Pizza Hut 2004 Annual Report Download - page 48
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Please find page 48 of the 2004 Pizza Hut annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.CAUTIONARYSTATEMENTS
Fromtimetotime,inbothwrittenreportsandoralstatements,
wepresent“forward-lookingstatements”withinthemeaning
ofSection27AoftheSecuritiesActof1933,asamended,
and Section 21E ofthe Securities Exchange Actof1934,
as amended. The statements include those identified by
suchwordsas“may,”“will,”“expect,”“project,”“anticipate,”
“believe,”“plan”andothersimilarterminology.These“forward-
lookingstatements”reflectourcurrentexpectationsregarding
futureeventsandoperatingandfinancialperformanceand
arebasedupondataavailableatthetimeofthestatements.
Actualresultsinvolverisksanduncertainties,includingboth
those specific to the Company and those specific to the
industry,andcoulddiffermateriallyfromexpectations.
Companyrisks and uncertainties include,butarenot
limitedto,potentiallysubstantialtaxcontingenciesrelated
to the Spin-off, which, if they occur, require us to indem-
nifyPepsiCo,Inc.;changesineffectivetaxrates;ourdebt
leverageandtheattendantpotentialrestrictiononourability
to borrow in the future; potential unfavorable variances
betweenestimatedandactualliabilities;ourabilitytosecure
distributionofproductsandequipmenttoourrestaurantson
favorableeconomictermsandourabilitytoensureadequate
supplyofrestaurantproductsandequipmentinourstores;
effectsandoutcomesoflegalclaimsinvolvingtheCompany;
the effectiveness of operating initiatives and advertising
andpromotionalefforts;theongoingfinancialviabilityofour
franchiseesandlicensees;thesuccessofourrefranchising
strategy;volatilityofactuariallydeterminedlossesandloss
estimates;and adoption ofnew or changesinaccounting
policiesandpracticesincludingpronouncementspromulgated
bystandardsettingbodies.
Industry risks and uncertainties include, but are not
limitedto,economicandpoliticalconditionsinthecountries
andterritorieswhereweoperate,includingeffectsofwarand
terroristactivities;changesinlegislationandgovernmental
regulation;newproductandconceptdevelopmentbyusand/
orourfoodindustrycompetitors;changesincommodity,labor,
andotheroperatingcosts;changesincompetitioninthefood
industry; publicity which may impact ourbusinessand/or
industry;severeweatherconditions;volatilityofcommodity
costs;increasesinminimumwageandotheroperatingcosts;
availabilityandcostoflandandconstruction;consumerprefer-
encesorperceptionsconcerningtheproductsoftheCompany
and/orourcompetitors,spendingpatternsanddemographic
trends;politicaloreconomicinstabilityinlocalmarketsand
changesincurrencyexchange andinterestrates;andthe
impactthatanywidespreadillnessorgeneralhealthconcern
mayhaveonourbusinessand/ortheeconomyofthecoun-
triesinwhichweoperate.
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