EXHIBIT 99
INVESTOR RELEASE
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
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04/20/00 Investors: Mary Healy, 630-623-6429
Media: Anna Rozenich, 630-623-7316
McDONALD'S REPORTS 14% EPS INCREASE AND ANNOUNCES
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$1 BILLION INCREASE IN SHARE REPURCHASE PROGRAM
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OAK BROOK, IL -- McDonald's Corporation today announced a $1 billion increase in
its three-year share repurchase program to $4.5 billion through 2001. It also
announced record global results for the quarter ended March 31, 2000.
. Diluted net income per common share was 33 cents for the quarter, up 14%;
17% in constant currencies.
. In constant currencies, Systemwide sales increased 9%, revenues increased 13%
and operating income increased 11%.
. Europe's operating income increased 15% and its sales increased 12% in
constant currencies.
. U.S. operating income increased 9% and its sales increased 5%.
. In Asia/Pacific, operating income increased 20% and sales increased 12% in
constant currencies.
. The Company repurchased $574 million of stock during the quarter.
Information in constant currencies excludes the effect of foreign currency
translation on reported results, except for hyperinflationary economies, such as
Russia, whose functional currency is the U.S. dollar.
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Key highlights - Consolidated 2000 1999 Increase
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Dollars in millions, except per common As In Constant
share data Reported Currencies*
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Quarters ended March 31
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Systemwide sales $9,506.7 $8,822.8 8% 9%
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Total revenues 3,343.8 3,035.1 10 13
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Operating income 768.6 711.6 8 11
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Net income 450.9 402.7 12 16
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Net income per
common share - diluted .33 .29 14 17
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* Excluding the effect of foreign currency translation on reported results.
SUMMARY COMMENTARY
Chairman and Chief Executive Officer Jack M. Greenberg commented, "I am happy to
report McDonald's outstanding results this quarter. Diluted earnings per share
increased 14% to $.33 for the quarter. In constant currencies, the increase was
even stronger at 17%. Total revenues were also strong. They increased 10%, or
13% in constant currencies. Systemwide sales increased 8%, or 9% in constant
currencies. Having just concluded a meeting with our worldwide family of
owner/operators, partners, suppliers and employees, I can attest that our entire
system is energized, focused and excited about our current performance and our
future growth opportunities.
"I am also pleased to announce a $1 billion increase in our share
repurchase program, bringing the total program to $4.5 billion through 2001. The
strength of our business around the world and our growing free cash flow put us
in a position to increase our stock buyback while maintaining a strong credit
rating. Using our excess credit capacity to buy stock continues to be an
excellent way to provide shareholder value. In addition, we believe McDonald's
stock is currently undervalued. Therefore, we have taken this opportunity to be
an aggressive buyer, purchasing $574 million, or 16.6 million shares of our
common stock in the first quarter. This brought the cumulative purchases to $1.8
billion, or 51 million shares under our three-year share repurchase program."
Jim Cantalupo, Vice Chairman and President McDonald's Corporation said,
"Consolidated operating income increased 11% for the quarter in constant
currencies. Europe and the U.S., which together comprise about 80% of operating
income, each delivered outstanding results. Europe achieved a sales increase of
12% and a 15% increase in operating income on a constant currency basis. U.S.
sales were up 5% and its operating income increased 9% for the quarter.
Asia/Pacific's constant currency operating income increase of 20% was also
impressive. Strong results in South Korea, as well as strong sales in a number
of other markets, helped by the very successful Hello Kitty promotions,
contributed to the increase. We have begun to see improvement in Japan's sales
trends, although its weak economy is still negatively impacting our business.
While Latin America's operating income declined on a constant currency basis,
the segment posted sequential improvement since fourth quarter 1999. Results
were negatively affected by difficult economic conditions in most markets. We
expect profits in Latin America to improve as we progress throughout 2000. We
are excited about our plans for 2000 and look forward to an outstanding year for
McDonald's around the world."
Alan Feldman, President McDonald's USA said, "McDonald's U.S. momentum
continues as we focus on operations excellence, value, people initiatives and
food taste and variety. Beginning tomorrow, our new McSalad Shakers and Chicken
McGrill and Crispy Chicken sandwiches will be available in all McDonald's U.S.
restaurants. The McSalad Shakers innovative packaging makes it easy for
customers to enjoy a crisp, fresh, healthy Chef, Grilled Chicken Caesar or
Garden salad on the go. Both our Chicken McGrill with its zesty marinade and the
Crispy Chicken with its more flavorful, crispy
coating include whole-leaf lettuce and a slice of tomato, offering our customers
more reasons to visit McDonald's. We believe these new menu items and the
improvements in taste as a result of our new Made For You food preparation
system will continue to excite customers and bring them back again and again."
