McDonald's Corporation
Industry: Restaurants

McDonald's (NYSE: MCD) is the world's favorite place to eat, with more than 30,000 local restaurants serving 46 million customers each day in 121 countries. Approximately 80 percent of all McDonald's restaurants around the globe are owned and operated by independent, local entrepreneurs.

Business Summary
McDonald's Corporation operates and franchises McDonald's restaurants in the foodservice industry. These restaurants serve a varied yet limited, value-priced menu in more than 100 countries around the world. The Company also operates Boston Market and Chipotle Mexican Grill, and has a minority ownership interest in the United Kingdom-based Pret A Manger. In December 2003, the Company sold its Donatos Pizzeria business. All restaurants are operated either by the Company, by independent entrepreneurs under the terms of franchise arrangements (franchisees/licensees) or by affiliates operating under license agreements. When granting franchises and forming joint ventures, the Company is selective and generally is not in the practice of franchising to, or partnering with, investor groups or passive investors.

Financial Summary
For the nine months ended 30 September 2005, McDonald's Corporation's revenues increased 8% to $15.23B. Net income increased 6% to $1.99B. Revenues reflect higher sales in Company-operated resturants and franchised & affiliated restaurants. Net income also reflects higher operating margins and lower interest expenses. McDonald's Corpration develops, operates, franchises and services a worldwide system of restaurants which prepare foods.