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Operator: Good morning. My name is Amanda, and I will be your conference operator today. At this time, I would like to welcome everyone to the Yum! Brands First Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
Thank you. Mr. Steve Schmitt, Vice President of Investor Relations, you may begin your conference.
Steve Schmitt - VP, IR: Thanks, Amanda. Good morning, everyone and thank for joining us for our earnings call. This call is being recorded and will be available for playback. We are broadcasting the conference call via our website, www.yum.com. Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.
I would also like to remind you that this conference call includes forward-looking statements. Forward-looking statements are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC.
In addition, please refer to the Investors section of the Yum! Brands' website to find disclosures and reconciliations of non-GAAP financial measures that may be used on today's call. Finally, we would like you to be aware of the following Yum! Investor events occurring in the next three months. Our April same-store sales for our China Division will be May 10 after market hours; our Taco Bell investor analyst conference will be May 21 in Irvine, in Irvine, California; and our second quarter earnings release will be Wednesday, July 10.
On our call today is David Novak, Chairman and CEO; Rick Carucci, President; and Pat Grismer, our CFO. Following remarks from each, we will take your questions.
Now I'll turn the call over to David Novak.
David C. Novak - Chairman and CEO: Thank you, Steve and good morning everyone and thank you for joining our call. Well, better than expected the first quarter was extremely difficult for Yum! Brands. As anticipated, intense media attention surrounding poultry supply in China significantly impacted KFC sales and profits.
Earnings per share declined 8% versus prior year as our China division operating profit fell 41%. Our operating profit increased 19% at Yum! Restaurants International, and 5% in our U.S. business.
While we're certainly not happy with our overall results, as we look at how our China sales evolved through March, we were making progress and it was pretty close to where we thought we'd be. Unfortunately, our quest for a full sales recovery has been dampened by the intense publicity of avian flu in China beginning in early April.
Now, the last time we were significantly impacted by avian flu was in 2005. The sales impact was initially dramatic at KFC, but relatively short-lived, lasting about three months. We anticipate this will once again be the case, but there's no way to be certain. Based on our results through the first three weeks of April, we expect China division's same-store sales will be down about 30% for the month. You will see the actual numbers in our sales release scheduled for May 10th.
Putting the avian flu situation aside, I'd like to share some of what the team in China is doing to restore consumer trust in the KFC brand and to enhance our industry-leading supply chain practices. Immediately after the Chinese New Year in late February, we launched what we're calling Operation Thunder. To the Chinese consumer this signifies shift decisive action, which is exactly what we are doing to address consumer perceptions related to the safety of our chicken in China. As part of this initiative, we announced several enhancements we're making to our supply chain. One specific enhancement was to work with our suppliers to eliminate over 1,000 small and less modern chicken houses where risk could be the highest. We want our suppliers that only work with the most sophisticated chicken farms in China.
We also launched an aggressive quality assurance program and including 30-second television commercials. Our strategy is to build as much awareness as possible of our industry-leading quality assurance processes. Our research indicates that more people hear about what we're doing, the more willing they are to come back into our restaurants. Additionally, we are continuing to build the KFC brand with major news around value and innovation.
Our goal is to come out of this stronger than ever on our food safety perceptions in China and get sales back on track as fast as possible. These are certainly trying times for our KFC China business, but I want to be crystal clear that we do expect a complete sales recovery. In previous years, we have faced SARs, Sudan Red and previous avian flu situations, and in every case, we have bounced back. When sales do come back, we're going to benefit from the additional 1,600 restaurants we'll have built during 2012 and '13. We have a world-class team and unmatched distribution system and industry-leading advertising resources. KFC is a powerful and resilient brand that is loved throughout China. We expect to bounce back stronger than ever.
We think staying the course on at least 700 new units is the right number, recognizing we are still out developing competition by a wide margin, still have first-mover advantage by entering over 100 new cities and have no urgency to expand more rapidly in the current environment. Remember, this means we will open about 1,600 new units in two years. There is no question we are continuing to capitalize on the number one retail opportunity in the world.
As I have mentioned before, the most positive new news in recent years at Yum! is the incredible performance at Pizza Hut casual dining in China. We continue to have less than three year cash paybacks and are successfully expanding across lower-tier cities. While sales started a bit slow in the first quarter, we're pleased that March same-store sales grew 4%. We have major product news with (Stone pan stake) this year and we are beginning to expand breakfast in the more cities. We are very bullish on Pizza Hut casual dining this year and in the years to come.
Overall in China, we're going to stay the course with our strategy to have leading brands in every significant category. We will continue to build our two big brands KFC and Pizza Hut casual dining and we will continue to invest behind Pizza Hut Home Service, Little Sheep, East Dawning and we opened 226 new units in our first quarter and are well on our way to open at least 700 restaurants this year, which again we believe is a very good number.
Outside of China, we expect solid on target performance for Yum! Brands and as I evaluate our strategies, I've concluded that just like China, we have the right strategies in place and the best thing we can do for our shareholders is to stay the course with what we've been focusing on. We are very focused to be the emerging market leader in the restaurant category and positioned for growth in so many countries around the world.
At Yum! Restaurants International, we're going to continue with our strategy to drive aggressive international expansion and build strong brands everywhere. Our new unit pipeline has never been stronger. We expect to open over 950 new restaurants this year and grow operating profit consistent with our ongoing growth model of at least 10%. I am very pleased that our U.S. business will be a net new unit developer for the second consecutive year. Importantly, Taco Bell, which represents about 60% of our U.S. profit, had a strong first quarter and continues to have success building on its Doritos Locos Taco and Cantina Bell platforms. We expect our U.S. profits to grow in line with our ongoing growth model of 5%. Finally, we're investing in and developing a great business in India, which will drive substantial future growth for Yum!.
So to wrap this up, 2013 is obviously going to be a difficult year for Yum! Brands due to our challenges with KFC in China. Our Yum! Restaurants International and U.S. businesses are well-positioned to deliver against our growth targets and drive future growth for years to come. I am confident that our China business will bounce back strongly and lead the way to restoring our track record of consistently delivering double digit EPS growth in 2014, 2015, and beyond.
Now Rick Carucci will take you through our strategies for Yum! Restaurants International and the U.S. business.
Richard T. Carucci - President: Thank you, David. Good morning everyone. At Yum! Restaurants International, our strategy remains to drive aggressive international expansion and build strong brands everywhere. What I would like to do today is review the nature of our growth. The growth at YRI continues to be driven by our franchisees and our strength in emerging markets.
In 2013, you will see that our equity presence in select emerging markets will also contribute to this growth. One characteristic that we love about YRI is the recurring and growing nature of its franchise fees. These franchise fees will approach nearly $1 billion in 2013, which represents 10% growth versus 2012. Our franchisees are investing heavily behind our KFC and Pizza Hut brands and are aggressively building new units.
During the first quarter, we developed 147 new units and 90% of these units were opened by franchisees. We continue our rapid pace of expansion throughout the year and expect to set a record by building over 950 new units in 2013.
This franchise growth provides a large cash stream for Yum! It also generates significant value for our shareholders. We believe that the capital (free) franchise business at YRI is unique, given that it provides income and cash that is large, growing, global and diversified. We are delighted to be meeting with over 500 of these franchisees representing over 100 countries at our upcoming Biannual Franchise Convention in Beijing, where we will discuss our strategies and initiatives. We look forward to working together with our franchisees to develop even more profitable growth opportunities in the years ahead.
As we have said before, Yum! is a clear leader in emerging markets. 70% of the new YRI units in the first quarter were in emerging markets. The bulk of the emerging market business will continue to be led by franchisees. However, over the last two years, we have also developed a company-owned presence in some select high-growth countries. These include Russia, South Africa and Turkey.
Three years ago, we had no company-owned restaurants in these markets. Today, we now have about 230 company units. We are bullish on all three of these markets. Over the past two years, Russia has led our entire system in same-store sales growth. This continues to be the case so far in 2013, where Russia posted system sales growth of 45% in the most recent quarter, driven by development and same-store sales growth of 25%. We've been able to step up new unit development this year and we are encouraged by the initial returns we are getting on our new company-owned stores.
In the continent of Africa, we are also expanding aggressively. We're building up an established base of about 700 stores in South Africa, where we're the clear market leader. Africa is one of the fastest growing regions in the world with over 1 billion people throughout the continent, remember it represents a tremendous long-term growth opportunity.
We completed the acquisition of our Turkey business earlier this month. Turkey is a fast developing country of about 75 million people with only about 60 KFC and 45 Pizza Hut restaurants, there is no question that we'll have a huge potential for growth there. We already ramped up development and expect to open about 25 new restaurants this year.
Our acquisitions in these three countries advances our strategy to increase ownership in high growth, high return businesses. I want to emphasize that we believe our company ownership is helping to accelerate growth. In 2010 we had a total of 63 new units in these countries combined. This year, we expect to add over 170 units, about 50 of those will be company-owned. It is likely that the new unit builds in these countries will continue to grow. The combination of aggressive franchise growth and an equity presence in select countries should help us extend our lead in emerging markets. We are generated strong growth and believe we could do so for a long, long time.
As a reminder, Yum! currently has around two restaurants per million people in the world's 10 largest emerging markets. Assuming we maintain our current pace of development, we'd have only about four restaurants per million people in these markets by the year 2020. That compared to 58 restaurants per million in the U.S. today. Overall, Yum! restaurants international business is on track for another solid year in 2013. Clearly, we have a long runway for growth at YRI.
