand-differentiating product innovation and world-class marketing,” said Neil Moses, Dunkin’ Brands Chief Financial Officer. “We remain committed to delivering on our financial targets for the year and to enhancing shareholder value.”

###

Conference Call

As previously announced, Dunkin’ Brands will be holding a conference call today at 8:00 am ET hosted by Chief Executive Officer, Nigel Travis, and Chief Financial Officer, Neil Moses. The dial-in number is (866) 393-1607 or (914) 495-8556, conference number 70918022. Dunkin’ Brands will broadcast the conference call live over the Internet at http://investor.dunkinbrands.com. A replay of the conference call will be available on the Company’s website at http://investor.dunkinbrands.com.

The Company’s consolidated statements of operations, condensed consolidated balance sheets, condensed consolidated statements of cash flows and other additional information have been provided with this press release. This information should be reviewed in conjunction with this press release.

Forward-Looking Statements

Certain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risk and uncertainties include, but are not limited to: the ongoing level of profitability of franchisees and licensees; changes in working relationships with our franchisees and licensees and the actions of our franchisees and licensees; our master franchisees’ relationships with sub-franchisees; the strength of our brand in the markets in which we compete; changes in competition within the quick-service restaurant segment of the food industry; changes in consumer behavior resulting from changes in technologies or alternative methods of delivery; economic and political conditions in the countries where we operate; our substantial indebtedness; our ability to protect our intellectual property rights; consumer preferences, spending patterns and demographic trends; the success of our growth strategy and international development; changes in commodity and food

prices, particularly coffee, dairy products and sugar, and other operating costs; shortages of coffee; failure of our network and information technology systems; interruptions or shortages in the supply of products to our franchisees and licensees; the impact of food borne-illness or food safety issues or adverse public or media opinions regarding the health effects of consuming our products; our ability to collect royalty payments from our franchisees and licensees; the ability of our franchisees and licensees to open new restaurants and keep existing restaurants in operation; our ability to retain key personnel; any inability to protect consumer credit card data and catastrophic events.

Forward-looking statements reflect management’s analysis as of the date of this press release. Important factors that could cause actual results to differ materially from our expectations are more fully described in our other filings with the Securities and Exchange Commission, including under the section headed “Risk Factors” in our most recent annual report on Form 10-K. Except as required by applicable law, we do not undertake to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures and Statistical Data

In addition to the GAAP financial measures set forth in this press release, the Company has included certain non-GAAP measurements, adjusted operating income, adjusted net income, and diluted adjusted earnings per pro forma common share, which present operating results on a basis adjusted for certain items and/or reflecting the conversion of our previously outstanding Class L common stock into shares of common stock. The Company uses these non-GAAP measures as key performance measures for the purpose of evaluating performance internally. We also believe these non-GAAP measures provide our investors with useful information regarding our historical operating results. These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Use of the terms adjusted operating income, adjusted net income, and diluted adjusted earnings per pro forma common share may differ from similar measures reported by other companies. Adjusted operating income and adjusted net income are reconciled from the respective measures determined under GAAP in the attached table “Dunkin’ Brands Group, Inc. Non-GAAP Reconciliation.”

On August 1, 2011, the Company completed an initial public offering in which the Company sold 22,250,000 shares of common stock at an initial public offering price of $19.00 per share. Immediately prior to the offering, each share of the Company’s Class L common stock converted into 2.4338 shares of common stock. The number of common shares used in the calculation of diluted adjusted earnings per pro forma common share for the three months ended March 26, 2011 gives effect to the conversion of all outstanding shares of Class L common stock at the conversion factor of 2.4338 common shares for each Class L share, as if the conversion was completed at the beginning of the fiscal period. The calculation of diluted adjusted earnings per pro forma common share also includes the dilutive effect of common restricted shares and stock options, using the treasury stock method. Diluted adjusted earnings per pro forma common share is calculated using adjusted net income, as defined above. See the attached table “Dunkin’ Brands Group, Inc. Diluted Adjusted Earnings per Pro Forma Common Share” for further detail.