NET INCOME AND NET INCOME PER COMMON SHARE - DILUTED
Net income increased 12 percent and diluted net income per common share
increased 14 percent for the quarter (16 and 17 percent in constant currencies,
respectively). Weighted average shares outstanding for the quarter were lower
compared with the prior year primarily due to shares repurchased. In addition,
outstanding stock options had a less dilutive effect than in the prior year.
During the first quarter, the Company repurchased 16.6 million shares of its
common stock for $574 million.
OPERATING RESULTS
McDonald's operates primarily in the quick-service hamburger restaurant
business. In addition, the Company operates other restaurant concepts: Aroma
Cafe, Chipotle Mexican Grill and Donatos Pizza. Collectively these three
businesses are referred to as "Other Brands." Throughout this report, Other
Brands financial information is included in the Other segment, except where
specifically noted.
Impact of Foreign Currencies on Reported Results
While changing foreign currencies affect reported results, McDonald's
lessens exposures, where practical, by financing in local currencies, hedging
certain foreign-denominated cash flows and by purchasing goods and services in
local currencies.
The primary currency negatively affecting reported results for the first
quarter was the Euro, which is the currency in 11 of our European markets
including France and Germany. This negative effect was partly offset by the
stronger Japanese Yen.
Systemwide Sales and Revenues
Systemwide sales represent sales by Company-operated, franchised and
affiliated restaurants. Total revenues include sales by Company-operated
restaurants and fees from restaurants operated by franchisees and affiliates.
These fees include rent, service fees and royalties that are based on a percent
of sales with specified minimum payments, along with initial fees.
On a global basis, the increases in sales and revenues were due to
expansion and positive comparable sales. Foreign currency translation had a
negative effect on the growth rates for both Systemwide sales and revenues. The
stronger Japanese Yen had a greater positive currency translation effect on
sales compared with revenues. This is due to our affiliate structure in Japan.
Under this structure, we record a royalty in revenues based on a percentage of
Japan's sales, whereas all of Japan's sales are included in Systemwide sales.
For this reason, sales were less negatively affected by foreign currency
translation than were revenues.
On a constant currency basis, revenues increased at a higher rate than
sales due to the higher unit growth rate of Company-operated restaurants
relative to Systemwide restaurants and the consolidation of Argentina and
Indonesia for financial reporting purposes.
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Systemwide sales
Dollars in millions 2000 1999 Increase/(Decrease)
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As In Constant
Reported Currencies*
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Quarters ended March 31
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U.S. $4,505.0 $4,283.2 5% n/a
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Europe 2,305.7 2,261.8 2 12%
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Asia/Pacific 1,785.6 1,511.3 18 12
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Latin America 434.1 393.6 10 12
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Other 476.3 372.9 28 25
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Total Systemwide sales $9,506.7 $8,822.8 8% 9%
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* Excluding the effect of foreign currency translation on reported results.
n/a Not applicable
U.S. sales increased due to positive comparable sales and expansion. In
Europe, expansion and positive comparable sales drove the constant currency
sales increase. This segment's results benefited from strong performances in
France, Italy and Spain. Germany and the United Kingdom also contributed
significantly to the increase.
Expansion and positive comparable sales also drove the constant currency
sales increase in Asia/Pacific. Strong performances in China and South Korea,
along with strong sales in Taiwan and several other markets, helped by the very
successful Hello Kitty promotions, drove the results. Japan also contributed
substantially to the segment's increase due to expansion.
In Latin America, expansion, partly offset by negative comparable sales,
drove the constant currency sales increase. This segment's results benefited
from positive comparable sales in Brazil, Mexico and Venezuela.
In the Other segment, Canada's strong comparable sales and expansion
contributed to the increase in sales. In addition, Other Brands contributed
$43.2 million to the increase.
Combined Operating Margins
The combined operating margin information that follows represents margins
for the McDonald's restaurant business only.
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Combined operating margins Quarters ended
March 31
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2000 1999
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Dollars in millions
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Company-operated $ 403.3 $ 361.1
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Franchised 709.7 677.2
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Combined operating margins $1,113.0 $1,038.3
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Percent of sales/revenues
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Company-operated 16.8% 16.6%
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Franchised 78.6 79.1
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Combined operating margin dollars increased $75 million, or seven percent
for the quarter. The increase was primarily driven by expansion and positive
comparable sales, partly offset by weaker foreign currencies. Foreign currency
translation negatively impacted combined operating margin dollars by $34 million
or three percent. Margin dollars in the U.S. and Europe segments accounted for
about 80 percent of the combined margin dollars in both years.
