Sonic 2014 Annual Report Download - page 28

Download and view the complete annual report

Please find page 28 of the 2014 Sonic annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 54

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54

Condensed Consolidated Statements of Income
Year Ended August 31,
(In thousands, except per share amounts) 2014 2013 2012
Revenues:
Company Drive-In sales $ 405,363 $ 402,296 $ 404,443
Franchise Drive-Ins:
Franchise royalties and fees 138,416 130,737 128,013
Lease revenue 4,291 4,785 6,575
Other 4,279 4,767 4,699
Total revenues 552,349 542,585 543,730
Costs and expenses:
Company Drive-Ins:
Food and packaging 116,325 114,545 113,775
Payroll and other employee benefits 139,939 142,511 144,531
Other operating expenses, exclusive of
depreciation and amortization included below 85,845 86,153 89,164
Total cost of Company Drive-In sales 342,109 343,209 347,470
Selling, general and administrative 69,415 66,022 65,173
Depreciation and amortization 42,210 40,387 41,914
Provision for impairment of long-lived assets 114 1,776 764
Other operating (income) expense, net (176) 1,943 (531)
Total costs and expenses 453,672 453,337 454,790
Income from operations 98,677 89,248 88,940
Interest expense 25,382 29,098 31,608
Interest income (469) (592) (630)
Net loss from early extinguishment of debt – 4,443 –
Net interest expense 24,913 32,949 30,978
Income before income taxes 73,764 56,299 57,962
Provision for income taxes 25,848 19,598 21,877
Net income $ 47,916 $ 36,701 $ 36,085
Basic income per share $ 0.87 $ 0.65 $ 0.60
Diluted income per share $ 0.85 $ 0.64 $ 0.60
Cash dividends declared per common share $ 0.09 $ – $ –
The accompanying notes are an integral part of the consolidated financial statements.
26