Additionally, the Company has included metrics such as system-wide sales growth and comparable store sales growth, which are commonly used statistical measures in the quick-service restaurant industry and are important to understanding Company performance.

The Company uses “System-wide sales growth” to refer to the percentage change in sales at both franchisee- and company-owned restaurants from the comparable period of the prior year. Changes in system-wide sales are driven by changes in average comparable store sales and changes in the number of restaurants.

The Company uses “DD U.S. comparable store sales growth,” “BR U.S. comparable store sales growth” and “International comparable store sales growth,” which are calculated by including only sales from franchisee- and company-owned restaurants that have been open at least 54 weeks and that have reported sales in the current and comparable prior year week.

About Dunkin’ Brands

With more than 16,800 points of distribution in nearly 60 countries worldwide, Dunkin’ Brands Group, Inc. (Nasdaq: DNKN) is one of the world’s leading franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. At the end of 2011, Dunkin’ Brands’ nearly 100 percent franchised business model included more than 10,000 Dunkin’ Donuts restaurants and more than 6,700 Baskin-Robbins restaurants. For the full-year 2011, the company had franchisee-reported sales of approximately $8.3 billion. Dunkin’ Brands Group, Inc. is headquartered in Canton, Mass.

Contact(s):     Stacey Caravella (Investors)   Director, Investor Relations   Dunkin’ Brands, Inc.   investor.relations@dunkinbrands.com   781-737-3200   Karen Raskopf (Media) SVP, Corporate Communications Dunkin’ Brands, Inc. karen.raskopf@dunkinbrands.com 781-737-5200

	Three months ended
	March 31,			March 26,			Increase (Decrease)
Dunkin’ Donuts U.S.	2012			2011			$			%
	($ in thousands except as otherwise noted)
Comparable store sales growth		7.2	%		2.8	%
Systemwide sales growth		11.5	%		5.3	%
Franchisee reported sales (in millions)	$	1,446.2			1,299.0			147.3			11.3	%
Revenues:
Royalty income	$	77,852			69,305			8,547			12.3	%
Franchise fees		6,206			5,210			996			19.1	%
Rental income		21,675			20,664			1,011			4.9	%
Other revenues		5,321			3,329			1,992			59.8	%
Total revenues	$	111,054			98,508			12,546			12.7	%
Segment profit	$	79,941			70,707			9,234			13.1	%
Points of distribution		7,060			6,799			261			3.8	%
Gross openings		65			52			13			25.0	%
Net openings		45			27			18			66.7	%
	Three months ended
	March 31,			March 26,			Increase (Decrease)
Dunkin’ Donuts International	2012			2011			$			%
	($ in thousands except as otherwise noted)
Comparable store sales growth		2.3	%
Systemwide sales growth		4.8	%		10.0	%
Franchisee reported sales (in millions)	$	160.5			153.1			7.3			4.8	%
Revenues:
Royalty income	$	3,458			3,106			352			11.3	%
Franchise fees		271			673			(402	)		-59.7	%
Rental income		45			85			(40	)		-47.1	%
Other revenues		174			5			169			3380.0	%
Total revenues	$	3,948			3,869			79			2.0	%
Segment profit	$	3,161			3,181			(20	)		-0.6	%
Points of distribution		3,061			3,006			55			1.8	%
Gross openings		95			84			11			13.1	%
Net openings (closings)		(7	)		18			(25	)		-138.9	%
	Three months ended
	March 31,			March 26,			Increase (Decrease)
Baskin Robbins U.S.	2012			2011			$			%
	($ in thousands except as otherwise noted)
Comparable store sales growth		9.4	%		0.5	%
Systemwide sales growth		10.8	%		0.4	%
Franchisee reported sales (in millions)	$	114.0			102.9			11.1			10.8	%
Revenues:
Royalty income	$	5,814			5,108			706			13.8	%
Franchise fees		170			376			(206	)		-54.8	%
Rental income		1,043			1,218			(175	)		-14.4	%
Sales of ice cream products		948			906			42			4.6	%
Other revenues		1,877			1,843			34			1.8	%
Total revenues	$	9,852			9,451			401			4.2	%
Segment profit	$	5,457			4,475			982			21.9	%
Points of distribution		2,488			2,559			(71	)		-2.8	%
Gross openings		6			9			(3	)		-33.3	%
Net closings		(5	)		(26	)		21			-80.8	%
	Three months ended
	March 31,			March 26,			Increase (Decrease)
Baskin Robbins International	2012			2011			$			%
	($ in thousands except as otherwise noted)
Comparable store sales growth		7.6	%
Systemwide sales growth		11.6	%		5.1	%
Franchisee reported sales (in millions)	$	263.0			235.8			27.2			11.6	%
Revenues:
Royalty income	$	2,007			1,836			171			9.3	%
Franchise fees		266			345			(79	)		-22.9	%
Rental income		149			151			(2	)		-1.3	%
Sales of ice cream products		21,775			21,810			(35	)		-0.2	%
Other revenues		44			114			(70	)		-61.4	%
Total revenues	$	24,241			24,256			(15	)		-0.1	%
Segment profit	$	7,282			7,987			(705	)		-8.8	%
Points of distribution		4,267			3,923			344			8.8	%
Gross openings		115			135			(20	)		-14.8	%
Net openings		49			75			(26	)		-34.7	%

