Pizza Hut 2007 Annual Report Download - page 53

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57
Consolidated Statements of Income
YUM! Brands, Inc. and Subsidiaries
Fiscal years ended December 29, 2007,
December 30, 2006 and December 31, 2005
(in millions, except per share data) 2007 2006 2005
Revenues
Company sales $ 9,100 $ 8,365 $ 8,225
Franchise and license fees 1,316 1,196 1,124
Total revenues 10,416 9,561 9,349
Costs and Expenses, Net
Company restaurants
Food and paper 2,824 2,549 2,584
Payroll and employee benefits 2,305 2,142 2,171
Occupancy and other operating expenses 2,644 2,403 2,315
7,773 7,094 7,070
General and administrative expenses 1,293 1,187 1,158
Franchise and license expenses 40 35 33
Closures and impairment expenses 35 59 62
Refranchising (gain) loss (11) (24) (43)
Other (income) expense (71) (52) (84)
Total costs and expenses, net 9,059 8,299 8,196
Operating Profit 1,357 1,262 1,153
Interest expense, net 166 154 127
Income before Income Taxes 1,191 1,108 1,026
Income tax provision 282 284 264
Net Income $ 909 $ 824 $ 762
Basic Earnings Per Common Share $ 1.74 $ 1.51 $ 1.33
Diluted Earnings Per Common Share $ 1.68 $ 1.46 $ 1.28
Dividends Declared Per Common Share $ 0.45 $ 0.4325 $ 0.2225
See accompanying Notes to Consolidated Financial Statements.