Sonic 2013 Annual Report Download - page 32

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Consolidated Statements of Income and Comprehensive Income
Year Ended August 31,
(In thousands, except per share amounts) 2013 2012 2011
Revenues:
Company Drive-In sales $ 402,296 $ 404,443 $ 410,820
Franchise Drive-Ins:
Franchise royalties and fees 130,737 128,013 125,871
Lease revenue 4,785 6,575 6,023
Other 4,767 4,699 3,237
Total revenues 542,585 543,730 545,951
Costs and expenses:
Company Drive-Ins:
Food and packaging 114,545 113,775 115,516
Payroll and other employee benefits 142,511 144,531 149,417
Other operating expenses, exclusive of
depreciation and amortization included below 86,153 89,164 91,303
Total cost of Company Drive-In sales 343,209 347,470 356,236
Selling, general and administrative 66,022 65,173 64,943
Depreciation and amortization 40,387 41,914 41,225
Provision for impairment of long-lived assets 1,776 764 824
Other operating (income) expense, net 1,943 (531) (585)
Total costs and expenses 453,337 454,790 462,643
Income from operations 89,248 88,940 83,308
Interest expense 29,098 31,608 32,600
Interest income (592) (630) (706)
Net loss from early extinguishment of debt 4,443 – 23,035
Net interest expense 32,949 30,978 54,929
Income before income taxes 56,299 57,962 28,379
Provision for income taxes 19,598 21,877 9,154
Net income $ 36,701 $ 36,085 $ 19,225
Basic income per share $ 0.65 $ 0.60 $ 0.31
Diluted income per share $ 0.64 $ 0.60 $ 0.31
Other comprehensive income, net of tax:
Net change in deferred hedging losses, net of tax of $522 $–$–$843
Comprehensive income $ 36,701 $ 36,085 $ 20,068
The accompanying notes are an integral part of the consolidated financial statements.
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