Fiscal year totals may not recalculate due to rounding

	Q1			Q2			Q3			Q4			Fiscal Year
Dunkin’ Donuts U.S.	2011			2011			2011			2011			2011
	($ in thousands except as otherwise noted)
Comparable store sales growth		2.8	%		3.8	%		6.0	%		7.4	%		5.1	%
Systemwide sales growth		5.3	%		6.0	%		8.3	%		17.4	%		9.4	%
Franchisee reported sales (in millions)	$	1,299.0			1,463.2			1,501.5			1,655.6			5,919.2
Revenues:
Royalty income	$	69,305			78,321			80,659			88,918			317,203
Franchise fees		5,210			5,580			9,653			9,462			29,905
Rental income		20,664			22,665			22,259			21,002			86,590
Other revenues		3,329			3,660			4,295			4,510			15,794
Total revenues	$	98,508			110,226			116,866			123,892			449,492
Segment profit	$	70,707			82,605			88,992			92,004			334,308
Points of distribution		6,799			6,838			6,895			7,015			7,015
Gross openings		52			71			91			160			374
Net openings		27			39			57			120			243

	Q1			Q2			Q3			Q4			Fiscal Year
Dunkin’ Donuts International	2011			2011			2011			2011			2011
	($ in thousands except as otherwise noted)
Systemwide sales growth		10.0	%		10.3	%		13.7	%		2.9	%		9.1	%
Franchisee reported sales (in millions)	$	153.1			162.4			161.5			159.6			636.7
Revenues:
Royalty income	$	3,106			3,191			3,175			3,185			12,657
Franchise fees		673			567			405			649			2,294
Rental income		85			79			49			45			258
Other revenues		5			(6	)		40			5			44
Total revenues	$	3,869			3,831			3,669			3,884			15,253
Segment profit	$	3,181			3,150			2,496			2,701			11,528
Points of distribution		3,006			3,029			3,005			3,068			3,068
Gross openings		84			82			70			105			341
Net openings (closings)		18			23			(24	)		63			80

