Pizza Hut 2004 Annual Report Download - page 49

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Consolidated฀Statements฀of฀Income
Fiscal฀years฀ended฀December฀25,฀2004,฀December฀27,฀2003฀and฀December฀28,฀2002
(in฀millions,฀except฀per฀share฀data)฀ 2004฀ 2003฀ 2002
REVENUES
Company฀sales฀ $฀7,992฀ $฀7,441฀ $฀6,891
Franchise฀and฀license฀fees฀ ฀฀1,019฀ ฀ 939฀ ฀ 866
฀฀฀฀ ฀9,011฀ ฀8,380฀ ฀7,757
COSTS฀AND฀EXPENSES,฀NET
Company฀restaurants
Food฀and฀paper฀ ฀2,538฀ ฀2,300฀ ฀2,109
Payroll฀and฀employee฀benefits฀ ฀2,112฀ ฀2,024฀ ฀1,875
Occupancy฀and฀other฀operating฀expenses฀ ฀2,183฀ ฀2,013฀ ฀1,806
฀฀฀฀ ฀6,833฀ ฀6,337฀ ฀5,790
General฀and฀administrative฀expenses฀ ฀1,056฀ ฀ 945฀ ฀ 913
Franchise฀and฀license฀expenses฀ ฀ 26฀ ฀ 28฀ ฀ 49
Facility฀actions฀ ฀ 26฀ ฀ 36฀ ฀ 32
Other฀(income)฀expense฀ ฀ (55)฀ ฀ (41)฀ ฀ (30)
Wrench฀litigation฀(income)฀expense฀ ฀ (14)฀ ฀ 42฀ ฀ —
AmeriServe฀and฀other฀charges฀(credits)฀ ฀ (16)฀ ฀ (26)฀ ฀ (27)
Total฀costs฀and฀expenses,฀net฀ ฀7,856฀ ฀7,321฀ ฀6,727
OPERATING฀PROFIT฀฀1,155฀ ฀1,059฀ ฀1,030
Interest฀expense,฀net฀ ฀ 129฀ ฀ 173฀ ฀ 172
INCOME฀BEFORE฀INCOME฀TAXES฀AND฀฀
฀ CUMULATIVE฀EFFECT฀OF฀ACCOUNTING฀CHANGE฀ ฀1,026฀ ฀ 886฀ ฀ 858
Income฀tax฀provision฀ ฀ 286฀ ฀ 268฀ ฀ 275
INCOME฀BEFORE฀CUMULATIVE฀EFFECT฀OF฀ACCOUNTING฀CHANGE฀฀ 740฀ ฀ 618฀ ฀ 583
Cumulative฀effect฀of฀accounting฀change,฀net฀of฀tax฀ ฀ —฀ ฀ (1)฀ ฀ —
NET฀INCOME฀$฀ 740฀ $฀ 617฀ $฀ 583
BASIC฀EARNINGS฀PER฀COMMON฀SHARE฀$฀ 2.54฀ $฀ 2.10฀ $฀ 1.97
DILUTED฀EARNINGS฀PER฀COMMON฀SHARE฀$฀ 2.42฀ $฀ 2.02฀ $฀ 1.88
DIVIDENDS฀DECLARED฀PER฀COMMON฀SHARE฀$฀ 0.30฀ $฀ —฀ $฀ —
See฀accompanying฀Notes฀to฀Consolidated฀Financial฀Statements.
47
Yum!฀Brands,฀Inc.