Now on to our U.S. business. Before I get into the U.S. business performance, it is interesting to note that the U.S. business has a royalty stream in excess of $800 million. Therefore, when you put YRI and the U.S. together, they will produce about $1.8 billion of franchise revenue in 2013. That is almost double what we produced as a company 10 years ago.
While our U.S. business is beginning to develop net new units, it is more reliant on growing same-store sales for its growth. In our category, you grow same-store sales by offering value and introducing innovative new products. In the past year, I don't think anyone had done a better job of innovation than Taco Bell.
Taco Bell grew same-store sales by 6% in the quarter and that's on top of 6% growth in the first quarter last year. We are now in the midst of launching Cool Ranch Doritos Locos Tacos. Our new marketing campaign, Live Mas, is resonating well with consumers and the brand is generating lots of excitement in social media. We expect to sell about 100 million Doritos Locos Tacos during the second quarter. This continues to be one of the most successful new product launches in our history.
As you look at the balance of the year, we believe that we have our product offerings because these are backed by solid operations and increased media rates, we believe that Taco Bell is well-positioned to have another successful year in 2013.
Pizza Hut and KFC's sales in the U.S. during the first quarter were softer than we would've liked. In this environment, you win by providing compelling value and innovation. In hindsight, some of our competitors did a better job of this than we did. We expect to fair better the balance of the year and we are particularly excited about the recent launch of KFC's original recipe, boneless chicken.
We are continuing to add net new units of both Pizza Hut and Taco Bell. The Pizza Hut Delco Lite format is generating excitement among our franchises and is allowing us to add more units in small-town America.
Taco Bell is following Pizza Hut's lead and is also going after more rural new units. Taco Bell is again adding net units in 2013 and the combination of the new smaller building asset design and a franchise rural incentive should lead us to even more net unit growth than openings in 2014.
When we look at the U.S. we are building the foundation for a business that we believe will provide better and more consistent performance.
To sum it up, while China is clearly experiencing a challenging year, the rest of Yum! is performing pretty well. We believe we are well positioned for the future and these divisions are on track to achieve our full year growth target for 2013.
Now, let hand things over to our CFO, Pat Grismer.
Patrick Grismer - CFO: Thank you, Ric. As you heard from David and Ric, Yum! Restaurants International and our U.S. division are delivering solid results, yet we obviously have our challenging in China. We continue to see this as a temporary setback and remain as bullish as ever on our long-term growth prospects. As evidence of that, we are continuing to invest in the future. With these investments and given demonstrated growth potential of our businesses, I'm very confident that our track record of double-digit EPS growth will be restored in the years to come.
I'll now provide some additional perspective on our first quarter results and share our EPS outlook for the second quarter and full year. For the first quarter, we reported an 8% decline in EPS before special items, which was significantly better than the 25% decline that we had previously estimated. This better than expected result was primarily driven by stronger than expected sales in China during the Chinese New Year holiday period in February.
Now I will share some performance highlights for each major division. In China, operating profit declined 41% in the first quarter prior to foreign currency translation driven by a 20% drop in same-store sales. With the sales decline of this magnitude, China restaurant margin was severely impacted down seven percentage points versus prior year. Bear in mind that this dynamic works in both directions. So as our China sales recover, we expect a similar rebound in restaurant margin.
On the development front, China had an exceptional quarter, opening 226 new restaurants or nearly four per day. With Chinese New Year following relatively late in the quarter this year, our world-class China development team was very intentional about pulling units forward into the first quarter to benefit from peak seasonal sales.
Yum! restaurants international reported operating profit growth of 19% in the first quarter, excluding the impact of foreign currency translation. We benefited from a major franchise ownership change this quarter, which added transfer and renewal fees as well as from changes to an overseas pension plan. These items added eight percentage points of operating profit growth to YRI's overall performance. As expected, refranchising the Pizza Hut U.K. Dine-In business late last year benefited YRI's operating profit growth by another three percentage points.
Adjusting for these items, YRI's core business delivered about 8% operating profit growth this quarter. Importantly, YRI continue to drive impressive unit growth, opening 147 new restaurants in the quarter, including 103 new units in emerging markets.
Same-store sales grew 1%, which was softer than expected as weak results in Japan and Western Europe adversely impacted YRI's same-store sales by about two percentage points. However, we experienced strong same-store sales growth in our equity led emerging market businesses in Russia, South Africa, and Thailand and we're pleased with the sustained improvement of our KFC Australia business.
Restaurant margin increased 1.4 percentage points at YRI largely due to the refranchising of our Pizza Hut U.K. Dine-In business.
Moving to the U.S., first quarter operating profit grew 5% versus prior year. Excluding the impact of refranchising, operating profit grew a very respectable 7%. This performance was led by Taco Bell, which had an outstanding quarter with 6% same-store sales growth and restaurant margin improvement of 2.4 percentage points.
It's clear that our customers love both Nacho Cheese and now Cool Ranch Doritos Locos Tacos. Without a doubt, Taco Bell is a leading performer in the category. In fact, this marks the fourth consecutive quarter that Taco Bell has outperformed the category, demonstrating the positive momentum we have with the powerful brand that represents about 60% of our U.S. profit.
While sales at Pizza Hut and KFC fell below our expectations in Q1, their profits were more or less on plan.
For the U.S. division overall, restaurant margin increased 2.4 percentage points in the first quarter, including 1.3 percentage points from refranchising. Importantly, this marked the fifth consecutive quarter of year-over-year margin gains in the U.S.
Finally, speaking of U.S. refranchising, we continue to make good progress with our program, which we expect will be substantially completed by the end of this year, bringing our franchise ownership in the U.S. to over 90%. This ownership strategy, along with our improved unit-level economics, positions the U.S. for more consistent profit growth in the years ahead.
Now, I'll turn to EPS expectations for the second quarter and full year. As you know, the most sensitive variable in this year's profit forecast is China same-store sales, so I'll start with that. As disclosed in our 8-K filing on April 10th, March same-store sales declined 13% in our China business, with KFC same-store sales declining 16% and Pizza Hut casual dining same-store sales growing 4%.
As David mentioned, we continue to expect the sales recovery will take time. However, the recent publicity on avian flu will add even more choppiness to that recovery, weighing particularly heavily on second quarter results. Based on our results through the first three weeks of April, we expect China division same-store sales to decline about 30% for the month, with KFC significantly negative and Pizza Hut casual dining positive.
Prior instances of Avian flu have been short-lived at KFC, and with this as our assumption, we believe our overall recovery will be no different from our previous estimate, with China division same-store sales turning positive during the fourth quarter. We will continue to temporarily provide monthly updates on same-store sales in China and will report April sales on May 10, 2013 after market hours.
Despite the start of our recovery from the China poultry supply situation that occurred in late December and with the unexpected impact of avian flu publicity that started in April, we are forecasting a significant double-digit EPS decline for Yum! in Q2 and expect this to be the low point of our year thus far.
As for the full year, our EPS expectations are essentially unchanged at this stage. We are holding our full-year forecast at a mid-single-digit decline, because of the risk of avian flu publicity is added to our China sales recovery. Essentially, we are estimating that all of the EPS upside we saw in the first quarter versus our earlier estimate will be offset in the second quarter due to the impact of avian flu. That said, I want to emphasize that it is extremely difficult to forecast sales or profits in China right now. This is already a challenging proposition and the recent emergence of avian flu has only added to the uncertainty.
Despite our short-term setback in KFC China, our long-term growth model is still intact, driven by new unit development, same-store sales growth and high returns on investment. The good thing about our business is we are a cash generating machine. Even with this year's disappointing EPS result, we expect free cash flow well over $2 billion which includes a franchise royalty stream of nearly $2 billion.
We also remain committed to using our operating cash flow to invest behind the growth we see in our business. With over $1 billion of capital expenditures expected this year, while returning our remaining cash to shareholders through dividends and share repurchases.
Our investment in new unit development is skewed towards high growth emerging markets, such as China, India, Russia, and Africa and these development opportunities remain very robust. We continue to believe that China is the number one retail growth opportunity the world and continue to forecast at least 700 new units there this year.
Given the pace of development we achieved in the first quarter, we expect our units in China to be more heavily weighted towards the first half of the year. We expect this intense pace to easy balance of year. As always, we approach our China development with extremely rigor and we'll continue to monitor new unit performance and adjust our expansion plans as appropriate. We also expect to open at least 150 new units in India this year, with over half of these being KFCs, thereby growing our KFC store base by over 30% versus prior year.
(Y-o-Y) we expect to build over 950 units, including 80 units in Africa, 60 units in Russia, and 50 units in Thailand. Finally, driven by the irresistible returns of our Pizza Hut Delco Lites and the improved economics of our Taco Bell units, we expect the U.S. will be net unit positive again in 2013.
In summary, 2013 is shaping up to be a very challenging year for Yum! While we take account of these results, we view this year as an aberration that either raises our track record of performance or diminishes the growth opportunity that we are uniquely well positioned to capture. I'm confident we will bounce back strongly and regain our status as a double-digit growth companies in the years ahead.
Now, we'll be happy to take your questions.
