Exhibit 99.1
Triarc Companies, Inc.
280 Park Avenue
New York, NY 10017
For Immediate Release
CONTACT: Anne A. Tarbell
(212) 451-3030
www.triarc.com
TRIARC DECLARES SPECIAL CASH DIVIDENDS
New York, NY, November 14, 2006 - Triarc Companies, Inc. (NYSE: TRY; TRY.B)
announced today the declaration of the third and final $0.15 per share
installment of its previously announced special cash dividends aggregating $0.45
per outstanding share of Class A Common Stock and Class B Common Stock, Series
1. The record date for the third and final installment of the special cash
dividends is December 5, 2006 and the payment date is December 20, 2006. The
first and second $0.15 installments of the special cash dividends were paid on
March 1, 2006, and July 14, 2006, respectively.
The special cash dividends are in connection with the previously announced
proposed corporate restructuring that the Board of Directors is continuing to
explore and that is expected to involve the disposition of Triarc's approximate
64% capital interest in its alternative asset management business, Deerfield &
Company LLC, whether through a sale, spin-off to stockholders or such means as
our Board may conclude would be in the best interests of our stockholders.
Options for Triarc's other remaining non-restaurant assets are also under review
and could include the allocation of Triarc's remaining cash, cash equivalents,
short-term and other investments between its two businesses (Arby's(R) and
Deerfield) and/or additional special dividends or distributions to shareholders.
Stockholders are encouraged to consult with their tax advisors regarding
the appropriate tax treatment of the special cash dividends.
As of October 31, 2006, Triarc had 27,913,475 shares of Class A Common
Stock outstanding and 61,002,156 shares of Class B Common Stock, Series 1,
outstanding.
Commenting on today's dividend actions, Nelson Peltz, Triarc's Chairman and
Chief Executive Officer, said: "The special extraordinary cash dividends
declared today are intended to further enhance Triarc stockholder value, as we
continue to explore a corporate restructuring that could potentially unlock the
significant values of Arby's and Deerfield. Our Board of Directors and senior
management will continue to review how best to deliver more value to our
stockholders."
Triarc is a holding company and, through its subsidiaries, the franchisor
of the Arby's(R) restaurant system, which is comprised of approximately 3,500
restaurants. Of these restaurants, more than 1,000 are owned and operated by
subsidiaries of Triarc. Triarc also owns an approximate 64% capital interest, a
profits interest of at least 52% and approximately 94% of the voting interests,
in Deerfield & Company LLC, a Chicago-based alternative asset manager offering a
diverse range of fixed income and credit-related strategies to institutional
investors with approximately $14.1 billion under management as of October 1,
2006.
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Notes To Follow
NOTES TO PRESS RELEASE
1. There can be no assurance that any additional special cash dividends
will be declared or paid, or of the amount or timing of such dividends,
if any.
2. The statements in this press release that are not historical facts,
including, most importantly, information concerning possible or assumed
future results of operations of Triarc Companies, Inc. and its
subsidiaries (collectively, "Triarc" or the "Company") and statements
preceded by, followed by, or that include the words "may," "believes,"
"plans," "expects," "anticipates" or the negation thereof, or similar
expressions, constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 (the "Reform
Act"). All statements that address operating performance, events or
developments that are expected or anticipated to occur in the future,
including statements relating to revenue growth, earnings per share
growth or statements expressing general optimism about future operating
results, are forward-looking statements within the meaning of the Reform
Act. These forward-looking statements are based on our current
expectations, speak only as of the date of this press release and are
susceptible to a number of risks, uncertainties and other factors. Our
actual results, performance and achievements may differ materially from
any future results, performance or achievements expressed or implied by
such forward-looking statements. For those statements, we claim the
protection of the safe harbor for forward-looking statements contained
in the Reform Act. Many important factors could affect our future
results and could cause those results to differ materially from those
expressed in the forward-looking statements contained herein. Such
factors include, but are not limited to, the following:
o competition, including pricing pressures and the potential impact of
competitors' new units on sales by Arby's(R) restaurants;
o consumers' perceptions of the relative quality, variety and value of
the food products we offer;
o success of operating initiatives;
o development costs;
o advertising and promotional efforts;
o brand awareness;
o the existence or absence of positive or adverse publicity;
