ATLANTA, Oct. 20, 2003 (PRIMEZONE) -- Cinnabon(r), Inc., a subsidiary of AFC Enterprises, Inc. (Ticker: AFCE), has signed an agreement with ConAgra Foods, Inc. (NYSE:CAG) to license Cinnabon cinnamon butter popcorn under its Orville Redenbacher's(r) Gourmet(r) Popping Corn brand. ConAgra Foods' Orville Redenbacher's brand is the number one selling product in the microwave popcorn category (see Note 1) The newly developed product is currently available at Wal-Mart, Target, Kmart and many major grocery chains nationwide.
"The key to a successful licensed product is that it delivers the experience consumers expect from the brand," said Kirk Waisner, vice president of research and development, Cinnabon. "This sweet cinnamon popcorn and the indulgent pour-over frosting capture the Cinnabon experience, delivering on both aroma and flavor."
"Cinnabon is a great match with Orville Redenbacher's because Cinnabon represents gourmet products and Orville Redenbacher's Gourmet Popping Corn is the leading popcorn brand," said Reece Nanfito, senior marketing manager for the Snack Foods Group of ConAgra Foods.
"This product is another important step in the expansion of Cinnabon brand awareness, offering consumers new and relevant ways to experience the brand Cinnabon," said Bill Jachthuber, director of new revenue channels, Cinnabon.
The product scored exceptionally well in consumer testing and has been well received during initial sell-in. Sweet popcorn is the fastest growing segment of the microwave popcorn category, up 66 percent in the past year. New sweet popcorn items have contributed to total microwave popcorn category growth of 6 percent in the past year, outpacing potato chips, pretzels, tortilla chips, and other salty snacks (see Note 2).
About ConAgra Foods, Inc.
Orville Redenbacher's is a brand of ConAgra Foods, Inc. (NYSE:CAG). ConAgra Foods is one of North America's largest packaged food companies, serving consumer grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: ACT II, Armour, Banquet, Blue Bonnet, Butterball, Chef Boyardee, Cook's, Eckrich, Gulden's, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Knott's Berry Farm, La Choy, Louis Kemp, Marie Callender's, Orville Redenbacher's, Parkay, Reddi-wip, Slim Jim, PAM, Pemmican, Peter Pan, Snack Pack, Swiss Miss, Van Camp's, Wesson, and many others. For more information, please visit us at www.conagrafoods.com.
About Cinnabon
Cinnabon is the world-wide leader in the cinnamon roll bakery category. As of Sept. 7, 2003, the company operated and franchised 615 bakeries worldwide. The bakeries are located in 43 states, Puerto Rico and 17 other countries. Founded in Seattle, Wash., in 1985, Cinnabon bakeries are traditionally located in high-traffic venues such as shopping malls, airports, train stations and travel plazas. The bakeries typically are located in 500- to 1,500-square-foot areas. Cinnabon bakeries have built a reputation for serving fresh, aromatic, oven-hot cinnamon rolls made with premium Indonesian cinnamon and topped with sweet, rich, cream cheese-based frosting. Cinnabon had system-wide sales of approximately $205.5 million in 2001 and can be found on the World Wide Web at www.cinnabon.com.
About AFC Enterprises
AFC Enterprises, Inc. is the franchisor and operator of 4,015 restaurants, bakeries and cafes as of September 7, 2003, in the United States, Puerto Rico and 35 foreign countries under the brand names Popeyes(R) Chicken & Biscuits, Church's Chicken(TM) and Cinnabon(R), and the franchisor of Seattle's Best Coffee(R) in Hawaii, on military bases and internationally. AFC's primary objective is to be the world's Franchisor of Choice(R) by offering investment opportunities in highly recognizable brands and exceptional franchisee support systems and services. AFC Enterprises had system-wide sales of approximately $2.7 billion in 2002 and can be found on the World Wide Web at www.afce.com.
Note 1 Source: IRI InfoScan Data, Total U.S. Food, 52 weeks ending Sept. 7, 2003.
Note 2 Source: IRI InfoScan Data, Total U.S. Food, 52 weeks ending Sept. 7, 2003.