Baskin Robbins 2011 Annual Report Download - page 48

Recent Sales of Unregistered Securities.
During the year ended December 31, 2011, we issued and sold 589,342.89 shares of Class A Common Stock and
65,482.54 shares of Class L Common Stock in 2011 for aggregate consideration of $3,213,883. These shares
were issued without registration in reliance on the exemptions afforded by Section 4(2) of the Securities Act of
1933, as amended, and Rules 506 and 701 promulgated thereunder.
The foregoing share numbers do not reflect the 1-for-4.568 reverse split and reclassification of our Class A
common stock on July 8, 2011, or the conversion of our Class L common stock in connection with our initial
public offering.
Item 6. Selected Financial Data.
The following table sets forth our selected historical consolidated financial and other data, and should be read in
conjunction with “Management’s discussion and analysis of financial condition and results of operations” and the
consolidated financial statements and the related notes thereto appearing elsewhere in this Annual Report on
Form 10-K. The selected historical financial data has been derived from our audited consolidated financial
statements. Historical results are not necessarily indicative of the results to be expected for future periods. The
data in the following table related to adjusted operating income, adjusted net income, points of distribution,
comparable store sales growth, franchisee-reported sales, company-owned store sales, and systemwide sales
growth are unaudited for all periods presented. The data for fiscal year 2011 reflects the results of operations for
a 53-week period. All other periods presented reflect the results of operations for 52-week periods.
Fiscal Year
2007 2008 2009 2010 2011
($ in thousands, except per share data or as otherwise noted)
Consolidated Statements of Operations Data:
Franchise fees and royalty income ................ $325,441 349,047 344,020 359,927 398,474
Rental income ................................ 98,860 97,886 93,651 91,102 92,145
Sales of ice cream products ...................... 63,777 71,445 75,256 84,989 100,068
Other revenues ................................ 28,857 26,551 25,146 41,117 37,511
Total revenues ............................ 516,935 544,929 538,073 577,135 628,198
Amortization of intangible assets ................. 39,387 37,848 35,994 32,467 28,025
Impairment charges(1) .......................... 4,483 331,862 8,517 7,075 2,060
Other operating costs and expenses(2) .............. 311,005 330,281 323,318 361,893 389,329
Total operating costs and expenses ............ 354,875 699,991 367,829 401,435 419,414
Equity in net income (loss) of joint ventures(3) ....... 12,439 14,169 14,301 17,825 (3,475)
Operating income (loss) .................... 174,499 (140,893) 184,545 193,525 205,309
Interest expense, net ........................... (111,677) (115,944) (115,019) (112,532) (104,449)
Gain (loss) on debt extinguishment and refinancing
transactions ................................ — — 3,684 (61,955) (34,222)
Other gains (losses), net ........................ 3,462 (3,929) 1,066 408 175
Income (loss) from continuing operations before
income taxes ........................... 66,284 (260,766) 74,276 19,446 66,813
Income (loss) from continuing operations ....... 39,331 (269,898) 35,008 26,861 34,442
Net income (loss)(4) ........................ $ 34,699 (269,898) 35,008 26,861 34,442
Earnings (loss) per share:
Class L—basic and diluted .................. $ 4.12 4.17 4.57 4.87 6.14
Common—basic and diluted ................. $ (1.48) (8.95) (1.69) (2.04) (1.41)
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