UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 3, 2003
TRIARC COMPANIES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-2207 38-0471180
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(State or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation of
organization)
280 Park Avenue
New York, New York 10017
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (212) 451-3000
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(Former name or former address, (Zip Code)
if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Press release of Triarc Companies, Inc. dated June 3, 2003
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRIARC COMPANIES, INC.
By: Brian L. Schorr
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Brian L. Schorr
Executive Vice President and
General Counsel
Dated: June 3, 2003
EXHIBIT INDEX
Exhibit Description
99.1 Press release of Triarc Companies, Inc. dated June 3, 2003
Exhibit 99.1
For Immediate Release
CONTACT: Anne A. Tarbell
(212) 451-3030
www.triarc.com
TRIARC EXTENDS $50 MILLION STOCK REPURCHASE PROGRAM
New York, NY, June 3, 2003 -- Triarc Companies, Inc. (NYSE: TRY) announced
today that it has extended its current $50 million Class A Common Stock
repurchase program until January 18, 2005 and replenished the amount available
under the program to permit Triarc to purchase up to $50 million of Class A
Common Stock beginning June 3, 2003. Under the existing program, Triarc has
repurchased 1.5 million shares at an aggregate cost of $41.7 million. These
shares were repurchased in connection with, and using a portion of the proceeds
of, Triarc's private placement of $175 million of convertible notes completed on
May 19, 2003. The balance of the net cash proceeds from this financing was
approximately $127 million. Today's replenishment and additional twelve-month
extension will allow the Company to continue repurchasing Class A shares when
and if market conditions warrant and to the extent legally permissible.
Commenting on the share repurchase program, Nelson Peltz, Triarc's Chairman
and Chief Executive Officer, said: "We continue to carefully evaluate our
options for the use of Triarc's significant cash and investment position.
Adjusting March 30, 2003 cash, cash equivalents and short-term investments of
approximately $625 million to reflect the recent convertible debt sale and share
repurchase, we would have had approximately $750 million in cash, cash
equivalents and short-term investments. Today's extension of our share
repurchase program will allow us to repurchase additional Triarc shares going
forward. Our goal is to continue to create value for our shareholders."
Since 1998, Triarc has repurchased approximately $340 million of its common
stock, including approximately 9.9 million Class A common shares for
approximately $213 million and all of the then outstanding approximately 6.0
million Class B common shares for approximately $127 million.
Triarc is a holding company and through its subsidiaries, the franchisor of
the Arby's(R) restaurant system and an operator of approximately 240 Arby's
restaurants located in the United States.
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Note to Follow
Note
There can be no assurance that any share repurchases will be made in the
future or that any such repurchases will result in additional shareholder value.