Burger King 2011 Annual Report Download - page 132

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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Successor
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
2011
(Unaudited)
Issuer Guarantors
Non-
Guarantors Eliminations Consolidated
(In millions)
Revenues:
Company restaurant revenues $ 1,026.4 $ — $ 612.3 $ — $ 1,638.7
Franchise and property revenues 444.3 — 252.7 — 697.0
Intercompany revenues 7.1 — — (7.1) —
Total revenues 1,477.8 — 865.0 (7.1) 2,335.7
Company restaurant expenses:
Food, paper and product costs 331.4 — 193.3 — 524.7
Payroll and employee benefits 309.1 — 172.1 — 481.2
Occupancy and other operating costs 260.5 — 181.0 — 441.5
Total Company restaurant expenses 901.0 — 546.4 — 1,447.4
Franchise and franchise property expenses 63.2 — 33.9 — 97.1
Selling, general and administrative expenses 267.5 — 149.4 — 416.9
Intercompany expenses — — 7.1 (7.1) —
Other operating (income) expense, net 3.5 — 7.8 — 11.3
Total operating costs and expenses 1,235.2 — 744.6 (7.1) 1,972.7
Income from operations 242.6 — 120.4 — 363.0
Interest expense, net 193.2 — 1.6 — 194.8
Intercompany interest (income) expense (9.7) — 9.7 — —
Loss on early extinguishment of debt 21.4 — — — 21.4
Income before income taxes 37.7 — 109.1 — 146.8
Income tax expense 19.2 — 20.6 — 39.8
Income from continuing operations 18.5 — 88.5 — 107.0
Equity in earnings of subsidiaries 88.5 107.0 — (195.5) —
Net income $ 107.0 $ 107.0 $ 88.5 $ (195.5) $ 107.0
131
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