Company-operated margin dollars increased 12 percent and also increased as
a percent of sales for the quarter. Payroll costs and occupancy & other expenses
decreased as a percent of sales, while food & paper costs increased as a percent
of sales.
As a percent of sales, the U.S. Company-operated margin increased for the
quarter. As a percent of sales, food & paper costs decreased, payroll costs
increased and occupancy & other operating expenses were flat.
In Europe, the Company-operated margin also increased as a percent of
sales. Payroll costs and occupancy & other operating expenses decreased as a
percent of sales, while food & paper costs increased as a percent of sales.
The increase in Asia/Pacific's Company-operated margin as a percent of
sales was primarily due to strong sales performance. In Latin America, the
decline in the Company-operated margin as a percent of sales was primarily due
to difficult economic conditions experienced by most markets, partly offset by
the consolidation of Argentina.
Franchised margin dollars increased five percent for the quarter, despite a
decline in franchised margins as a percent of applicable revenues. The decrease
in the margin as a percent of revenues was primarily due to higher occupancy
costs as a result of our strategy to lease more sites. By leasing a higher
proportion of new sites, we have reduced initial capital requirements. However,
as anticipated, this practice reduces franchised margins since the financing
costs implicit in the lease are included in occupancy expense, whereas, for
owned sites, financing costs are reflected in interest expense.
In the U.S., Asia/Pacific and Latin America, franchised margins as a
percent of revenues declined primarily due to increased occupancy costs. In
addition, the consolidation of Argentina and Indonesia contributed to the
decline in margins as a percent of revenues in Latin America and Asia/Pacific,
respectively.
Selling, General & Administrative Expenses
Selling, general & administrative expenses increased 11 percent for the
quarter, primarily due to spending to support the development of both McDonald's
restaurants and Other Brands. Selling, general & administrative expenses
included $11 million related to Other Brands. In addition, the consolidation of
Argentina and Indonesia contributed to the increase. Excluding Other Brands and
the consolidations, selling, general & administrative expenses increased six
percent for the quarter.
Other Operating Income and Expense
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Other operating income and expense Quarters ended
March 31
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Dollars in millions 2000 1999
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Gains on sales of restaurant businesses $ 15.6 $ 11.3
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Equity in earnings of unconsolidated affiliates 26.4 21.7
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Other (12.7) (19.8)
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Total $ 29.3 $ 13.2
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Other operating income and expense consists of transactions related to
franchising and the food service business. The decrease in other expense was
primarily related to lower provisions for property dispositions in 2000 and the
absence of costs associated with the 1999 implementation of our Made For You
food preparation system.
Operating Income
Operating income increased $57 million, or eight percent for the quarter;
11 percent in constant currencies. The increase was primarily driven by higher
combined operating margin dollars and higher other operating income, partly
offset by higher selling, general & administrative expenses and weaker foreign
currencies.
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Operating income Increase/(Decrease)
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2000 1999 As In Constant
Dollars in millions Reported Currencies*
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Quarters ended March 31
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U.S. $344.2 $314.8 9% n/a
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Europe 261.8 252.8 4 15%
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Asia/Pacific 113.4 91.3 24 20
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Latin America 29.8 31.9 (7) (4)
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Other 19.4 20.8 (7) (12)
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Total operating income $768.6 $711.6 8% 11%
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* Excluding the effect of foreign currency translation on reported results.
n/a Not applicable
U.S. operating income increased $29 million or nine percent for the
quarter. The increase was driven by higher combined operating margin dollars and
higher other operating income, partly offset by higher selling, general &
administrative expenses.
Europe's operating income increased 15 percent in constant currencies. This
performance was primarily due to strong results in France, Italy and Spain.
Germany and the United Kingdom also contributed to the increase.
Operating income in Asia/Pacific increased 20 percent in constant
currencies. This segment benefited from strong performances in Australia, South
Korea and Taiwan.
Latin America's operating income declined four percent in constant
currencies. The decline was due to difficult economic conditions in most markets
in the region, as well as a difficult comparison with strong first quarter 1999
results in Puerto Rico. Partly offsetting this were the strong performances in
Brazil and Venezuela as well as the consolidation of Argentina.
In the Other segment, strong performances in Canada and several other
markets were offset by Other Brands operating losses of $9.1 million.
INTEREST EXPENSE AND INCOME TAXES
Lower interest expense for the quarter was primarily the result of lower average
interest rates and weaker foreign currencies, partly offset by higher average
debt levels.