Operator: Sara Senatore, Sanford Bernstein
Sara Senatore - Sanford C. Bernstein: I just wanted to talk a little bit about your – the China recovery kind of cadence. I think it implies a fairly sharp – yet I think you said, historically, the avian flu has been pretty short in its impact. I just wanted to sort of get a sense of if you look back at '05, are we talking about a month, or two months, or kind of what the overall cadence is? Then also, on the same, a related topic. It looks like you manage margins there very well. In China, so maybe can you just talk a little bit about what kind of variable expenses are there in payroll and occupancy that allowed you to hold margins so well given the negative comps in the quarter?
Patrick Grismer - CFO: First with respect to the impact of avian flu. When we look back at how this has impacted our business, in the past what we have seen is a sharp impact initially that then diminishes over a period of about three months. So we're expecting about the same recovery period this year. So just to reinforce then in terms of our overall sales recovery what we are currently estimating is a six to nine-month recovery period with same-store sales in China turning positive in the fourth quarter. Then with respect to your question on margin, there were a number of – obviously, a number of moving pieces here. The most significant variable in that equation is transactions, and so the transaction did hit us significantly in the first quarter and that – as that reverses will – certainly work to our advantage over the course of the rest of the year. With respect to the composition of our restaurant costs and the variable component, there is a fair amount of variability and rent expense where many of our units have a variable rent component as well as the fact that a portion of our labor expense is variable. Also keep in mind that advertising, which runs about 4% of sale is also nearly entirely variable. So, that gives us some ability to mitigate the impact of the transaction deleverage.
Operator: John Ivankoe, JPMorgan.
John Ivankoe - JPMorgan: Also staying on China if I may in two different topics. Firstly, obviously, first quarter development was exceptional especially for two month quarter end. I think David for emphasis few times he said to expect 700 for the year. So, I guess at this point and trying to get a sense whether the avian flu and the December price (sets) kind of having you back off the development, maybe at least as I am interpreting maybe slightly, especially relative to prior years, through other issues that we should be sensitive to. Then the second question if I may is on gross margin in China where cost of goods sold, it looks inversely that was very, very low; the COGS was very low. In the quarter, some may have interpreted that. You would invest in gross margins to kind of really sold value message to consumers whether now or some point in the future. So just wanted to get a sense of how you may use COGS on the gross margin to invest to get back traffic when the time is right?
David C. Novak - Chairman and CEO: Firstly, on development John, we think that staying the course on the number that we provided at the Analyst Conference back in, I guess, it was December, was that we have said we'd stay at least – we'd open at least 700 units. We still think that's right number. I think the reason why we believe it's the right number and we're staying on it is that, we are still out developing competition by a wide margin as I said. We still have that first-mover advantage that we are opening up in 100 new cities this year. So we don't really see any urgency to expand more rapidly in this current environment. I think as the China team has always been, given the charge that this is a business that's a jewel, polish that jewel, keep making it as strong as you can. We've never ever forced or challenged the team to grow at a faster rate than it ought to. I think as we look at the year and where we are at, we just think that we're going to make the prudent and the right decisions as we go forward and that number will be at least 700 restaurants. So that's kind of how we are looking at that. In terms of investment in the value proposition, we have great cost structure. We've had a great cost structure. We have always done what's right for the customer. We have a number of value initiatives planned for the – even as we are in this current challenging environment. What I expect given everything that's going on, with the launch of operations under, with the quality assurance campaign that we've launched, we've got some significant innovation coming, value promotions going, we expect to go into 2014 with KCF being stronger than ever. That's our goal. This is obviously a challenging time, but that doesn't mean that you just can't keep investing and building the brand and setting yourself up for the future and we love our position with KFC in China over the long-term.
Richard T. Carucci - President: John to build on David's comments on the cost of sales and the implications for our margin, in the first quarter we were fortunate enough to experience food cost deflation of 5% and we had a three-point benefit of pricing from the actions taken last year. So rollover pricing benefit, if you will, of three points. Those two elements combined helped to blunt the impact that the transaction deleverage on our overall margins and helped to keep our cost of sales percentage in a good spot despite the fact that, as you say, we were offering more value during the quarter to help support more transaction growth.
Operator: David Palmer, UBS.
David Palmer - UBS: It's probably tough to tease this out, but has the talk about antibiotics died down and is your team's perception that your – that as we get past the avian flu issue that you're going to be in an another level of antibiotics and maybe even there is a crazy as it sounds a silver lining to the avian flu issue in that it sort of wiped clean or perhaps permanently pushed back into the back of people's consciousness, the whole antibiotics issue that was at the fore a few months?
David C. Novak - Chairman and CEO: Well, I think David, what we're pleased with is publicity on the poultry issues has really subsided and we're moving more into the process and continued process of building consumer confidence. I think basically what we need in China is just to get the time that we've seen historically has brought our business back and that's really the way how we're looking at it. I wouldn't even comment on your hypothesis. I'll leave that to you. What we think we need is really to get the time to build consumer trust back and keep building the brand forward as we move ahead.
Operator: Joseph Buckley, Bank of America.
Joseph Buckley - Bank of America/Merrill Lynch Research: Two questions, one back on the China margins. Can you walk through what's happening with labor inflation? Obviously labor costs up year-over-year, but look to a little better control than I might have guessed and just kind of curious if the wage inflation has subsided any?
Patrick Grismer - CFO: With respect to China labor inflation in total, at the restaurant level, we experienced about 14% inflation, more or less in line with our expectations. The wage rate component of that was up 8%. So the difference reflects growth in the cost of employee benefits and growth in the cost of management labor.
Joseph Buckley - Bank of America/Merrill Lynch Research: Then question with all the poultry issues and supply chain changes, how does this affect you looking out to 2014 and beyond from a cost standpoint and then as you continue to grow, is the poultry industry capable of growing with you?
Richard T. Carucci - President: At present, we don't expect the increased rigor of supply chain management practices is going to have a material effect on our poultry supply costs. In fact, we have reason to believe that flock yields could improve as a result of some of these more stringent practices and that will help to diminish the cost of any new procedures that may be put in place at our suppliers to continue to drive even higher levels of quality. Then in terms of longer-term supply, we remain confident that the larger producers will continue to grow and meet our supply requirement. So we're not concerned that we're going to face a situation where we're going to be supply constrained in a way that it's going to put upward pressure on poultry costs.
Joseph Buckley - Bank of America/Merrill Lynch Research: I mean, if I can just flip back to the China labor things for a moment, if I look at labor cost per store, they were very flat year-over-year. So is that just adjusting to the lower level of business staffing lines? Or it is something else that we try that given the inflation numbers?
Patrick Grismer - CFO: I mean what I can tell you is that clearly in the current environment the team is very much focused on running as efficiently as possible, but because we do see this as a temporary situation. We're not taking actions that would in any way compromise the service that we're providing our customers.
Operator: John Glass, Morgan Stanley.
John Glass - Morgan Stanley: I wanted to come back to this notion of it. It will take time to get through this and that's probably true in this situation, but it won't necessarily prevent that X episode nor inevitably be something else. So there are two issues in China it seem to be needing to be addressed longer-term? One is your supply chain and my understanding is chicken – and chicken production in China is more fragmented, it's not vertically integrated like it is in the U.S. So on that first point is there an opportunity to help suppliers vertically integrate China so see you don't see an uncertainty maybe it's using a multinational company. For example, as a key supplier where you stand on that? Secondly is response to rumors, it seems like you've been caught off guard a few times in terms of rumors and social media has exacerbated this. Has there been a seismic shift or has there been a change in the way you are choosing to respond to rumors more quickly or more effectively?
David C. Novak - Chairman and CEO: Well, first of all, I think what we have done on the supply-chain is, we've taken swift, decisive action to work with our suppliers to get the best – to get an even more enhanced supply chain system. As I talked about earlier, we've eliminated over 1,000 chicken houses from our supply-chain. To your point, we are working with our suppliers to support the integrated farming system, developing best practices, working with them very closely. As far as social media goes, we have beefed-up our social media monitoring system dramatically. So I think, our intention as a consumer company is to be best-in-class in this arena and I think that's happening across our board in all of our divisions. It's the number one priority of Jonathan Blum, our Public Affairs Officer and we are very, very focused on this and I think doing an excellent job. In fact, being world-class in social media and digital is a major strategic objective of ours and last week, we just been as a team, a couple of days visiting places like Twitter and Square just to get totally on top of what's going on in the world today, which I think we are. But in any way I think we're taking all the actions we need to take to ensure that our industry-leading supply chain is even better as we go into the future. We do everything we can to be on top of social media and use it as an advantage and be able to our counter any false claims that come about, and I think we're on top of both these issues.
Operator: Michael Kelter, Goldman Sachs.
Michael Kelter - Goldman Sachs: So you guys are assuming a return to positive same-store sales before the year is out. It makes sense given prior similar incidents, recovery to that piece. But how do you know that this time there hasn't been more permanent or maybe just semi-permanent damage to the KFC brand in China? Is there something you're seeing specifically that gives you confidence, or is it just relying on historical analogs?
Patrick Grismer - CFO: Michael, I would say that fact that we have seen sales start to come back in February and March, as David said, about where we expected give us confidence that this recovery period of six to nine months is reasonable expectation. Before the recent publicity of avian flu, we were seeing the recovery and we continue to expect, therefore, that a full recovery will happen in that six to nine-month period, particularly given the fact that we expect this dramatic impact of avian flu will persist for only about three months or so. We've weathered many storms like this, so we do have a number of data points to inform our point of view at this point in time. Again based on what we saw happen over the course of Q1 and as we recorded on March sales, which is you know for our China division following the Q2, we remain confident that we're looking at a six to nine-month sales recovery period.
