Baskin Robbins 2011 Annual Report Download - page 101

Download and view the complete annual report

Please find page 101 of the 2011 Baskin Robbins 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 127

  • 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
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127

Equity in net income (loss) of joint ventures, including amortization on intangibles resulting from the BCT
Acquisition, is included in segment profit for the Dunkin’ Donuts International and Baskin-Robbins International
reportable segments. Expenses included in “Other” in the segment profit table below represent the impairment
charge recorded in fiscal year 2011 related to our investment in BR Korea (see note 6). Equity in net income
(loss) of joint ventures by reportable segment was as follows (in thousands):
Equity in net income of joint ventures
Fiscal year ended
December 31,
2011
December 25,
2010
December 26,
2009
Dunkin’ Donuts International ................................. $ 840 3,913 3,718
Baskin-Robbins International ................................. 14,461 13,912 10,583
Total reportable segments ................................ 15,301 17,825 14,301
Other .................................................... (18,776) — —
Total equity in net income (loss) of joint ventures ............. $ (3,475) 17,825 14,301
Depreciation and amortization is not included in segment profit for each reportable segment. However,
depreciation and amortization is included in the financial results regularly provided to the Company’s senior
management. Depreciation and amortization by reportable segments was as follows (in thousands):
Depreciation and amortization
Fiscal year ended
December 31,
2011
December 25,
2010
December 26,
2009
Dunkin’ Donuts U.S. ..................... $20,068 21,802 24,035
Dunkin’ Donuts International .............. 130 129 143
Baskin-Robbins U.S. ..................... 522 760 1,079
Baskin-Robbins International .............. 866 1,183 1,173
Total reportable segments ............. 21,586 23,874 26,430
Corporate and other ...................... 30,936 33,952 36,481
Total depreciation and amortization ..... $52,522 57,826 62,911
Property and equipment, net by geographic region as of December 31, 2011 and December 25, 2010 are based on
the physical locations within the indicated geographic regions and are as follows (in thousands):
December 31,
2011
December 25,
2010
United States ....................................... $179,616 187,862
International ........................................ 5,744 5,411
$185,360 193,273
(12) Stockholders’ equity
(a) Public Offerings
On August 1, 2011, the Company completed an initial public offering in which the Company sold 22,250,000
shares of common stock at an initial public offering price of $19.00 per share, less underwriter discounts and
commissions, resulting in net proceeds to the Company of approximately $390.0 million after deducting
underwriter discounts and commissions and expenses paid or payable by the Company. Additionally, the
underwriters exercised, in full, their option to purchase 3,337,500 additional shares, which were sold by certain
-91-