	Q1			Q2			Q3			Q4			Fiscal Year
Baskin Robbins U.S.	2011			2011			2011			2011			2011
	($ in thousands except as otherwise noted)
Comparable store sales growth		0.5	%		-2.8	%		1.7	%		5.8	%		0.5	%
Systemwide sales growth		0.4	%		-5.3	%		-0.5	%		11.1	%		0.2	%
Franchisee reported sales (in millions)	$	102.9			150.5			149.3			98.9			501.7
Revenues:
Royalty income	$	5,108			7,509			7,488			5,072			25,177
Franchise fees		376			299			357			239			1,271
Rental income		1,218			1,184			1,180			962			4,544
Sales of ice cream products		906			1,022			947			905			3,780
Other revenues		1,843			2,808			2,451			1,581			8,683
Total revenues	$	9,451			12,822			12,423			8,759			43,455
Segment profit	$	4,475			7,101			7,140			2,877			21,593
Points of distribution		2,559			2,546			2,528			2,493			2,493
Gross openings		9			13			12			15			49
Net closings		(26	)		(13	)		(18	)		(35	)		(92	)

	Q1			Q2			Q3			Q4			Fiscal Year
Baskin Robbins International	2011			2011			2011			2011			2011
	($ in thousands except as otherwise noted)
Systemwide sales growth		5.1	%		15.6	%		13.2	%		10.9	%		11.7	%
Franchisee reported sales (in millions)	$	235.8			352.2			389.5			308.8			1,286.3
Revenues:
Royalty income	$	1,836			2,292			2,489			1,805			8,422
Franchise fees		345			380			336			532			1,593
Rental income		151			153			157			155			616
Sales of ice cream products		21,810			24,203			24,644			25,631			96,288
Other revenues		114			(89	)		44			(101	)		(32	)
Total revenues	$	24,256			26,939			27,670			28,022			106,887
Segment profit	$	7,987			10,279			14,276			10,302			42,844
Points of distribution		3,923			4,014			4,097			4,218			4,218
Gross openings		135			148			126			162			571
Net openings		75			91			83			121			370

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three months ended
	March 31,			March 26,
	2012			2011
Revenues:
Franchise fees and royalty income	$	96,044			85,959
Rental income		22,939			22,131
Sales of ice cream products		22,723			22,716
Other revenues		10,666			8,407
Total revenues		152,372			139,213
Operating costs and expenses:
Occupancy expenses—franchised restaurants		12,920			12,288
Cost of ice cream products		16,818			15,124
General and administrative expenses, net		57,840			53,886
Depreciation		6,189			6,126
Amortization of other intangible assets		6,865			7,082
Impairment charges		9			653
Total operating costs and expenses		100,641			95,159
Equity in net income of joint ventures:		3,464			782
Operating income		55,195			44,836
Other income (expense):
Interest income		118			115
Interest expense		(16,696	)		(33,882	)
Loss on debt extinguishment and refinancing transactions		—			(11,007	)
Other gains, net		60			476
Total other expense		(16,518	)		(44,298	)
Income before income taxes		38,677			538
Provision for income taxes		12,763			2,261
Net income (loss) including noncontrolling interests		25,914			(1,723	)
Net loss attributable to noncontrolling interests		(36	)		—
Net income (loss) attributable to Dunkin’ Brands Group, Inc.	$	25,950			(1,723	)
Earnings (loss) per share:
Class L—basic and diluted		n/a		$	0.85
Common—basic	$	0.22			(0.51	)
Common—diluted		0.21			(0.51	)

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

	March 31,		December 31,
	2012		2011
Assets
Current assets:
Cash and cash equivalents	$	206,005		246,715
Accounts, notes, and other receivables, net		44,798		58,787
Other current assets		104,051		100,972
Total current assets		354,854		406,474
Property and equipment, net		184,920		185,360
Investments in joint ventures		157,374		164,636
Goodwill and other intangible assets, net		2,391,607		2,398,211
Other assets		69,206		69,337
Total assets	$	3,157,961		3,224,018
Liabilities, Common Stock, and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	16,000		14,965
Accounts payable		7,662		9,651
Other current liabilities		232,242		291,924
Total current liabilities		255,904		316,540
Long-term debt, net		1,446,072		1,453,344
Deferred income taxes, net		575,111		578,660
Other long-term liabilities		131,536		129,538
Total long-term liabilities		2,152,719		2,161,542
Total stockholders’ equity		749,338		745,936
Total liabilities, common stock, and stockholders’ equity	$	3,157,961		3,224,018