Michael Kelter - Goldman Sachs: Then on a similar kind of a point. You guys have presented your brand tracking scores in China over the last several years. Can you tell us what you're seeing in the latest read from the consumer in your brand tracking? What parts of your score have fallen off the most versus what's holding up?
David C. Novak - Chairman and CEO: I think we have to get back to you on those specific numbers and we can share them with – on the next call if you'd like. I think one of the things that we are tracking is, as we build awareness of everything that we're doing with Operation Thunder is this improving consumer perceptions and the answer is the more and more people are aware of what we're doing. The better they feel about coming back into our business and I think that that's something that we'll continue to track, but without question we have a (beloved) brand with KFC. As you know when you have great brands, you just have to keep doing the things to build a great brand and you come back and every great brand comes back and KFC is in a powerful position. Whatever issues there are in the category or with food safety or whatever, we're at top of the class in terms of being a brand that people can rely on. So, I think that's what gives us so much confidence as we go into the future and we know we're doing the right things. I think the big message we have for Yum! Brands this year is stay in the course and we have growth staring us in the face all around the world. I mean everywhere we look, we see growth opportunities. We are the leader in emerging markets not just China. We're continuing to build our brands the right way and we have growth opportunity that is unparalleled. We look at China. I mean you've 300 million consumers going to 600 million and we see this as the number one retail opportunity in the world. Nothing has really changed from last year other than the fact that we have challenge that we have to work through and we've worked through these challenges in the past and we're not only doing it with KFC right now. We also are building Pizza Hut. I mean Pizza Hut as I mentioned is the biggest new news at Yum! Brands. We're opening up in new cities with three-year cash-on-cash returns. We're doubling and have the leading brands in every significant category. Then, as you're listening to the call, and I look at what's going on in the United States, we've improved our margin for five consecutive quarters. Taco Bell which is 60% of our profits is looking more and more like a power brand. I don't think anybody is doing a better of a job of marketing or innovating than Taco Bell. So we really – we think we're doing the things that really set this business up for the long-term. Our margins improved at YRI, why, because we restructured the business, we refranchised our U.K. business. So all of this sets us up for the future. I mean 2013 for all of our shareholders out there, I want you know it is very disappointing to us. We got a track record we love, but we want to get it back, and we want to come back in 20 14 stronger than ever and every sign I see is I talk to our people around the world and I see what's going on is that we're putting things in place to make sure that we continue to get back on that track record and that's the goal, as we deliver and we're going to deliver consistently over the long-term.
Operator: Brian Bittner, Oppenheimer.
Brian Bittner - Oppenheimer: I'd love to talk about something else, but I am actually going to ask you about China.
David C. Novak - Chairman and CEO: It's all right. It is a big opportunity for us.
Brian Bittner - Oppenheimer: This must be tough to really answer but I am going to ask it anyway. Based on the trends that you're seeing throughout April, I think this avian flu thing really, I think the first, I don't know, press release or whatever came out about March 31, so it has been about three and a half, four weeks. It subsided a little bit, but not a lot, but based on the trends we are seeing throughout the month, I mean do you think April represents a bottom that's down 30% and we start the recovery from there or based on what you've seen historically and based on what you're seeing in April, could May see – could it worsen in May or could it be as bad in May or do we start the recovery from this April number?
Patrick Grismer - CFO: Brian, certainly we hope, this is the low point it's very difficult to predict the exact trajectory of a sales impact like avian flu. So it's tough to call out the stage, but again, based on our past experience with incidents like this, we believe that that impact will go away in about three months.
David C. Novak - Chairman and CEO: You're right you're asking sort of like the mother of god question, I mean nobody knows the answer to this one. But no two crises are the same. We can only look back, but we've weathered the other storms in the past and to put this in context, the last time the China business was significantly impacted by avian flu was 2005. Our China division operating profit was $200 million and then at that point, it declined about 6% versus the prior year. Last year we made over $1 billion, okay, and I think that's a real testament to just the power and resilience of the brand. So, I don't know what's going to happen in next two quarters – two months, your guess is as good as mine. I mean, I'm not a soothsayer. I'm not a predictor on these kinds of things. So we'll just watch the press coverage. We'll pay attention to what's going on. But most importantly, we're going to continue to build the value and build the brand and build the innovation that we know is going to set us up for the long-term. So I can't really call exactly what's going to happen in the next two to three months. I don't think anybody can, what we can tell you is that this is a dramatic impact on our business it's short-lived and the period is – and the past has been about three months.
Richard T. Carucci - President: We are continuing to take actions, as we have in the past to remind consumers that fully cooked chicken is perfectly safe to eat and we're reminding them in several ways in store and television and so forth.
Brian Bittner - Oppenheimer: I appreciate the answer. Then another quick follow-up, just on the margins; I think you said deflation of 5% in the quarter, 3% pricing. What are we thinking for kind of a full year effect as far as food cost inflation or deflation and a full year pricing impact, so we can think about food margins going forward?
Patrick Grismer - CFO: At this stage, we have no reason to move off of the full year guidance we've provided at our December analyst conference, which for food cost is low-single-digits, and for labor, mid-teens inflation. So, we would stick to that as a full year expectation. As it relates to what our reported margin is, I am not going to speak to what that number is going to be or what it might look like in any given quarter. There are so many different moving pieces here, as I am sure you can appreciate. The biggest lever for us is transactions and so we've taken a big hit on transactions. We expect those transactions will come back. So the deleverage impact that we've experienced thus far will reverse as those sales come back, and that's going to be the biggest driver of our margin performance balance of year. We do have some rollover pricing benefit, which benefited us in the first quarter, that will continue to have some impact, albeit a bit less in the second and third quarter, but at this stage, I don't feel that it's appropriate to provide a full year number on margin or certainly not to talk about what's going to happen in Q2 versus Q3.
Brian Bittner - Oppenheimer: Got it, but just to be clear, what's happened so far has not really changed the food cost inflation trajectory, you still expect back half inflation.
Patrick Grismer - CFO: That's correct.
Operator: Diane Geissler, CLSA.
Diane Geissler - CLSA: I have another question on China and this really relates to the whole issue of food safety. So China has had a number of scares in a variety of industries, including dairy and hog-raising, and I guess my question is really, have you seen any movement on the part of the Chinese government to change regulations and/or make it easier for the big integrated processors to expand? You've talked about sort of calling from your system the small house operations, but have there been any shifts in terms of like biosecurity from the government, or helping multinational site houses, you know whether that's through better land use rights negotiations et cetera, just in terms of how you see that supply chain going forward over the next five, 10, 15 years?
David C. Novak - Chairman and CEO: I think that the biggest thing was the new government in China and new regime is – food safety is high on their priority. So I expect that there could be even more diligence and more work with major companies like ourselves. As a leader, you know we see ourselves – our task is to set the standard and that we plan to work and are working very closely with the government to do everything we can to be the leader in food safety, but I think it's a really too early to talk about any seismic changes that are occurring, but I do believe that the food safety will become even better and more enhanced over the long-term given everything it's going on and the focus of the government.
Diane Geissler - CLSA: Then just on real estate, do you see any shifts in terms of development and your ability to site new stores this year and into 2014?
Patrick Grismer - CFO: No material change that we see, Diane. As we said before, our new unit development program is shifting increasingly to the lower tier cities where the development opportunities are more compelling, margins higher, returns higher and we are also shifting more from KFC to the Pizza Hut brand and that will continue. In terms of our ability to secure the sites and the development of infrastructure to create the opportunities for us, we don't see that changing.
Operator: Keith Siegner, Credit Suisse.
Keith Siegner - Credit Suisse: Just one more question on China. Thinking through the long-term company restaurant margin outlook, 20% has been a number that you've offered for some time. 2011, 2012 and now 2013 all below this we've added in the Little Sheep concept, which has slightly lower margins, is this still the right long-term target? Is that what you're planning for? Is this something that a return to positive comps can help you achieve or is this now a multiyear process to get back to that target given the acute challenges of this year?
Patrick Grismer - CFO: Keith, we continue to believe that 20% margins are eminently achievable with our China business and it's not just comps that are going to get us there. Certainly in the short-term, the transaction recovery is going to be the single biggest driver of margin improvement, no doubt about it. However, there are a couple of other things to keep in mind, the first is ongoing asset leverage. As we continue to add new layers to our business, to our existing restaurants, whether it's 24-hour operations in our KFC business or breakfast at Pizza Hut, these new sales layers are going to better leverage the existing investment we have and provide that leverage on fixed cost. I mean the other is the impact of portfolio shift. As I mentioned, when we look at our new unit development program going forward for the KFC Brand, we are continuing to shift from the tier 1 and tier 2 coastal cities to the tier 2 inland and tier 3 and below cities where margins are significantly higher and we are continuing to shift more of our new unit program from KFC to Pizza Hut. You know I wanted – even though this wasn't in our release that even in a quarter where same-store sales were down for pizza-casual dining business, margins were still well above 20% and even close to 30% in the lower tier cities. This is going to be an increasing focus of our development program going forward and that's going to benefit the portfolio restaurant margin for our China business. So I think it's important to keep in mind those three factors. It's transaction recovery, its ongoing asset leverage as we introduce new sales layers and it's the shift in our new unit development program and how that's going to benefit portfolio margin.
