Brazil Fast Food Corp. (OTC Bulletin Board: BOBS) (“Brazil Fast Food”, or the “the Company”), the second largest fast-food restaurant chain in Brazil with 880 points of sale, operating under (i) the Bob’s brand, (ii) KFC and Pizza Hut São Paulo as franchisee of Yum! Brands, and (iii) Doggis as franchisee of Gastronomia & Negocios S.A. (former Grupo de Empresas Doggis S.A.), today announced financial results for the fourth quarter and fiscal year ended December 31, 2011.

Fiscal Year 2011 Highlights

• System-wide sales totaled R$ 946.3 million, up 18.9% from 2010
• Revenue totaled R$ 226.8 million, up 9.9% from 2010
• Points of sale totaled 880 at the end of 2011, up from 789 at the end of 2010
• EBITDA was R$21.9 million compared to R$ 26.1 million in 2010
• Operating income was R$16.4 million compared to R$19.2 million in 2010
• Net income was R$8.9 million, or R$1.09 per basic and diluted share

Fourth Quarter 2011 Highlights

• System-wide sales totaled R$ 277.8 million, up 18.5% from the fourth quarter 2010
• Revenue totaled R$ 60.5 million, up 7.5% from the fourth quarter 2010
• EBITDA was R$2.8 million compared to R$ 8.1 million in the fourth quarter 2010
• Operating income was R$2.0 million compared to R$6.1 million from the fourth quarter 2010
• Net income was R$1.9 million, or R$0.23 per basic and diluted share

“We reported strong revenue growth for the fourth quarter and fiscal year 2011 as we focused on our profitable company-owned stores and expansion of our industry leading brands through new franchise relationships in favorable markets across Brazil,” said Mr. Ricardo Bomeny, President and CEO of Brazil Fast Food.

“In 2011, we enhanced our customer service, increased the number of seats available, and promoted KFC’s Buckets, resulting in growth in guest counts and sales at our KFC stores. We also inaugurated 4 new stores in Rio de Janeiro and São Paulo. In addition, we implemented changes in the menu mix, communication, and operational standards at our Pizza Hut stores including a pilot project “Pizza Hut Express with PHD platform” to reduce overall investment and operational costs of shopping malls stores. In 2012, we will continue to achieve operational excellence and expand our presence in Brazil.”

Fourth Quarter 2011 Results

System-wide sales grew 18.5% in the fourth quarter to R$ 277.8 million, driven by an increase in the number of franchised points of sale as well as higher sales from company-owned stores.

Total revenue for the fourth quarter 2011 increased by 7.5% to R$60.5 million compared to R$56.2 million in the fourth quarter 2010. Revenue growth was primarily driven by the continued expansion of Brazil Fast Food’s franchisee network as well as gains from economies of scale and the associated increase in the Company’s purchasing power.

Net revenue for company-owned and operated outlets was up 8.4% year-over-year to R$45.8 million in the fourth quarter of 2011, reflecting an increase in net revenues across the Company’s Bob’s, KFC and Pizza Hut brands, offset somewhat by a decrease in net revenues for the Company’s Doggis brand. At the end of 2011, the Company had no ownoperated Doggis’ stores.

Net revenue from franchisees increased 27.0% year-over-year to R$11.0 million, driven primarily by an increase in number of franchised retail outlets to 813, up from 712 in the same period a year ago. Other revenue and income totaled R$3.7 million in the fourth quarter of 2011.

Operating expenses grew 16.6% to R$58.5 million in the fourth quarter of 2011, primarily due to higher store costs and expenses and the significant decline in the net result of assets sold and impaired, which was a loss of R$1.9 million in the fourth quarter of 2011, as compared to a net gain of R$1.4 million in the prior year period. As a percentage of revenue, operating costs increased from 89.2% of total revenue in the fourth quarter of 2010 to 96.7% of total revenue in the fourth quarter of 2011, mainly attributable to variance in asset sales.

Operating income for the fourth quarter of 2011 was R$2.0 million, compared to R$6.1 million in the fourth quarter of 2010, primarily due to the non-recurring items noted above. Operating margin in the fourth quarter of 2011 was 3.3% compared to 10.8% in the same period of 2010.

EBITDA in the fourth quarter of 2011 was R$2.8 million, compared to R$8.1 million in the fourth quarter of 2010. EBITDA margin was 4.7% in the fourth quarter of 2011, compared to 14.4% in the comparable period of 2010. Please refer Table No. 4 in this press release for a reconciliation of EBITDA to its nearest GAAP equivalent.

Interest income was R$0.7 million in the fourth quarter of 2011, compared to interest expense of R$0.3 million in the fourth quarter of 2010. The higher interest income is attributable to lower debt and improved working capital.

Net income for the fourth quarter of 2011 was R$1.9 million or R$0.23 per basic and diluted share, compared to net income of R$4.2 million or R$0.52 per basic and diluted share in the same period of 2010.