o new product and concept development by us and our competitors, and
market acceptance of such new product offerings and concepts;
o changes in consumer tastes and preferences, including changes
resulting from concerns over nutritional or safety aspects of beef,
poultry, french fries or other foods or the effects of food-borne
illnesses such as "mad cow disease" and avian influenza or "bird
flu";
o changes in spending patterns and demographic trends;
o adverse economic conditions, including high unemployment rates, in
geographic regions that contain a high concentration of Arby's
restaurants;
o the business and financial viability of key franchisees;
o the timely payment of franchisee obligations due to us;
o availability, location and terms of sites for restaurant development
by us and our franchisees;
o the ability of our franchisees to open new restaurants in accordance
with their development commitments, including the ability of
franchisees to finance restaurant development;
o delays in opening new restaurants or completing remodels;
o the timing and impact of acquisitions and dispositions of
restaurants;
o our ability to successfully integrate acquired restaurant
operations;
o anticipated or unanticipated restaurant closures by us and our
franchisees;
o our ability to identify, attract and retain potential franchisees
with sufficient experience and financial resources to develop and
operate Arby's restaurants successfully;
o changes in business strategy or development plans, and the
willingness of our franchisees to participate in our strategy;
o business abilities and judgment of our and our franchisees'
management and other personnel;
o availability of qualified restaurant personnel to us and to our
franchisees;
o our ability, if necessary, to secure alternative distribution of
supplies of food, equipment and other products to Arby's restaurants
at competitive rates and in adequate amounts, and the potential
financial impact of any interruptions in such distribution;
o changes in commodity (including beef), labor, supply, distribution
and other operating costs;
o availability and cost of insurance;
o adverse weather conditions;
o significant reductions in our client assets under management (which
would reduce our advisory fee revenue), due to such factors as weak
performance of our investment products (either on an absolute basis
or relative to our competitors or other investment strategies),
substantial illiquidity or price volatility in the fixed income
instruments that we trade, loss of key portfolio management or other
personnel (or lack of availability of additional key personnel if
needed for expansion), reduced investor demand for the types of
investment products we offer, and loss of investor confidence due to
adverse publicity;
o increased competition from other asset managers offering similar
types of products to those we offer;
o pricing pressure on the advisory fees that we can charge for our
investment advisory services;
o difficulty in increasing assets under management, or efficiently
managing existing assets, due to market-related constraints on
trading capacity, inability to hire the necessary additional
personnel or lack of potentially profitable trading opportunities;
o our removal as investment manager of one or more of the collateral
debt obligation vehicles (CDOs) or other accounts we manage, or the
reduction in our CDO management fees because of payment defaults by
issuers of the underlying collateral or the triggering of certain
structural protections built into CDOs;
o availability, terms (including changes in interest rates) and
deployment of capital;
o changes in legal or self-regulatory requirements, including
franchising laws, investment management regulations, accounting
standards, environmental laws, overtime rules, minimum wage rates
and taxation rates;
o the costs, uncertainties and other effects of legal, environmental
and administrative proceedings;
o the impact of general economic conditions on consumer spending or
securities investing, including a slower consumer economy and the
effects of war or terrorist activities; and
o other risks and uncertainties affecting us and our subsidiaries
referred to in our Annual Report on Form 10-K for the fiscal year
ended January 1, 2006 (see especially "Item 1A. Risk Factors" and
"Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations") and in our other current and periodic
filings with the Securities and Exchange Commission, all of which
are difficult or impossible to predict accurately and many of which
are beyond our control.
All future written and oral forward-looking statements attributable to
us or any person acting on our behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to in this
section. New risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect us. We
assume no obligation to update any forward-looking statements after the
date of this press release as a result of new information, future events
or developments, except as required by federal securities laws. In
addition, it is our policy generally not to make any specific
projections as to future earnings, and we do not endorse any projections
regarding future performance that may be made by third parties.