Keith Siegner - Credit Suisse: One very quick follow-up just if can, thinking through Little Sheep now which you basically anniversaried since the acquisition. Is this at the point now where regardless of all the sudden noise, can Little Sheep be a tailwind to that margin curve this year, or maybe even – and over the next couple of years as well?
David C. Novak - Chairman and CEO: I think it's premature to say that it's going to be a margin tailwind this year. But our long-term expectations are the growth that we will get out of that business, to be high. It is a relatively small portion of our portfolio today, but we didn't buy it, as you know, for the 400 to 500 units that are in the ground, but for the several hundred units that we know we will build over the next several years, and with the improvements we are bringing to the concept and our operations know-how, we are optimistic that the margins are going to improve significantly and at that stage, with larger scale business and much better margin performance then the Little Sheep business will be helpful to our overall margin.
Patrick Grismer - CFO: Little Sheep is very small at this stage, but we expect it to get a hell of a lot better. We're improving the concept every which way we can, so there is only upside. But it's not a big tailwind for us.
Operator: David Tarantino, Robert W. Baird.
David Tarantino - Robert W. Baird: Just wanted to ask about your thoughts or preliminary thoughts on 2014. I know you don't want to give any guidance at this point or specific guidance at this point. But I am just wondering if you think 2014 could be a big rebound here in terms of the earnings growth given the expected sales recovery in China. So, for example, soft year in 2013, followed by well above average year in '14 and by the time, you get to 2015, maybe you are back on your long run trend line. Just any thoughts on how you think it might play out would be helpful.
Patrick Grismer - CFO: I think that you are thinking about it exactly the right way. Let me tell you, if 2014 is not a big bounce back year, we will all be very disappointed because that is our expectation. We have a high degree of confidence, that is going to be the case, and as I said in my remarks earlier, 2013 is an aberration. So, I wouldn't spend too much time focusing on 2013 results, not to suggest that we're not focused on doing the best job possible. But as it relates to how you think about our business and what we're going to deliver and how we're set up to continue to grow. I encourage you to continue to focus on 2014. We do expect that we will begin to see a strong recovery next year.
Richard T. Carucci - President: Our great and late Chairman Andy Pearson had a great line. He said the best way to have a great year is to follow-up a bad one; while we clearly have a bad one this year, and so we expect next year to be very, very good and we have very high expectations for ourselves. I think the important thing for our investors to know is that we are building the platforms that we think will establish the long-term growth. Then if you talk about, for example, we are really leading in terms of improving our quality, okay, innovation with what we've done with Frito-Lay and the Doritos Locos Tacos line, we have world-class operations. We've been focusing on that for some time, but we are ranked in the top three across every key major and operations that we look at, we're building it for the long-term. At Pizza Hut, we've got good value proposition, good innovation. We are working on major platform in chicken, where we can really develop our sales as we go forward. Across the board, we are working on the sales layers, the breakfasts, the thing – beverages and things that we think will give us the incremental sales that'll be significant over the long-term. So we really – what we are focused on this year as I mentioned, staying the course and building a sustainable growth engine for the long-term. Nobody expects us to grow at least 10% next year. We expect to do a lot better.
Patrick Grismer - CFO: The other important point to reiterate. David mentioned this in his remarks earlier is the impact of the new unit development in China. So last year we opened about 900. This year we are saying at least 700. So that's 1600 between the two years combined. Collectively that will deliver about $2 billion at system sales, which represents about 25% increase on the (base), so think about it. As we recover from the effects of the late December incident and the more recent avian flu publicity, we have all these new assets in the ground generating sales and profits that will contribute significantly to our growth in 2014.
David C. Novak - Chairman and CEO: With the (indiscernible), I mean you can look at this and you can see all kinds of potential, but as my father used to tell me potential meaning you haven't done it yet. So we got to turnaround China, we got to keep building these businesses and then I think the businesses will end up being where they ought to be and this is a growth company.
Operator: Andy Barish, Jefferies.
Andrew Barish - Jefferies: Actually two quick YRI questions on just the avian flu, we expect a little bit of impact in some of your other Asian markets and then just a clarification on the Pizza U.K. franchise renewals. So the deal closed in the fourth quarter, but the renewal fees and new franchise that came in here in the first quarter?
David C. Novak - Chairman and CEO: I'll respond to that piece first Andy. The franchise ownership transfer with the transfer fees and the renewal wasn't related to the Pizza U.K. business. It's related to different market products where there was a transferring ownership from one franchisee to another that happened in YRIs first quarter.
Richard T. Carucci - President: Regarding impact of avian flu, I don't think what's happened in China is going to impact other markets. I think what will happen is that that appears in those markets. We're obviously going to keep a close eye on that. We are prepared in advance to communicate what our response would be, which is what people have said here before, which is properly cooked chicken is perfectly safe to eat. So, we're ready for the possibility, but I don't think it's going to have an impact unless it hits other countries.
Operator: Mitch Speiser, Buckingham Research.
Mitch Speiser - Buckingham Research: I'll try to avoid the China questions. It seems like we've gotten a lot of different angles on that. Although, I am sure there is probably some more, but just on the balance sheet I'd like to ask about, there wasn't a lot of share repurchase in the quarter and you are, I think, under one times levered. Could you maybe just discuss if there are any constraints to using the balance sheet a little more aggressively in general, and using share repurchase in particular?
Patrick Grismer - CFO: Mitch, we continue to take a look at this, and we're quite happy with where things are at right now. We're generating enough cash to pay the meaningful dividend and return remaining cash to share repurchases at a level that will accomplish what we expect as it relates to contribution to earnings per share growth. We're not interested in levering up at this stage and putting at risk our investment-grade credit rating. We believe that we're in the sweet spot as it relates to how we balance these things out and the implications for our overall cost of capital, so no plans to do what you've suggested.
Mitch Speiser - Buckingham Research: Separately, just on the second quarter, I think you mentioned down double-digit. Obviously that's a wide range. Maybe if any more particular range, obviously that could be down 10% or down 30%. Any incremental info on how to model the second quarter would be helpful. Does the very weak second quarter results on top, obviously its China driven, but does some of it relate to the very difficult comparison at Taco Bell?
Patrick Grismer - CFO: No, certainly, Taco Bell was not playing into how we've characterized EPS results in Q2. What we've said it is that it will be a significant double-digit decline by far our low point of the year, but because we delivered so much better results in the first quarter that puts us in a position to cover the unexpected severe impact of avian flu on second quarter results and thus hold to our full year estimate of mid-single-digit down. Just given that the wildcard here is China sales recovery, which is very difficult to call, I don't think it makes sense to give a more precise estimate of what that second quarter will be, but we want everyone to know that it will be a significant double-digit decline.
David C. Novak - Chairman and CEO: Mitch regarding the overlap of Taco Bell. From a sales perspective, it is a huge overlap as you point out. As I've said on my speech, we grew 6% in the first quarter on top of 6% last year and the second quarter Taco Bell last year at 13%, same-store sales coverage is obviously a huge number. We look at it, if anything positive, being a really good results there. With the teams put in place in the launch of Cool Ranch Doritos Locos Taco, I think we have a decent chance of accomplishing that.
Operator: Jason West, Deutsche Bank.
Jason West - Deutsche Bank: Just a bigger picture question on China. You know we have seen a bit of a continued deceleration in GDP growth and retail sales growth in that market. I'm just wondering how that plays into your longer-term thinking on unit growth and does it really matter, GDP is up 7 or 10, or do you have just so much room in the smaller cities that you really – it doesn't play into your growth algorithm at all?
David C. Novak - Chairman and CEO: We see the biggest macro is the growing consumer flash, growing from $300 million to $600 million, so let's say, it goes from $300 million to $550 million or $300 million to $500 million, still a lot, okay, and we got lots upside as we go forward. So that's the big macro that we look at. The growing consumer class and growing disposable income, we think both of those things will be moving in our direction and that's the key.
Operator: Jeff Omohundro, Davenport and Company.
Jeffrey Omohundro - Davenport and Company: Just wanted to extent a little bit on the Taco Bell momentum that you referenced. I just wondered if you could maybe address the Cool Ranch DLT launch with regards to mix shift? Just how it compared with original DLT launch, again particularly since you are overlapping such a challenging prior year comparisons?
David C. Novak - Chairman and CEO: When Doritos Locos Tacos was launched in 2012 with Nacho Cheese, the peak mix was about 12% – 11% to 12%. When it was (off-air), so towards the end of the year beginning of this year was, it got down to around 4%. So we left on the menu, but we weren't promoting it for a period of time. When we relaunched Cool Ranch, we got about that same level of mix, so that is 11%, 12% if mix. That's a huge number for Taco Bell anything over 3% is like – is big and so it's – if you haven't tried it yet, you ought to. You'd like to eat those, but you can't eat just one.
Operator: Jeffrey Bernstein, Barclays.
Jeffrey Bernstein - Barclays: Just, I guess, two follow-up questions, and one on China, I know you talk about the complete confidence in the full sales recovery. Obviously some of these issues have been compounded which make teasing it out somewhat difficult. I think most of them will agree that the supplier issue and the avian flu issue will ease with time and you have history for that. But I mean it still looks on kind of – I know we had seen a slowdown in trend in October, November, December which was talked about at your Analyst Day. I know it was tough to kind of look at that point in time. There was some debate whether average check again too high or there was too much price? So I'm just wondering how you think about, or what gives you the confidence in the full sales recovery, or what would you see that would make you more cautious that maybe the initial issue back in the fourth quarter of '12 might be more severe than you might have thought? Then I had a follow-up.
