Red Lobster 2004 Annual Report Download - page 55

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Five-Year฀
Financial Summary
฀฀฀฀ May฀30,฀ May฀25,฀ May฀26,฀ May฀27,฀ May฀28,฀
(In฀thousands,฀except฀per฀share฀data)฀2004฀(1)฀ 2003฀ 2002฀ 2001฀ 2000
Operating฀Results
Sales฀ $฀5,003,355฀ $฀4,654,971฀ $฀ 4,366,911฀ $฀ 3,992,419฀ $฀3,675,461
Costs฀and฀expenses:
฀ Cost฀of฀sales:
฀ ฀ Food฀and฀beverage฀ ฀ 1,526,875฀ ฀ 1,449,162฀ ฀ 1,384,481฀ ฀ 1,302,926฀ ฀ 1,199,709
฀ ฀ Restaurant฀labor฀ ฀ 1,601,258฀ ฀ 1,485,046฀ ฀ 1,373,416฀ ฀ 1,261,837฀ ฀฀฀ 1,181,156
฀ ฀ Restaurant฀expenses฀ ฀ 767,584฀ ฀ 703,554฀ ฀ 628,701฀ ฀ 559,670฀ ฀ 510,727
Total฀cost฀of฀sales,฀excluding฀restaurant฀฀
฀ ฀ depreciation฀and฀amortization(2)฀ $฀3,895,717฀ $฀3,637,762฀ $฀3,386,598฀ ฀฀$฀3,124,433฀ $฀2,891,592
Selling,฀general,฀and฀administrative฀ ฀ 472,109฀ ฀ 431,722฀ ฀ 417,158฀ ฀ 389,240฀ ฀฀ 363,041
Depreciation฀and฀amortization฀ ฀ 210,004฀ ฀ 191,218฀ ฀ 165,829฀ ฀ 146,864฀ ฀ 130,464
Interest,฀net฀ ฀ 43,659฀ ฀ ฀42,597฀ ฀฀ 36,585฀ ฀ 30,664฀ ฀ 22,388
Asset฀impairment฀and฀restructuring฀฀
฀ ฀ charges฀(credits),฀net฀ ฀฀ 41,868฀ ฀฀ 3,924฀ ฀ (2,568)฀ ฀ ฀–฀ ฀ ฀(5,931)
Total฀costs฀and฀expenses฀ $฀4,663,357฀ $฀4,307,223฀ $฀4,003,602฀ $฀ 3,691,201฀ $฀3,401,554
Earnings฀before฀income฀taxes฀ ฀ 339,998฀ ฀ 347,748฀ ฀ 363,309฀ ฀ 301,218฀ ฀ 273,907
Income฀taxes฀ ฀ 108,536฀ ฀ 115,488฀ ฀ 125,521฀ ฀ 104,218฀ ฀฀฀ 97,202
Net฀earnings฀฀ $฀ 231,462฀ $฀ 232,260฀ $฀ 237,788฀ $฀ 197,000฀ $฀ 176,705
Net฀earnings฀per฀share:฀
฀ ฀ Basic฀ $฀ 1.42฀ $฀ 1.36฀ $฀ 1.36฀ $฀ 1.10฀ $฀ 0.92
฀ ฀ Diluted฀ $฀ 1.36฀ $฀ 1.31฀ $฀ 1.30฀ $฀ 1.06฀ $฀ 0.89
Average฀number฀of฀common฀shares฀฀฀
฀ outstanding,฀net฀of฀shares฀held฀inTreasury:
฀ ฀ Basic฀ ฀ 163,500฀ ฀ 170,300฀ ฀ 174,700฀ ฀ 179,600฀ ฀ 192,800
฀ ฀ Diluted฀ ฀ 169,700฀ ฀ 177,400฀ ฀ 183,500฀ ฀ 185,600฀ ฀ 197,800
Financial฀Position
Total฀assets฀ $฀2,780,348฀ $฀2,664,633฀ $฀2,529,736฀ $฀2,216,534฀ $฀1,969,555
Land,฀buildings,฀and฀equipment฀ ฀ 2,250,616฀ ฀ 2,157,132฀ ฀ 1,926,947฀ ฀ 1,779,515฀ ฀ 1,578,541
Working฀capital฀(deficit)฀ ฀ (337,174)฀ ฀ (314,280)฀ ฀ ฀(157,662)฀ ฀ ฀(226,116)฀ ฀ (316,427)
Long-term฀debt฀ ฀ 653,349฀ ฀ 658,086฀ ฀ 662,506฀ ฀ 520,574฀ ฀ 306,586
Stockholders’฀equity฀ ฀ 1,245,770฀ ฀ 1,196,191฀ ฀ 1,128,877฀ ฀ 1,033,318฀ ฀ 958,602
Stockholders’฀equity฀per฀outstanding฀share฀ ฀ 7.86฀ ฀ 7.25฀ ฀ 6.56฀ ฀ 5.87฀ ฀ 5.23
Other฀Statistics
Cash฀flow฀from฀operations฀ $฀ 525,411฀ $฀ 508,635฀ $฀ 508,101฀ $฀ 420,570฀ $฀ 342,626
Capital฀expenditures฀ ฀ 354,326฀ ฀ 423,273฀ ฀ 318,392฀ ฀ 355,139฀ ฀ 268,946
Dividends฀paid฀ ฀ 12,984฀ ฀ 13,501฀ ฀ 9,225฀ ฀ 9,458฀ ฀ 10,134
Dividends฀paid฀per฀share฀ ฀ 0.080฀ ฀ 0.080฀ ฀ 0.053฀ ฀ 0.053฀ ฀ 0.053
Advertising฀expense฀ ฀ 210,989฀ ฀ 200,020฀ ฀ 184,163฀ ฀ 177,998฀ ฀ 165,590
Stock฀price:
฀ ฀ High฀ ฀ 25.60฀ ฀ 27.83฀ ฀ 29.767฀ ฀ 19.660฀ ฀ 15.375
฀ ฀ Low฀ ฀ 17.80฀ ฀ 16.46฀ ฀ 15.400฀ ฀ 10.292฀ ฀ ฀8.292
฀ ฀ Close฀ $฀ 22.50฀ $฀ 18.35฀ ฀฀$฀ 25.030฀ $฀ 19.267฀ $฀ ฀12.583
Number฀of฀employees฀ ฀ 141,300฀ ฀ 140,700฀ ฀ 133,200฀ ฀ 128,900฀ ฀ 122,300
Number฀of฀restaurants฀ ฀ 1,325฀ ฀ 1,271฀ ฀ 1,211฀ ฀ 1,168฀ ฀ 1,139
(1)฀Fiscal฀year฀2004฀consisted฀of฀53฀weeks฀while฀all฀other฀fiscal฀years฀consisted฀of฀52฀weeks.
(2)฀Total฀cost฀of฀sales,฀excluding฀restaurant฀depreciation฀and฀amortization฀of฀$195,486,฀$177,127,฀$155,837,฀$138,229,฀and฀$123,477,฀respectively.
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Financial Review 2004