Pizza Hut 2004 Annual Report Download - page 75

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SELECTED฀QUARTERLY฀FINANCIAL฀DATA฀(UNAUDITED)฀
NOTE฀25
2004฀ First฀Quarter฀ Second฀Quarter฀ Third฀Quarter฀ Fourth฀Quarter฀ Total
Revenues:
฀ Company฀sales฀ $฀1,747฀ $฀1,846฀ $฀1,935฀ $฀2,464฀ $฀7,992
฀ Franchise฀and฀license฀fees฀ ฀ 223฀ ฀ 231฀ ฀ 244฀ ฀ 321฀ ฀1,019
฀ Total฀revenues฀ ฀1,970฀ ฀2,077฀ ฀2,179฀ ฀2,785฀ ฀9,011
Wrench฀litigation฀(income)฀expense฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ (14)฀ ฀ (14)
AmeriServe฀and฀other฀charges฀(credits)฀ ฀ —฀ ฀ (14)฀ ฀ —฀ ฀ (2)฀ ฀ (16)
Total฀costs฀and฀expenses,฀net฀ ฀1,727฀ ฀1,802฀ ฀1,888฀ ฀2,439฀ ฀7,856
Operating฀profit฀ ฀ 243฀ ฀ 275฀ ฀ 291฀ ฀ 346฀ ฀1,155
Net฀income฀ ฀ 142฀ ฀ 178฀ ฀ 185฀ ฀ 235฀ ฀ 740
Diluted฀earnings฀per฀common฀share฀ ฀ 0.47฀ ฀ 0.58฀ ฀ 0.61฀ ฀ 0.77฀ ฀ 2.42
Dividends฀declared฀per฀common฀share฀ ฀ —฀ ฀ 0.10฀ ฀ —฀ ฀ 0.20฀ ฀ 0.30
2003฀ First฀Quarter฀ Second฀Quarter฀ Third฀Quarter฀ Fourth฀Quarter฀ Total
Revenues:
฀ Company฀sales฀ $฀1,597฀ $฀1,723฀ $฀1,765฀ $฀2,356฀ $฀7,441
฀ Franchise฀and฀license฀fees฀ ฀ 205฀ ฀ 213฀ ฀ 224฀ ฀ 297฀ ฀ 939
฀ Total฀revenues฀ ฀1,802฀ ฀1,936฀ ฀1,989฀ ฀2,653฀ ฀8,380
Wrench฀litigation฀(income)฀expense฀ ฀ —฀ ฀ 35฀ ฀ 7฀ ฀ —฀ ฀ 42
AmeriServe฀and฀other฀charges฀(credits)฀ ฀ —฀ ฀ 2฀ ฀ (3)฀ ฀ (25)฀ ฀ (26)
Total฀costs฀and฀expenses,฀net฀ ฀1,585฀ ฀1,716฀ ฀1,720฀ ฀2,300฀ ฀7,321
Operating฀profit฀ ฀ 217฀ ฀ 220฀ ฀ 269฀ ฀ 353฀ ฀1,059
Income฀before฀cumulative฀effect฀of฀accounting฀change฀ ฀ 118฀ ฀ 122฀ ฀ 164฀ ฀ 214฀ ฀ 618
Cumulative฀effect฀of฀accounting฀change,฀net฀of฀tax฀ ฀ (1)฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ (1)
Net฀income฀ ฀ 117฀ ฀ 122฀ ฀ 164฀ ฀ 214฀ ฀ 617
Diluted฀earnings฀per฀common฀share฀ ฀ 0.39฀ ฀ 0.40฀ ฀ 0.53฀ ฀ 0.70฀ ฀ 2.02
In฀the฀fourth฀quarter฀of฀2004,฀we฀recorded฀an฀$11.5฀million฀($7฀million฀after฀tax)฀adjustment฀primarily฀through฀increased฀U.S.฀
depreciation฀expense฀so฀that฀all฀of฀our฀leasehold฀improvements฀are฀now฀being฀depreciated฀over฀the฀shorter฀of฀their฀useful฀lives฀
or฀the฀underlying฀term฀of฀the฀lease.฀See฀Note฀2.
See฀Note฀24฀for฀details฀of฀Wrench฀litigation฀and฀Note฀7฀for฀details฀of฀AmeriServe฀other฀charges฀(credits). 73
Yum!฀Brands,฀Inc.