David C. Novak - Chairman and CEO: Well, I think that we know that we're constantly improving our value equation, constantly building awareness of the sales layers we have, the delivery and 24-hour service and breakfast. So we've got things that we've invested in to give us a base that we can build on. We think its early days, I mean we don't have – we're not capacity constraint. Okay, it's not like we can't make more chicken and sell more products and build our day parts. Our average unit volumes are $1.7 million to $1.8 million at KFC and Pizza Hut. The average unit volumes in McDonalds is $2.6 million, okay, in the United States. So, we think that one of the ways how McDonalds got there is, they kept building those incremental day parts over time. That's what we think we clearly have the opportunity as we move ahead. I think that's the – just fundamentally when you look at our asset base and how we can leverage it, that gives us a lot of confidence. These are very untapped day parts that we're just in the early days on. So, I think that's the biggest opportunity. The other thing, Jeffery, that is going to help us, as we look at the quarters balance of year, the last or less challenging, if you will, and certainly that's going to contribute to our ability to deliver improving results balance of the year on a underlying business.
Operator: Jeff Farmer, Wells Fargo.
Jeff Farmer - Wells Fargo: Just again staying away from the China discussion, just looking for a little additional color. I think you said 240 basis points increase in U.S. restaurant margin. It looks like you called out Taco Bell's sales leverage and some refranchising as drivers. But what was the approximate margin benefit from each of those things and I guess, more important, as you look out to 2013 full year U.S. margin, what type of guidance can you give us for that?
Patrick Grismer - CFO: What we saw in Q1, we expect to be about what we'll see for the full year. The impact of refranchising was about half of the margin improvement we saw in the U.S. in the first quarter.
Jeff Farmer - Wells Fargo: That carries to your point all four quarters?
Patrick Grismer - CFO: There will be some variability from quarter-to-quarter, but on a full year basis, again, we expect to see about 17% margin for the U.S.
David C. Novak - Chairman and CEO: I think that's our last question for the day. I wanted to thank you for joining our call. Once again, please remember to mark your calendars for upcoming investor events. We look forward to speaking with you soon. Thank you.
Operator: This does conclude today's conference call. You may now disconnect.


text:
Ann Wilson
|Ann Wilson
Wilson receiving a star on the Hollywood Walk of Fame, September 2012
|Background information
|Birth name
|Ann Dustin Wilson
June 19, 1950
San Diego, California, United States
|Rock, hard rock, folk rock, pop rock
|Vocals, flute, guitar, bass guitar
|Years active
|Associated acts
|Heart, The Lovemongers, Alice in Chains
Ann Dustin Wilson (born June 19, 1950) is an American musician, best known as the lead singer and songwriter[1] of the hard rock band Heart. Regarded as one of the best female vocalists in rock music history, Wilson was listed as one of the "Top Heavy Metal Vocalists of All Time" by Hit Parader magazine in 2006.[2] Wilson has a dramatic soprano vocal range.[3][4][5]
Early life[edit]
Ann Dustin Wilson was born in San Diego, California.[6] Her father was a major in the U.S. Marine Corps.[7] Due to her father's military career, the Wilson family moved frequently.[8] They lived near American military facilities in Panama and Taiwan before settling in Seattle, Washington, in the early 1960s. To maintain a sense of home no matter where in the world they were residing, the Wilsons turned to music. "On Sunday we'd have pancakes and opera," her sister Nancy Wilson recalled. "My dad would be conducting in the living room. We'd turn it way up and rock. There was everything from classical music to Ray Charles, Judy Garland, Peggy Lee, bossa nova, and early experimental electronic music."[citation needed]
Wilson's family eventually settled in Bellevue, a suburb of Seattle, Washington. In 1968, she graduated from Sammamish High School.[9] Shy because of a stutter, Wilson sought fulfillment in music.[10] In the early 1970s she joined a local band, White Heart, which changed its name to Hocus Pocus, and then in 1974, to Heart.[11]
In 1973, her younger sister Nancy joined Heart, and the band moved to Canada. Heart recorded their first album Dreamboat Annie in Vancouver in 1975; it was released in the United States in 1976, with "Crazy on You" hitting number 35 on the US charts. In 1977, Little Queen was released, and in 1978, Dog & Butterfly. In 1992, Wilson appeared on Alice in Chains' EP Sap; she sang on "Brother", "Am I Inside" and "Love Song". In 1993, Alice in Chains singer Layne Staley contributed to vocals on "Ring Them Bells", a Bob Dylan cover from Heart's album Desire Walks On. In addition, Alice in Chains bassist Mike Inez and touring guitarist Scott Olson appeared on Heart's 2003 release Alive in Seattle.
The Wilson sisters started a recording studio, Bad Animals, in Seattle in the mid-1990s. They formed a side band, The Lovemongers, which performed "The Battle of Evermore" on the 1992 soundtrack to the Cameron Crowe (Nancy's then husband) movie Singles, and later released a four-song EP. The Lovemongers' debut album Whirlygig was released in 1997.
Solo career[edit]
Wilson joined producer Alan Parsons in the 2001 live tribute tour to Beatles music called A Walk Down Abbey Road.[12]
In 2006, Wilson began recording her first solo album, Hope & Glory, produced by Ben Mink, and released by the Rounder (Zoe) Music Group on September 11, 2007.[11] Hope & Glory features guest appearances from Elton John, k.d. lang, Alison Krauss, Gretchen Wilson, Shawn Colvin, Rufus Wainwright, Wynonna Judd, and Deana Carter. Nancy also contributed. Three singles were released from the project, "Little Problems, Little Lies", "Isolation", and "Immigrant Song". That same year, Ann and Nancy were on stage for a series of concerts in Las Vegas.
The Hope & Glory version of Led Zeppelin's "Immigrant Song" which is available on Wilson's official MySpace page charted as "the No. 9 most podcasted song of 2007" on the PMC Top10's annual countdown.
On November 22, 2012, Wilson sang an original arrangement of "The Star-Spangled Banner", accompanied by the Dallas Symphony Orchestra, at the beginning of the Thanksgiving Day football game between the Dallas Cowboys and Washington Redskins at Cowboys Stadium in Arlington, Texas. Composer Gary Fry created the arrangement specifically for its premiere performance by Wilson and the DSO.[13]
On July 13, 2015, Wilson announced a solo tour, The Ann Wilson Thing, which began on September 21.[14] She released her first EP, The Ann Wilson Thing! – #1, digitally on September 18.[15]
On July 22, 2016, Wilson announced the release of the second EP from The Ann Wilson Thing!. The EP is titled 'focus', and Wilson will play a Florida minitour in September 2016 as The Ann Wilson Thing! in support of this release.[16]
Personal life[edit]
During the 1970s, Wilson was in a relationship with Michael Fisher, the manager of Heart, while Nancy was involved with lead guitarist Roger Fisher, Michael's younger brother.[17] Both couples controlled the band. In 1979, the relationships ended; Ann stated that Michael had fallen in love with another woman and they parted.[18]
Wilson adopted her daughter Marie in 1991 and her son Dustin in 1998.[19]
As a child, Wilson was bullied for being overweight. She revealed that in the 1970s and into the early 1980s she would starve herself and use diet pills to stay thin. By the time Heart made a comeback in the mid-1980s, Wilson had gained a significant amount of weight. Fearing that Heart's lead singer's figure would compromise the band's image, record company executives and band members began pressuring her to lose weight. In music videos, camera angles and clothes were often used to minimize her size, and more focus was put on more slender guitarist Nancy. Ann stated she began suffering from stress-related panic attacks due to the negative publicity surrounding her weight. She underwent a weight-loss surgery called "adjustable gastric band" in January 2002[20] after what she calls "a lifelong battle" with her weight.
In the band's 2012 autobiography, Wilson revealed her past struggles with cocaine and alcoholism. She stated she has been sober since 2009.[21]
Wilson married Dean Wetter in April 2015. The pair dated briefly in the 1980s before rekindling their relationship years later.[22] Wetter plead guilty in March 2017 to assault of Wilson's nephews. [23]
- ^ "Heart's Ann & Nancy Wilson To Be Honored at 26th Annual ASCAP Pop Music Awards Ceremony". ASCAP (American Society of Composers, Authors and Publisher). February 27, 2009.
- ^ Hit Parader Magazine's Top 100 Heavy Metal Vocalists of All Time
- ^ "The Loneliest Woman in the World: An Appreciation of Heart's "Alone"". Retrieved March 19, 2016.
- ^ "(PROFILE) Ann Wilson". Retrieved March 19, 2016.
- ^ "Ann Wilson`s singing lesson". Retrieved March 19, 2016.
- ^ Shindler, Merrill (July 28, 1977). "The Wilson Sisters Talk Heart to Heart". Rolling Stone. Retrieved September 14, 2015.
- ^ Gostin, Nicki (October 4, 2012). "Heart's Ann Wilson talks weight bullies, the early days of MTV, and being a woman in the manly world of rock". Fox News. Retrieved September 14, 2015.
- ^ Novak, Jessica (June 24, 2015). "Ann Wilson: Wild at Heart". Syracuse New Times. Retrieved September 14, 2015.
- ^ McLane, Daisann (May 15, 1980). "Heart Attack". Rolling Stone. Retrieved September 14, 2015.
