ATLANTA - AFC Enterprises Inc., which was scheduled to report third-quarter results Tuesday, instead said it would delay the report pending adjustments to its third quarter and prior periods.<br>
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The Atlanta restaurant franchiser said it plans to record adjustments of $1.2 million to $2.1 million related to a writedown of Seattle Coffee Co.'s inventory and an impairment of leasehold improvements at its former headquarters in Seattle.<br>
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AFC Enterprises expects to earn 39 cents a share from continuing operations excluding adjustments in the third quarter.<br>
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Analysts also expect the company to earn 39 cents a share in the third quarter, according to Thomson First Call.<br>
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It was the second time this year AFC delayed an earnings release. In May, the company's new auditors sought more time to review an accounting change.<br>
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AFC Enterprises operates fast-food chicken restaurants. It owns or franchises about 3,000 Churchs Chicken, Popeyes Chicken & Biscuits, Cajun Kitchen and Cajun Cafe restaurants in the United States and abroad. The company also owns Seattle Coffee and the Cinnabon chain of more than 400 retail bakeries.<br>
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Shares of AFC were at $17.63 in early trading Tuesday on the Nasdaq Stock Market, down 31 cents, or 1.7 percent.<br>
