Sonic 2013 Annual Report Download - page 19

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The following table sets forth selected financial data regarding the Company’s financial condition and operating results.
One should read the following information in conjunction with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” below and the Company’s Consolidated Financial Statements included elsewhere
in this report.
Year Ended August 31,
(In thousands, except per share data) 2013 2012 2011 2010 2009
Income Statement Data:
Company Drive-In sales
$ 402,296
$ 404,443 $ 410,820 $ 414,369 $ 567,436
Franchise Drive-Ins:
Franchise royalties and fees
130,737
128,013 125,871 125,137 131,712
Lease revenue
4,785
6,575 6,023 6,879 3,985
Other
4,767
4,699 3,237 4,541 3,148
Total revenues
542,585
543,730 545,951 550,926 706,281
Cost of Company Drive-In sales
343,209
347,470 356,236 354,659 464,876
Selling, general and administrative
66,022
65,173 64,943 66,847 63,358
Depreciation and amortization
40,387
41,914 41,225 42,615 48,064
Provision for impairment of long-lived assets
1,776
764 824 15,161 11,163
Other operating (income) expense, net
1,943
(531) (585) 763 (12,508)
Total expenses
453,337
454,790 462,643 480,045 574,953
Income from operations
89,248
88,940 83,308 70,881 131,328
Interest expense, net (1)
32,949
30,978 54,929 36,073 35,657
Income before income taxes
$ 56,299
$ 57,962 $ 28,379 $ 34,808 $ 95,671
Net income-including noncontrolling interests
36,701
36,085 19,225 25,839 64,793
Net income-noncontrolling interests (2)
–
––4,630 15,351
Net income-attributable to Sonic Corp.
$ 36,701
$ 36,085 $ 19,225 $ 21,209 $ 49,442
Income per share:
Basic
$ 0.65
$ 0.60 $ 0.31 $ 0.35 $ 0.81
Diluted
$ 0.64
$ 0.60 $ 0.31 $ 0.34 $ 0.81
Weighted average shares used in calculation:
Basic
56,384
60,078 61,781 61,319 60,761
Diluted
57,191
60,172 61,943 61,576 61,238
Balance Sheet Data:
Working capital
$ 67,792
$ 26,635 $ 22,178 $ 15,320 $ 84,813
Property, equipment and capital leases, net
399,661
443,008 464,875 489,264 523,938
Total assets
660,794
680,760 679,742 737,320 849,041
Obligations under capital leases
(including current portion)
26,864
31,676 34,063 36,256 39,461
Long-term debt (including current portion)
447,294
481,793 497,013 591,621 699,550
Stockholders’ equity (deficit)
77,464
59,247 51,833 22,566 (2,352)
Cash dividends declared per common share –––––
(1) Includes net (gain) loss from early extinguishment of debt of $4.4 million, $23.0 million, $0.3 million and $(6.4)
million for fiscal years 2013, 2011, 2010 and 2009, respectively.
(2) Effective April 1, 2010, we revised our compensation program at the Company Drive-In level. As a result of these
changes, noncontrolling interests are immaterial for fiscal years 2013, 2012 and 2011 and have been included
in payroll and other employee benefits.
Selected Financial Data
17