- ^ Ward, Marshall (April 2, 2013). "The Heart of Ann Wilson". Rock Cellar Magazine. Retrieved September 14, 2015.
- ^ a b Nicole Brodeur (September 11, 2007). "Heart, soul, Ann Wilson". The Seattle Times. Retrieved September 16, 2015.
- ^ Gehman, Geoff (July 27, 2001). "A Walk Down Abbey Road' is a can't-miss magical history tour". The Morning Call. Retrieved September 16, 2015.
- ^ "Thanksgiving: Ann to sing national anthem". Retrieved December 3, 2012.
- ^ "Ann Wilson of Heart Announces Solo Mini Tour "The Ann Wilson Thing"". Heart. July 13, 2015. Retrieved September 16, 2015.
- ^ "Ann Wilson of Heart Releases 'The Ann Wilson Thing' EP – Listen". Rock Cellar Magazine. September 18, 2015. Retrieved September 20, 2015.
- ^ http://us11.campaign-archive2.com/?u=b9625b506da13e046296dbe32&id=3f9c943669
- ^ Windeler, Robert (June 20, 1977). "Ann & Mike & Nancy & Roger: the Sisters Wilson and Brothers Fisher Make Heart Beat". People. 7 (24): 55–56. Retrieved September 16, 2015.
- ^ Sheff, David (March 31, 1980). "Rock's Wilson Sisters Kissed Off the Fisher Brothers, but Heart's Beat Goes on". People. 13 (13). Retrieved September 14, 2015.
- ^ Dawn, Randee (April 29, 2015). "Crazy on him: Heart's Ann Wilson marries man she 'tried to seduce' 30 years ago". Today. Retrieved September 14, 2015.
- ^ Falcon, Mike; Shoop, Stephen A. (December 11, 2002). "Ann Wilson finds a weight-loss hit". USA Today. Retrieved September 14, 2015.
- ^ Matt Ward (August 24, 2012). "Heart's Ann Wilson On Getting Sober: 'The Tarp has Come Off'". Ultimate Classic Rock.
- ^ Nelson, Jeff (April 27, 2015). "Heart Singer Ann Wilson Marries Dean Wetter". People. Retrieved September 14, 2015.
- ^ http://www.seattletimes.com/seattle-news/husband-of-heart-singer-ann-wilson-sentenced-in-teen-assault/
External links[edit]
|Wikimedia Commons has media related to Ann Wilson.

subset: commoncrawl


text:
Creamed Kale Toasts
Instead of creamed spinach, try this luxurious creamed kale on crunchy toasts.
- Total Time:
- Servings: 24 toasts
- 1 pound Tuscan kale, stems discarded
- 2 tablespoons unsalted butter
- 2 garlic cloves, minced
- Pinch of crushed red pepper
- 1 cup heavy cream
- 1/2 cup freshly grated Parmigiano-Reggiano
- Kosher salt
- Freshly ground pepper
- Twenty-four 1/2-inch-thick slices of baguette, oiled and toasted
How to make this recipe
In a large saucepan of salted boiling water, blanch the kale until just tender, 3 to 5 minutes. Drain and let cool slightly, then finely chop.
Preheat the broiler. In a large skillet, melt the butter. Add the garlic and cook over moderate heat, stirring, until just starting to brown, 2 minutes. Add the kale and crushed red pepper and cook for 2 minutes, tossing. Add the cream and bring just to a boil. Simmer over moderately low heat, stirring, until the cream has thickened, 5 minutes. Stir in 1/4 cup of the grated cheese and season with salt and pepper.
Spoon the kale on the toasts and sprinkle with the remaining 1/4 cup of cheese. Broil for about 2 minutes, rotating the pan as necessary, until the cheese is just melted and the kale is hot. Serve right away.
Make Ahead
The creamed kale can be refrigerated overnight. Reheat gently before using.


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"I awoke this morning with devout thanksgiving for my friends, the old and new. Shall i not call God The beautiful, who daily showth himself so to me in his gifts."
Related quotes
"Wherefore I put thee in remembrance that thou stir up the gift of God, which is in thee by the putting on of my hands."
"God gave me Free Will~ To do what I think is "right" for me. In God's Wisdom, I'm Pro-Choice. I believe in Freedom of Choice! You got a problem with that~ Take it up with God."
"Don't let nobody overshadow your greatness, for you were intrusted with this gift! So, protect it with your life if you must!"
"Gratitude is the inward feeling of kindness received. Thankfulness is the natural impulse to express that feeling. Thanksgiving is the following of that impulse."


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So when I was deployed to Iraq, I got a similar ballistic helmet upgrade kit. It was pretty comfortable on an issued military brain bucket, so I was thinking it could be used in a Fett bucket. What do you think? Anyone tried it yet?:fettpre
Ballistic Helmet Pads - Military Helmet Liners


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High School Students Build a Solar Powered Tiny Home
A team of students at the REALM Charter High School in Berkeley, CA built a solar-powered tiny house as a school project. The home doesn't have a name and measures only 100 square feet (9.2 sq m). It also represents an excellent example of the type of project more schools should be engaging in. (more…)


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There doesn't need to be "that part." It's called OPINION. We're all allowed to have them and he may be right or he may be wrong.<quoted text>
Ok, that's great. Now, where's the part where it says, "The Pope's statements about entry into Heaven are of the same value as those of some guy in Hilliard, Ohio. Listen to the Pope or listen to a guy who calls himself Clayton Bigsby. Same difference." Where's that part?
Funny how CINOs challenge the Pope on abortion and contraception, issues that are doctrinally explained and covered by papal infallibility and not a peep from you.


text:
|Thread Tools
Should I get my engine balanced?
I just got my 350 bored .030" and will be installing a GM crank, scat rods, and speed pro hypers. Does this need to be balanced now? I plan on running it up to 6k rpm with 9.5:1 CR. Everything I'm reading says it should be balanced but I know tons of guys who have built similar engines and never had a problem. If the answer is yes, I should get it balanced, why?
Yes you should have it balanced.
An out of balance crankshaft will cause uneven ware, leading to premature failure.
|The Following User Says Thank You to richard stewart 3rd For This Useful Post:
MouseFink (07-30-2015)
I agree with Richard, you want everything in sync and running smoothly. Your talking 6000 RPM? For sure you want everything balanced or Kaboom! Figure how fast your engine is turning. If it slightly unbalanced, that unbalance is magnified the faster the engine goes. If your putting all that money into the engine, why not be safe with your investment and pay the little extra cash to have it balanced.
Read this, it might help:
Last edited by kleen56; 03-14-2009 at 10:00 PM.
Balancing engines is a touchy subject, the most I ever balanced an engine was to weigh the rods and pistons to makes sure they within a gram of each other.
99% of the time, they were close out of the box.
Was the crank out? Who knows but since the radius of the inbalance was close to the circle of rotation its likely it hardly mattered.
I once seen a balanced crankshaft for a circle track race engine, it was "zero" balanced so all that was required was to make each throw the same weight, it had one small drill mark on a balance throw. I had to question if having $300 worth of work done to the motor just to drill a small mark on the balance throw really made any difference.
I don't think it did.
One thing is for sure you would think that by reading all the magazines balancing the engine was required or it will blow up at high RPM, complete hogwash! If the engine was going to blow up because you didn't make that 2 gram drill mark on the crank throw then you had other issues.
I should point out that they have been building high rpm engines from the factory for many years and none of them are balanced. Accurately built? You betcha but none of them ever seen a balance machine.
To answer your question "Do you need to balance an engine?".
The answer is no, but you should check the weights of the rotating equipment to make sure you don't have some wacky thick piston in there from the reject bin.
I call it "checking the balance" and its a lot cheaper to buy a $30 gram accurate scale from a department store than to send in an engine for a 2 gram drill mark for $300.
Use your common sense.
I understand where 4Jaw is coming with his statement and he's correct, balancing is a controversial subject. Most new crankshafts that come out of a box are close in balancing and some may not even require balancing. I've also put a few engines together without balancing and they have lasted for several miles without any problems (in fact my engine in my truck isn't balanced). I'm not saying balancing is mandatory, but in this guys case, he wants to run the engine at 6,000 rpm. That is a high revving engine! Even if it is a 2 gram drill hole, the 2gram off balance might be increased quite a bit running an engine at 6,000 rpm. For a daily driver, or just occasional streetrod accelerator, I might not balance the engine and don't see a need for it. If I'm at 6000 rpm? You bet I want the engine to be able to sustain that rpm and stay together, thus I'd opt for balancing the engine, even if it's a 2 gram drill mark. What if it does matter? and the engine has issues because you didn't opt to balance it? It may cost you more in the long run. But that's me and my 2 cents.
The 327 (.040 over), in my Sedan Delivery, is'nt balanced. I started with this engine when I built it for my FED. Bought a junk motor, kept the heads, block, crank; everything else got tossed. Reconded a set of sm. journal rods, hung some TRW 2166 pistons on them, had the crank turned, threw a "mild" solid lifter cam in it; NEVER HAD IT BALANCED. Went 9.23 @ 146 MPH; that was 8500 RPM on the 1-2 shift with the Powerglide, and 8500 RPM in the traps. But, I got LUCKY!!! Now, I'm building a duplicate of this motor, only with a large journal crank, aftermarket rods, and the same TRW 2166 pistons, only in STD size. And, THIS MOTOR WILL BE BALANCED. Is balancing really needed? Not with stock lo-perf parts; anything else really should be balanced. The "factory balance" will get you 6000 RPM, and maybe fairly often. But, what would a precision balance get you? A LOT MORE PIECE OF MIND.
crank balance will be OK. If not, it should be balanced.
