updated - May 21, 2013 Tuesday EDT
Tim Hortons Inc, based in Canada, reported lower Q4 net income than in the previous year. At $98.84 million and 65 Canadian cents a share, earnings at the coffee and food franchise missed analysts' expectations of 71 Canadian cents per share.
The company attributed the performance hit to costs incurred for "reorganization" - including termination costs and professional fees. Part of the costs went to an ongoing search for a CEO.
In a statement, the company announced "significant progress" in its search to replace previous CEO Don Schroeder who resigned in May 2011. Interim CEO Paul House has been running the business in the meantime.
A $250 million share repurchase program is currently being undertaken by the company as well.
Although shares fell 3.5 percent on the earnings announcement, the company is optimistic about the year's potential. It hopes to have a strong year on the foundation of new products that have been rolled out, as well as new location openings.
TOP 10 FRANCHISE FOR 2013