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended
	March 31,			March 26,
	2012			2011
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$	25,914			(1,723	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		13,054			13,208
Loss on debt extinguishment and refinancing transactions		—			11,007
Deferred income taxes		(3,649	)		726
Equity in net income of joint ventures		(3,464	)		(782	)
Dividends received from joint ventures		4,389			—
Other non-cash adjustments, net		952			2,108
Change in operating assets and liabilities:
Restricted cash		—			—
Accounts, notes, and other receivables, net		14,814			31,480
Other current liabilities		(64,975	)		(41,696	)
Liabilities of advertising funds, net		819			(6,926	)
Other, net		(292	)		(3,808	)
Net cash provided by (used in) operating activities		(12,438	)		3,594
Cash flows from investing activities:
Additions to property and equipment		(4,279	)		(3,734	)
Other, net		(651	)		301
Net cash used in investing activities		(4,930	)		(3,433	)
Cash flows from financing activities:
Repayment of long-term debt, net		(6,441	)		(750	)
Payment of deferred financing and other debt-related costs		—			(16,209	)
Proceeds from issuance of common stock, net		—			3,213
Dividend payments to common shareholders		(18,046	)		—
Other, net		939			(88	)
Net cash used in financing activities		(23,548	)		(13,834	)
Effect of exchange rates on cash and cash equivalents		206			81
Decrease in cash and cash equivalents		(40,710	)		(13,592	)
Cash and cash equivalents, beginning of period		246,715			134,100
Cash and cash equivalents, end of period	$	206,005			120,508

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES

Diluted Adjusted Earnings per Pro Forma Common Share

(In thousands, except share and per share data)

(Unaudited)

	Three months ended
	March 31,			March 26,
	2012			2011
Adjusted net income available to common shareholders:
Adjusted net income	$	30,623			9,522
Less: Adjusted net income allocated to participating securities		(71	)		(92	)
Adjusted net income available to common shareholders		30,552			9,430
Pro forma weighted average number of common shares – diluted:
Weighted average number of Class L shares		—			22,817,115
Class L conversion factor		—			2.4338
Weighted average number of converted Class L shares		—			55,532,882
Weighted average number of common shares		119,682,197			41,370,341
Pro forma weighted average number of common shares – basic		119,682,197			96,903,223
Incremental dilutive common shares(a)		1,633,983			463,452
Pro forma weighted average number of common shares – diluted		121,316,180			97,366,675
Diluted adjusted earnings per pro forma common share	$	0.25			0.10

^(a) Represents the dilutive effect of restricted shares and stock options, using the treasury stock method.

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES

Non-GAAP Reconciliations

(In thousands)

(Unaudited)

	Three months ended
	March 31,			March 26,
	2012			2011
Operating income	$	55,195			44,836
Operating income margin		36.2	%		32.2	%
Adjustments:
Amortization of other intangible assets		6,865			7,082
Impairment charges		9			653
Secondary offering costs		914			—
Adjusted operating income	$	62,983			52,571
Adjusted operating income margin		41.3	%		37.8	%
Net income (loss) attributable to Dunkin’ Brands Group, Inc.	$	25,950			(1,723	)
Adjustments:
Amortization of other intangible assets		6,865			7,082
Impairment charges		9			653
Secondary offering costs		914			—
Loss on debt extinguishment and refinancing transactions		—			11,007
Tax impact of adjustments(a)		(3,115	)		(7,497	)
Adjusted net income	$	30,623			9,522

^(a) Tax impact of adjustments calculated at a 40% effective tax rate for each period presented.