I agree with 4 Jaw, balancing is highly over-rated. My self, and several friends, have run 350's, 383's, and 406 small blocks unbalanced to 7500 rpm (and beyond on the 350's) with no failures for years. These are street/strip and drag engines, components were selected to be either lighter than or to match factory weights and all the parts were weight matched to each other.
You just have to educate yourself enough on the part's specifications to know what to pick. The 350 Chevy is probably the easiest do this with because it is so common.
I've yet to see a engine fail that could be directly connected to not balancing.
Only time I would consider balancing is for continuous high rpms like circle track ( because of harmonics)or some kind of extreme stroker crank build.
Quote from "How to Build Horsepower" volume 3, by David Vizard: "All it will mean is that the engine shakes more than we like. Whatever it does is still likely to be less than a balanced 4-cylinder engine."
"Foregoing balancing does not mean that there will be more destructive internal engine loads present. What it does mean is that whatever forces are generated at one journal are not completely countered by forces generated at another. The result is an out-of-balance engine, but the engine is no more likely to fail than if it were perfectly balanced."
In your case, I'd weight-match the individual pieces if you have the ability, but it wouldn't be something I would worry over if you couldn't. 6000 rpm is nothing to a small block, I'd say aftermarket fasteners are far more important. Put it together and run the scat out of it.
I'm smiling at your self-imposed red line of 6K rpm.
You will soon see how fast that goes out the window- like the first time you're getting pulled away from in a street "confrontation"!
If you really plan on keeping that 6K promise to yourself, you had better equip it w/a rev limiter.
In a stock-type rebuild that reuses the same rods and crank, Id say generally speaking, no balance is necessary- provided the replacement pistons and pins are from a matched set (like most good sets are, now days) and rpm is to be kept reasonable.
A custom crank from a reputable manufacturer that has been balanced to a stated bob-weight can be used with a matched set of rods and matched set of pistons and will usually be fine, also. The difference in weight between the components and the bob-weight value that the crank was balanced to will change the percentage of balance, but will not impart the more harmful loads that are to be avoided. I would recommend a quality harmonic balancer in any event.
But this gets iffy when unknown parts manufacturers are brought into the picture. Was the Chinese woman paying attention that morning when your crank was balanced? Were the rods all pulled from the same +/- 2 gram bin, or were there not enough of them so some were pulled from the next bin? Was the guy at "Claimer Pistons, Inc." hung over? That sort of thing.
So, to balance your engine or not? Sure, if you can afford to, and you do the harmonic balancer and flywheel/flexplate at the same time, and if you want the best performing, longest lived build you can do. Or if it's to be a serious high performance or race build.
And dont forget the peace of mind that it brings. Satisfaction of knowing youve done your best is worth something, after all!
Last edited by cobalt327; 03-15-2009 at 05:45 AM.
Now those are the kind of responses I was looking for. Thanks a lot everyone! I will probably continue to debate this with myself for a while
Rather than give an option as to whether or not you should have your engine balanced, I will give my latest experience.
This winter I did a complete rebuild of my 468 BBC. The rods and pistons were reused, but I had to go with a new crank and fluid damper due to the HP increase. All the research that I did led me to beleive that a "balance" was a critical step in the rebuild. The local machine shop did this at a very reasonable rate ( $175 ) but made absolutely no adjustments to the components. The pistons and rods were virtually identical in weight and the crank required no adjustments either. The only real job they performed was to slightly open the bore of the fluid damper because it was slightly undersized.
As far as my comfort level, I do not regret spending this extra money, but next time, I just may weight the rods and pistons before having the engine balanced and based on the results, decide if I want to make this additional inventment.
In a nut shell, "I invested a lot of time and money in this rebuild and I do sleep better at night knowing that it is all balanced", even though all of these particular parts were "dead on" from the manufacturer.
I suppose you don't need to balance your wheels then either, according to the non balancers, it's only out a 1/4 oz why bother. I'm sure you have all driven a car with out of balance wheels, felt the vibrations in the steering wheel, what makes you think an out of balance engine is any different? You do as you please, I'll keep having mine balanced, that $300. is only a small portion of what the total cost of the engine is, and it makes me fee better.
Last edited by richard stewart 3rd; 03-15-2009 at 12:16 PM.
I had my 468 BBC balanced last year,it sure is nice & smooth now,that was money well spent !!!
You took the words right out of my mouth. They marginal money it takes, I have piece of mind knowing my engine is runnig it's best. It's just something about opening a hood and seeing the engine not moving while it's running. Then again, not moving or shaking all ovet the place when you feather the throttle. This might sound silly, but everyone knows a balanced crank makes more power. I wouldn't build an engine without balancing the rotating assembly.
Also, I'm not sure where you guys get it done, but $300 is on the high side for me. I've gotten assembly balanced for as low as $120 (all parts). If you're building something you will cherish, keep for a while, get it balanced.
Just like an OD transmission lessens the stress of an engine on hwy driving by dropping the rpm's, balancing helps an engine by reducing the stress on moving parts. The guys that opt not to balance, generally do not have those few extra bucks in the budget to get it done. A balanced engine even sounds different.
For my shop, every engine goes to the balancer. It's just that the tightness of the job is a bit variable by how the engine will be used. For a street engine we hold 'em around a gram. For race engines they get tighter and if it's a high winding race engine we tend to overbalance the crank a couple percent.
The reason for balancing is not for passenger comfort by making a smooth turning motor, though that's an out come. The reason is to take load off the structure of the engine. An out of balance crank assembly will in whole or in part attempt to center the out of balance forces as it turns. If that center isn't the same as the physically established center of rotation for the crank, then the crank will try to run someplace other than where the bearings confine it. That difference is a force, often a big force to the tune of several hundred pounds at 6000 RPM from a very minor static weight deviation. That force of the crank trying to be someplace other than where its constrained has to be absorbed by the main caps, their fasteners, and the block on top of all the other running forces. A small imbalance shows up as wear on the bearings, one can really see this when disassembling an externally balanced engine, here you will see the journals with the biggest local imbalance eat into the bearings they will show their copper base on an edge and still have the flash plating unmarked on the opposite side. This is the result of a twist in the shaft distorting its shape, not a miss-machine of a part. For severe miss-balances turning high RPMs you get a structural failure of the crank or block. Trust me on an over balanced race engine, you feel the difference under 6000 RPM and don't operate there any more than necessary to get to and from race speeds. The overbalance is to adjust for the very extremely large power and reciprocal forces on the crank at high RPM, it's not necessary nor desirable on engines that turn less than 6000 RPM. Its for race engines that turn high revs frequently as a pro drag engine or continuously as a NASCAR engine, not for the street or the occasional racer.
Which brings us to the other balance issue which is rotation twisting along the length of the crank. A weight differential between two throws puts a twist in the crank. This twist changes as power and the reciprocating forces vary thru the 4 engine cycles. In other words the shaft winds and unwinds for each change in force as each cylinder goes thru its cycles. The dynamics of this motion can lead to an event called dynamic augment where two smaller forces become timed such that they make one large force. The damper on the front of the crank is there to manage/dampen these forces on the front of the crank and the flywheel-clutch or flexplate-torque converter dampen these moments on the rear of the crank. Obviously when running the crank out of balance there are additional twist forces that wind and unwind the crank in addition to the cyclic forces, this will lead to breakage of the crank if the damping action on either end is insufficient. Balancing once again doesn't remove all these forces but when done removes the twist forces the crank has to deal with from the imbalance. Additionally, these forces on the nose of the crank cause the timing set between the crank and cam to wind and unwind. This causes changes in cam and thus distributor timing.
This gets so critical in pro race engines that you will often see that where the factory gets away without counterweighting the center two throws because they balance each others weights. But many NASCAR type engines add counterweights here to remove the twist in the center main from these forces being offset to that main which results in whats called a rocking couple thru that bearing and journal. So when running flat out at 8-9000 RPM they take the hit on additional crank mass in order to increase the durability and reliability of the center main. Drag engines don't usually do this since they only touch those RPMs for moments rather than hours and the usual pro drag engine is rebuilt after a weekend's worth of runs having only a few seconds of total running time on it.
So you puts your money down and you takes your chances based on your decisions. If you think all you've put into the engine to date and your mental comfort isn't worth a couple hundred dollars. Then just put it together and run it. Maybe you'll get lucky, maybe you won't.
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blank versenoun [ U ]uk /ˌblæŋk ˈvɜːs/ us /ˌblæŋk ˈvɝːs/
Thesaurus: synonyms and related words
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Lafayette Buzzing After 41-7 Beatdown Over Hawthorne
Published October 23rd, 2010
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Neither Hornet team had lost a district game, so something had to give. The Home "Nest" helped, with the Lafayette Hornets pulling out a 41-7 victory over district rival Hawthorne. The Hornets from Hawthorne grabbed the lead early on an Antwan Brown fumble, recovered by Afernee Hayes for a touchdown. But Lafayette kept giving Brown the ball, and he answered with a great game, including a game-long 85-yard touchdown run to put Lafayette ahead for good. Lafayette now with a 6-game win streak, playoff bound, and essentially wrapping up 1-B District 2 with the win over Hawthorne.
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