Fiscal Year 2011 Results

For the twelve months ended in December 31, 2011, net revenue was R$226.8 million, up 9.9% from R$206.3 million in 2010. Same own-store sales, which measure the performance of stores open for more than a year, were up 5.7% for Bob’s, 8.0% for KFC and 15.7% for Pizza Hut for the twelve months ended on December 31, 2011, compared to the same period in 2010, driven by the Company’s successful marketing campaigns. Operating income for fiscal year 2011 was R$16.4 million, down 14.5% from R$19.2 million in 2010. Operating margin was 7.2% for 2011 compared to 9.3% in 2010. EBITDA for 2011 was R$21.9 million compared to R$26.1 million in 2010. Net income for 2011 was R$8.9 million compared to net income of R$11.6 million in 2010. Basic and diluted net income per share was R$1.09 for 2011 compared to basic and diluted loss per share of R$1.43 for 2010.

Financial Condition

As of December 31, 2011 the Company had R$21.4 million in cash, up from R$16.7 million as of December 31, 2010. Working capital was R$16.9 million, as compared to a negative R$6.4 million as of the end of 2010. Total shareholders' equity was R$41.9 million at the end of the fourth quarter of 2011, compared to R$33.2 million at the end of 2010.

Subsequent Events

On May 3, 2012, Brazil Fast Food and Yum! Restaurants International (YRI) announced the satisfactory completion of the first phase of their efforts to expand the KFC brand in Brazil, pursuant to which the Company was engaged to provide franchise support services to KFC franchisees and to develop the KFC brand, upon its reentry into Brazil. Brazil Fast Food and YRI will remain close partners as the Company will continue to contribute to the development of YRI’s brands as a KFC franchisee focused in Rio de Janeiro and São Paulo and as a Pizza Hut franchisee with operations in the São Paulo metropolitan area.

Business Outlook

Over the last few years, Brazil Fast Food has developed a multi-brand strategy through agreements with leading brands to expand in Brazil the KFC and Pizza Hut business through own stores and the Doggis business through franchises. At the end of year 2012, the Company expects Bobs’ brand to reach a total of 1000 points of sale, a 20.5% increase from 830 points of sale at the end of 2011.

“In 2012, we aim to consolidate our market position and improve our consumer perception. We are working towards increasing sales and guest count at our KFC stores by improving our operations and promoting KFC’s Buckets at dinner party and weekends. Moreover, our Pizza Hut stores and delivery operations outperformed this year and in 2012, we plan to enhance our own-operated Pizza Hut stores results, consolidate “Pizza Hut Express with PHD platform” and expand our Pizza Hut stores,” said Mr. Bomeny.

“We are expanding our Doggis’ brand exclusively through franchisees. We plan to initiate a pilot project to reduce overall investment and operational costs by simplifying the store layout and product offering. Hot dogs are popular among all social classes in Brazil and with this pilot project, we will be able to expand the brand by setting up small stores in high pedestrian areas. Our revenue growth in 2012 will largely be driven by our expansion of Pizza Hut chain in Brazil through own-operated stores, improvement of our KFC store margins and our efforts to expand the number of our franchisees and franchised retail outlets under the Bob’s and Doggis brands,” concluded Mr. Bomeny.

About Brazil Fast Food Corp.

Brazil Fast Food Corp. owns and operates, both directly and through franchisees, the second largest fast-food restaurant chain in Brazil. The Bob’s trade name is used by Venbo Comércio de Alimentos Ltda., a subsidiary of Brazil Fast Food holding company, BFFC do Brasil Participações Ltda (formerly 22N Participações Ltda.). The “KFC” trade name is used by CFK Comércio de Alimentos Ltda. (formerly Clematis Indústria e Comércio de alimentos e Participações Ltda.), also a holding company subsidiary. The “Pizza Hut” trade name is used by Internacional Restaurantes do Brasil (“IRB”), also a 60% subsidiary of Brazil Fast Food holding company, BFFC do Brasil Participações Ltda. Recently, Company entered into an agreement with Grupo de Empresas Doggis S.A. (“GED”) to cross-franchise the Bob’s and Doggis brands in Chile and Brazil, respectively. Brazil Fast Food will control the Doggis master franchise in Brazil and GED will control the Bob’s master franchise in Chile.

Safe Harbor Statement

This press release contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known or unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those expressed or implied by such forward looking statements. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the disclosures in the Company's filings with the Securities and Exchange Commission, including the risk factors contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on April 30, 2012.

EBITDA represents earnings before net interest expense, income tax provision, depreciation and amortization. Our management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in evaluating companies in our industry. In addition, our management believes that EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of EBITDA generally eliminates the effects of financing and income taxes and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to overall operating performance. As a result, our management uses EBITDA as a measure to evaluate the performance of our business. However, EBITDA is not a recognized measurement under generally accepted accounting principles, or GAAP, and when analyzing our operating performance, investors should use EBITDA in addition to, and not as an alternative for, income from operations and net income, each as determined in accordance with GAAP. Not all companies use identical calculations, and our presentation of EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not consider certain cash requirements such as a tax and debt service payments.