Tim Hortons Picks Franchisee To Lead, Boosts Dividend On Higher Profit

CanadianBusiness:

Canadian coffee and doughnut icon Tim Hortons Inc. is about to start taking its orders from a former franchisee as the company ushers in a new CEO to help prepare for rough economic times ahead.

The company said Wednesday in releasing annual financial results that it would boost its quarterly dividend after operating income rose 12.1% for the full year, surpassing expectations.

For the full year, profit increased 3.8% to $269.6 million or $1.43 a diluted share, compared with $259.6 million or $1.40 per share in 2006. Revenues were up 14.2% to about $1.9 billion.

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