The effective income tax rate was 32.0 percent for the first quarter of
2000 compared with 33.0 percent for the first quarter of 1999. For the year
2000, the Company expects its effective income tax rate to be about 32.0
percent.
FORWARD-LOOKING STATEMENTS
Certain forward-looking statements are included in this report. They use such
words as "may," "will," "expect," "believe," "plan" and other similar
terminology. These statements reflect management's current expectations and
involve a number of risks and uncertainties. Actual results could differ
materially due to the effectiveness of operating initiatives and advertising and
promotional efforts, the effects of the Euro conversion, as well as changes in:
global and local business and economic conditions; currency exchange and
interest rates; food, labor and other operating costs; political or economic
instability in local markets; competition; consumer preferences, spending
patterns and demographic trends; legislation and governmental regulation; and
accounting policies and practices.
McDONALD'S CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Dollars and shares in millions, except per common share data
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Inc/(Dec)
Quarters ended March 31, 2000 1999 $ %
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SYSTEMWIDE SALES $9,506.7 $8,822.8 683.9 8
Revenues
Sales by Company-operated restaurants 2,439.9 2,179.1 260.8 12
Revenues from franchised and affiliated restaurants 903.9 856.0 47.9 6
TOTAL REVENUES 3,343.8 3,035.1 308.7 10
Operating costs and expenses
Company-operated restaurants 2,033.1 1,818.0 215.1 12
Franchised restaurants
-- occupancy costs 193.8 178.8 15.0 8
Selling, general & administrative expenses 377.6 339.9 37.7 11
Other operating (income) expense (29.3) (13.2) (16.1) n/m
Total operating costs and expenses 2,575.2 2,323.5 251.7 11
OPERATING INCOME 768.6 711.6 57.0 8
Interest expense 100.4 105.2 (4.8) (5)
Nonoperating (income) expense 5.5 5.7 (.2) (4)
Income before provision for income taxes 662.7 600.7 62.0 10
Provision for income taxes 211.8 198.0 13.8 7
NET INCOME $ 450.9 $ 402.7 48.2 12
NET INCOME PER COMMON SHARE $ 0.34 $ 0.30 0.04 13
NET INCOME PER COMMON SHARE--DILUTED $ 0.33 $ 0.29 0.04 14
Weighted average common shares outstanding 1,343.4 1,357.3
Weighted average common shares outstanding--diluted 1,383.8 1,409.2
n/m Not meaningful
MCDONALD'S CORPORATION SYSTEMWIDE SALES
Dollars in millions
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% Inc/(Dec)
Quarters ended March 31, 2000 1999 As Constant
Reported Currency*
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US
Operated by franchisees $3,526.0 $3,346.5 5
Operated by the Company 701.9 668.2 5
Operated by affiliates 277.1 268.5 3
4,505.0 4,283.2 5 n/a
Europe
Operated by franchisees 1,269.3 1,232.5 3
Operated by the Company 917.5 911.6 1
Operated by affiliates 118.9 117.7 1
2,305.7 2,261.8 2 12
Asia/Pacific
Operated by franchisees 465.3 424.6 10
Operated by the Company 471.2 369.9 27
Operated by affiliates 849.1 716.8 18
1,785.6 1,511.3 18 12
Latin America
Operated by franchisees 224.6 191.3 17
Operated by the Company 178.8 119.4 50
Operated by affiliates 30.7 82.9 (63)
434.1 393.6 10 12
Other**
Operated by franchisees 293.5 245.0 20
Operated by the Company 170.5 110.0 55
Operated by affiliates 12.3 17.9 (31)
476.3 372.9 28 25
Systemwide
Operated by franchisees 5,778.7 5,439.9 6
Operated by the Company 2,439.9 2,179.1 12
Operated by affiliates 1,288.1 1,203.8 7
$9,506.7 $8,822.8 8 9
* Excluding the effect of foreign currency translation on reported results.
** The Other segment includes $47.4 million of sales in 2000 and $4.2 million in
1999 related to Other Brands.
MCDONALD'S CORPORATION TOTAL REVENUES
Dollars in millions
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% Inc/(Dec)
As Constant
Quarters ended March 31, 2000 1999 Reported Currency*
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U.S. $1,209.6 $1,151.3 5 n/a
Europe 1,171.0 1,156.2 1 10
Asia/Pacific 526.6 421.6 25 23
Latin America 228.9 163.6 40 42
Other** 207.7 142.4 46 42
$3,343.8 $3,035.1 10 13
* Excluding the effect of foreign currency translation on reported results.
** Other segment revenues for the first quarter 2000 includes $37.3 million
related to Other Brands.
