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Wendy's revenue falls 20 pct as it franchises more restaurants

The Wendy's Single Pretzel Bacon Cheeseburger.
Jane Wells | CNBC
The Wendy's Single Pretzel Bacon Cheeseburger.

Hamburger chain Wendy's reported a 20 percent drop in quarterly revenue as it sold more company-owned stores to franchisees.

The company reported net income of $22.8 million, or 6 cents per share, in the third quarter ended Sept. 28, compared with a loss of $1.9 million, or breakeven on a per-share basis, in the same quarter a year earlier.

Excluding items, the company earned 8 cents per share.

Revenue fell to $512.5 million from $640.8 million.