Pizza Hut 2003 Annual Report Download - page 50
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48.
Consolidated Statements of Income
Fiscal years ended December 27, 2003, December 28, 2002 and December 29, 2001
(in millions, except per share data) 2003 2002 2001
Revenues
Company sales $ 7,441 $ 6,891 $ 6,138
Franchise and license fees 939 866 815
8,380 7,757 6,953
Costs and Expenses, net
Company restaurants
Food and paper 2,300 2,109 1,908
Payroll and employee benefits 2,024 1,875 1,666
Occupancy and other operating expenses 2,013 1,806 1,658
6,337 5,790 5,232
General and administrative expenses 945 913 796
Franchise and license expenses 28 49 59
Facility actions 36 32 1
Other (income) expense (41) (30) (23)
Wrench litigation 42 — —
AmeriServe and other charges (credits) (26) (27) (3)
Total costs and expenses, net 7,321 6,727 6,062
Operating Profit 1,059 1,030 891
Interest expense, net 173 172 158
Income Before Income Taxes and Cumulative Effect of Accounting Change 886 858 733
Income tax provision 268 275 241
Income before Cumulative Effect of Accounting Change 618 583 492
Cumulative effect of accounting change, net of tax (1) — —
Net Income $ 617 $ 583 $ 492
Basic Earnings Per Common Share $ 2.10 $ 1.97 $ 1.68
Diluted Earnings Per Common Share $ 2.02 $ 1.88 $ 1.62
See accompanying Notes to Consolidated Financial Statements.