Sonic 2003 Annual Report Download - page 40

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p.38
Notes to Consolidated Financial Statements
August 31, 2003, 2002 and 2001 (In thousands, except share data)
Capital Leases
Components of obligations under capital leases are as follows at August 31, 2003 and 2002:
2003 2002
Total minimum lease payments $ 44,533 $ 21,393
Less amount representing interest averaging 13.9% in 2003 and 9.4% in 2002 16,604 8,455
Present value of net minimum lease payments 27,929 12,938
Less amount due within one year 1,492 947
Amount due after one year $ 26,437 $ 11,991
Maturities of these obligations under capital leases and future minimum rental payments required under operating
leases that have initial or remaining noncancelable lease terms in excess of one year as of August 31, 2003 are as follows:
Operating Capital
Year ending August 31:
2004 $ 9,081 $ 3,711
2005 9,053 3,556
2006 9,063 3,466
2007 8,905 3,340
2008 8,707 3,215
Thereafter 70,173 27,245
114,982 44,533
Less amount representing interest – 16,604
$ 114,982 $ 27,929
Total rent expense for all operating leases and capital leases consists of the following for the years ended August 31:
2003 2002 2001
Operating leases:
Minimum rentals $ 8,118 $ 6,574 $ 5,012
Contingent rentals 232 145 147
Sublease rentals (321) (407) (414)
Capital leases:
Contingent rentals 658 684 412
$ 8,687 $ 6,996 $ 5,157
The aggregate future minimum rentals receivable under noncancelable subleases of operating leases as of August 31,
2003 was $3,245.