Burger King 2011 Annual Report Download - page 134
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Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Predecessor
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
July 1, 2010 to October 18, 2010
(Unaudited)
Issuer Guarantors
Non-
Guarantors Eliminations Consolidated
(In millions)
Revenues:
Company restaurant revenues $ 320.7 $ — $ 193.8 $ — $ 514.5
Franchise and property revenues 133.2 — 70.0 — 203.2
Intercompany revenues 1.9 — 2.6 (4.5) —
Total revenues 455.8 — 266.4 (4.5) 717.7
Company restaurant expenses:
Food, paper and product costs 102.6 — 60.0 — 162.6
Payroll and employee benefits 98.0 — 56.2 — 154.2
Occupancy and other operating costs 73.1 — 54.6 — 127.7
Total company restaurant expenses 273.7 — 170.8 — 444.5
Franchise and franchise property expenses 13.7 — 8.5 — 22.2
Selling, general and administrative expenses 97.7 — 55.4 — 153.1
Intercompany expenses 2.6 — 1.9 (4.5) —
Other operating (income) expense, net (4.0) — 0.4 — (3.6)
Total operating costs and expenses 383.7 — 237.0 (4.5) 616.2
Income from operations 72.1 — 29.4 — 101.5
Interest expense, net 10.9 — 3.7 — 14.6
Income before income taxes 61.2 — 25.7 — 86.9
Income tax expense (benefit) 19.6 — (3.8) — 15.8
Income from continuing operations 41.6 — 29.5 — 71.1
Equity in earnings of subsidiaries 29.5 71.1 — (100.6) —
Net income $ 71.1 $ 71.1 $ 29.5 $ (100.6) $ 71.1
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Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