MCDONALD'S CORPORATION FINANCIAL INFORMATION
OPERATING MARGINS - MCDONALD'S RESTAURANT BUSINESS**
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% Inc/(Dec)
Percent Amount As Constant
Quarters ended March 31, 2000 1999 2000 1999 Reported Currency*
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Company-operated
U.S. 16.8% 16.6% $117.6 $110.8 6 n/a
Europe 17.6 17.4 161.1 158.9 1 9
Asia/Pacific 17.9 16.2 84.2 60.1 40 37
Latin America 12.6 14.2 22.5 16.9 33 37
Other 13.4 13.1 17.9 14.4 24 20
Total 16.8% 16.6% $403.3 $361.1 12 15
Franchised
U.S. 79.1% 79.9% $401.7 $386.1 4 n/a
Europe 77.3 77.1 196.0 188.7 4 16
Asia/Pacific 82.7 83.4 45.8 43.1 6 5
Latin America 75.6 78.3 37.9 34.6 10 11
Other 76.9 76.2 28.3 24.7 15 12
Total 78.6% 79.1% $709.7 $677.2 5 8
* Excluding the effect of foreign currency translation on reported results.
** Operating margin information relates to McDonald's restaurant business and
excludes Other Brands.
COMPANY-OPERATED MARGINS AS A PERCENT OF SALES -
McDONALD'S RESTAURANT BUSINESS*
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Quarters ended March 31
2000 1999
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Food & paper 34.3 33.5
Payroll & employee
benefits 25.3 26.2
Occupancy & other
operating expenses 23.6 23.7
Total expenses 83.2 83.4
Company-operated margins 16.8 16.6
* Operating margin information relates to McDonald's restaurant
business and excludes Other Brands.
MCDONALD'S CORPORATION RESTAURANT INFORMATION
SYSTEMWIDE RESTAURANTS
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At March 31, 2000 1999 Inc/(Dec)
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U.S.* 12,624 12,462 162
Europe
Germany 1,012 932 80
England 879 817 62
France 801 722 79
Italy 246 202 44
Spain 230 191 39
Sweden 205 178 27
Netherlands 203 187 16
Poland 165 134 31
Other 1,270 1,107 163
Total Europe 5,011 4,470 541
Asia/Pacific
Japan* 3,278 2,897 381
Australia 682 666 16
Taiwan 321 303 18
China 258 225 33
Philippines 222 198 24
South Korea 184 138 46
Hong Kong 165 155 10
Other 595 547 48
Total Asia/Pacific 5,705 5,129 576
Latin America
Brazil* 961 681 280
Argentina 213 170 43
Mexico 174 145 29
Other 502 437 65
Total Latin America 1,850 1,433 417
Other
Canada* 1,116 1,091 25
Other 453 370 83
Other Brands 237 20 217
Total Other 1,806 1,481 325
Systemwide restaurants
26,996 24,975 2,021
Countries
119 115 4
* Includes satellites in 2000: U.S. 1,029; Japan 1,344; Brazil 494; Canada 255.
In 1999: U.S. 1,067; Japan 1,148; Brazil 285; Canada 237.
MCDONALD'S CORPORATION RESTAURANT INFORMATION
RESTAURANT ADDITIONS
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Quarters ended March 31 2000 1999
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U.S. (5) (10)
Europe 68 49
Asia/Pacific 50 74
Latin America 61 28
Other - McDonald's (5) 14
Other Brands 21 2
Systemwide additions 190 157
SYSTEMWIDE RESTAURANTS
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At March 31, 2000 1999 Inc/(Dec)
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US
Operated by franchisees 9,974 9,832 142
Operated by the Company 1,841 1,831 10
Operated by affiliates 809 799 10
12,624 12,462 162
Europe
Operated by franchisees 2,775 2,398 377
Operated by the Company 2,019 1,863 156
Operated by affiliates 217 209 8
5,011 4,470 541
Asia/Pacific
Operated by franchisees 1,508 1,393 115
Operated by the Company 1,323 1,151 172
Operated by affiliates 2,874 2,585 289
5,705 5,129 576
Latin America
Operated by franchisees 1,004 738 266
Operated by the Company 742 429 313
Operated by affiliates 104 266 (162)
1,850 1,433 417
Other
Operated by franchisees 1,099 955 144
Operated by the Company 622 419 203
Operated by affiliates 85 107 (22)
1,806 1,481 325
Systemwide
Operated by franchisees 16,360 15,316 1,044
Operated by the Company 6,547 5,693 854
Operated by affiliates 4,089 3,966 123
26,996 24,975 2,021
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