Burger King 2011 Annual Report Download - page 135

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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
Fiscal 2010
(Unaudited)
Issuer Guarantors
Non-
Guarantors Eliminations Consolidated
(In millions)
Revenues:
Company restaurant revenues $ 1,153.1 $ — $ 686.2 $ — $ 1,839.3
Franchise and property revenues 443.6 — 219.3 — 662.9
Intercompany royalties 6.0 — 6.6 (12.6) —
Total revenues 1,602.7 — 912.1 (12.6) 2,502.2
Company restaurant expenses:
Food, paper and product costs 373.6 — 211.4 — 585.0
Payroll and employee benefits 356.3 — 212.4 — 568.7
Occupancy and other operating costs 265.4 — 195.7 — 461.1
Total company restaurant expenses 995.3 — 619.5 — 1,614.8
Franchise and franchise property expenses 38.6 — 26.8 — 65.4
Selling, general and administrative expenses 297.7 — 192.1 — 489.8
Intercompany selling, general and administrative expenses 6.6 — 6.0 (12.6) —
Other operating (income) expense, net (0.5) — (0.2) — (0.7)
Total operating costs and expenses 1,337.7 — 844.2 (12.6) 2,169.3
Income from operations 265.0 — 67.9 — 332.9
Interest expense, net 36.6 — 12.0 — 48.6
Income before income taxes 228.4 — 55.9 — 284.3
Income tax expense 85.4 — 12.1 — 97.5
Income from continuing operations 143.0 — 43.8 — 186.8
Equity in earnings of subsidiaries 43.8 186.8 — (230.6) —
Net income $ 186.8 $ 186.8 $ 43.8 (230.6) $ 186.8
134
Source: Burger King Holdings Inc, 10-K, March 14, 2012 Powered by Morningstar® Document Research℠