Wendy's 2011 Annual Report Download - page 130

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THE WENDY’S COMPANY AND SUBSIDIARIES
WENDY’S RESTAURANTS, LLC AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
2010 Quarter Ended
April 4 July 4 (c) October 3 (d) January 2, 2011 (d)
Revenues ........................... $584,714 $607,434 $600,708 $582,583
Cost of sales ......................... 431,337 442,314 451,319 431,984
Operating profit ...................... 37,661 58,947 20,290 33,547
Income (loss) from continuing operations . . 7,311 5,442 (757) 6,115
(Loss) income from discontinued
operations ......................... (10,711) 5,300 (152) (16,873)
Net (loss) income ..................... (3,400) 10,742 (909) (10,758)
Basic and diluted income (loss)per share (b):
Continuing operations ............. $ .02 $ .02 $ .00 $ .01
Discontinued operations ........... (.03) .01 .00 (.04)
Net (loss) income ................. $ (.01) $ .03 $ .00 $ (.03)
(Wendy’s Restaurants)
2011 Quarter Ended
April 3 (a) July 3 (a) October 2 (a) January 1, 2012 (a)
Revenues ........................... $582,465 $622,459 $611,416 $615,018
Cost of sales ......................... 438,871 464,798 458,000 454,440
Operating profit ...................... 31,888 49,641 35,993 32,370
Income from continuing operations ....... 2,138 12,997 4,910 925
Loss from discontinued operations ........ (1,113) (108) (6,510) (306)
Net income (loss) ..................... $ 1,025 $ 12,889 $ (1,600) $ 619
2010 Quarter Ended
April 4 July 4 October 3 (d) January 2, 2011 (d)
Revenues ........................... $584,714 $607,434 $600,708 $582,583
Cost of sales ......................... 431,337 442,314 451,319 431,984
Operating profit ...................... 39,582 61,372 22,381 37,022
Income from continuing operations ....... 8,151 4,075 509 7,063
(Loss) income from discontinued
operations ......................... (10,711) 5,300 (152) (16,873)
Net (loss) income ..................... $ (2,560) $ 9,375 $ 357 $ (9,810)
(a) The operating profit was materially affected by transaction related and other costs in each of the 2011 quarters
and impairment of long-lived assets in the first and fourth quarters of 2011. The impact of transaction related
and other costs on net income (loss) for the first, second, third and fourth quarters of 2011 was $799, $2,933,
$14,732 and $9,279, respectively, after income tax benefits of $480, $1,759, $8,839 and $5,656, respectively.
The impact of the impairment of long-lived assets on net income for the first and fourth quarters of 2011 was
$4,865 and $2,847, respectively, after income tax benefits of $3,032 and $1,774, respectively. In addition, The
Wendy’s Company incurred transaction related and other costs in the first, second, third and fourth quarters of
2011 of $379, $216, $167 and $9, respectively, net of income tax benefits of $226, $131, $101 and $5,
respectively.
(b) Basic and diluted income (loss) per share are being presented together since diluted income (loss) per share was
the same as basic income (loss) per share for all periods presented. See Note 5 for additional information.
(c) Net income for The Wendy’s Company was affected by income recognized in the second quarter of 2010 on the
repayment and cancellation of the DFR Notes of $3,044, after income tax expense of $1,865.
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