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Tricon Reports 28 Percent Increase

February 12, 2002

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LOUISVILLE, Ky. (AP) _ Tricon Global Restaurants reported a 28 percent increase in fourth-quarter earnings, beating Wall Street expectations, and credited the success of continuing worldwide push of its restaurant franchises.

The parent company of Pizza Hut, KFC and Taco Bell reported net income of $164 million, or $1.08 per share, for the quarter ended Dec. 31, compared with $128 million, or 86 cents per share, in the year-earlier period. Revenue grew from $2.18 billion to $2.2 billion. Last year’s fourth quarter also had one more week than this year’s.

Analysts surveyed by Thompson Financial/First Call had expected $1.04 per share.

``We are successfully executing our strategies of driving global expansion, improving restaurant operations and leading the industry in multibrand innovation,″ said chairman and chief executive David C. Novak.

For the full year, the company reported net income of $492 million, or $3.24 per share, compared with $413 million, or $2.77 per share, in 2000. Sales fell to $6.95 billion from $7.09 billion.

Tricon said fourth-quarter international revenue rose 12 percent to $695 million from $621 million in 2000. International sales for the full year rose to $2.13 billion from $2.03 billion the year before.

The company was helped in part by the opening of 437 international restaurants in the fourth quarter, and 1,041 for the year _ a record number, according to Tricon.

Tricon released its results after the close of regular trading Monday. Shares in the company fell 19 cents to $54.31 each Monday on the New York Stock Exchange. They regained 8 cents in after-hours trading.

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