Sonic 2003 Annual Report Download - page 19

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Year ended August 31,
2003 2002 2001 2000 1999
(In thousands, except per share data)
Income Statement Data:
Company-owned restaurant sales $ 371,518 $ 330,707 $ 267,463 $224,880 $210,419
Franchised restaurants:
Franchise royalties 66,431 61,392 54,220 47,595 40,859
Franchise fees 4,674 4,020 4,408 3,717 3,468
Other 4,017 4,043 4,547 3,864 2,861
Total revenues 446,640 400,162 330,638 280,056 257,607
Cost of restaurant sales 277,366 242,193 195,338 163,570 155,521
Selling, general and administrative 35,426 33,444 30,602 27,894 25,543
Depreciation and amortization 29,223 26,078 23,855 20,287 18,464
Minority interest in earnings of restaurants 14,398 14,864 12,444 10,173 8,623
Provision for impairment of long-lived assets 727 1,261 792 951 1,519
Total expenses 357,140 317,840 263,031 222,875 209,670
Income from operations 89,500 82,322 67,607 57,181 47,937
Net interest expense 6,216 6,319 5,525 5,186 4,278
Income before income taxes $ 83,284 $ 76,003 $ 62,082 $ 51,995 $ 43,659
Net income $ 52,261 $ 47,692 $ 38,956 $ 32,627 $ 27,396
Income per share (1):
Basic $ 1.34 $ 1.19 $ .98 $ .81 $ .65
Diluted $ 1.29 $ 1.13 $ .93 $ .78 $ .63
Weighted average shares used in calculation (1):
Basic 38,977 40,156 39,849 40,396 42,409
Diluted 40,606 42,207 41,732 41,945 43,800
Balance Sheet Data:
Working capital (deficit) $ (3,157) $ (12,942) $ (3,335) $ (6,371) $ (7,743)
Property, equipment and capital leases, net 345,551 305,286 273,198 222,318 207,890
Total assets 486,119 405,356 358,000 278,371 256,677
Obligations under capital leases (including
current portion) 27,929 12,938 13,688 7,299 8,048
Long-term debt (including current portion) 139,587 109,375 109,168 83,881 72,400
Stockholders’ equity 265,398 230,670 200,719 155,263 149,755
(1) Adjusted for a 3-for-2 stock split in 2002 and 2000
p.17
Selected Financial Data