Tim Hortons Q3 net income down 22%

Tue. November 03, 2009; Posted: 01:01 PM

Nov 03, 2009 (Datamonitor via COMTEX) -- THIW | Quote | Chart | News | PowerRating -- Tim Hortons, a quick service restaurant chain in North America, has reported a net income attributable to the company of C$61.18 million, or C$0.34 per diluted share, for the third quarter ended September 27, 2009, down 22.3%, compared to C$78.76 million, or C$0.43 per diluted share, for the third quarter of 2008.

For the third quarter of 2009, total revenues were C$563.55 million, up 10.7%, compared to C$508.99 million for the third quarter of 2008.

For the first nine months of 2009, total revenues were C$1.63 billion, up 9.9%, compared to C$1.48 billion for the same period of 2008. Net income attributable to the company was C$205.38 million, or C$1.13 per diluted share, down 4.7%, compared to C$215.55 million, or C$1.17 per diluted share, for the same period of 2008.

Don Schroeder, president and CEO of Tim Hortons, said: "The underlying performance of our business was healthy in the third quarter and our results continue to demonstrate the strength and resilience of our brand. Operating conditions continued to be challenging in the third quarter but we remained focused on executing our growth initiatives and responding to the needs of our customers."

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