Sonic 2009 Annual Report Download - page 28

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Consolidated Statements of Income
Year ended August 31,
(In thousands, except per share data
) 2009 2008 2007
Revenues:
Partner Drive-In sales $ 567,436 $ 671,151 $ 646,915
Franchise Drive-Ins:
Franchise royalties 126,706 121,944 111,052
Franchise fees 5,006 5,167 4,574
Gain on sale of Partner Drive-Ins 13,154 3,044 732
Other 6,487 3,407 7,196
718,789 804,713 770,469
Costs and expenses:
Partner Drive-Ins:
Food and packaging 156,521 177,533 166,531
Payroll and other employee benefits 182,740 208,479 196,785
Minority interest in earnings of Partner Drive-Ins 15,351 21,922 26,656
Other operating expenses, exclusive of depreciation
and amortization included below 125,615 140,168 130,204
480,227 548,102 520,176
Selling, general and administrative 63,358 61,179 58,736
Depreciation and amortization 48,064 50,653 45,103
Provision for impairment of long-lived assets 11,163 571 1,165
602,812 660,505 625,180
Income from operations 115,977 144,208 145,289
Interest expense 43,457 49,946 41,227
Debt extinguishment and other costs (6,382) – 6,076
Interest income (1,418) (2,019) (2,897)
Net interest expense 35,657 47,927 44,406
Income before income taxes 80,320 96,281 100,883
Provision for income taxes 30,878 35,962 36,691
Net income $ 49,442 $ 60,319 $ 64,192
Basic income per share $ 0.81 $ 1.00 $ 0.94
Diluted income per share $ 0.81 $ 0.97 $ 0.91
See accompanying notes.
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