Red Lobster 2014 Annual Report Download - page 57

2014 Annual Report 55
Five-Year Financial Summary
Darden
Fiscal Year Ended
May 25, May 26, May 27, May 29, May 30,
(Dollars in millions, except per share data) 2014 2013 2012 2011 2010
Operating Results (1)
Sales $6,285.6 $5,921.0 $ 5,327.1 $4,980.3 $4,626.8
Costs and expenses:
Cost of sales:
Food and beverage 1,892.2 1,743.6 1,553.7 1,393.4 1,279.1
Restaurant labor 2,017.6 1,892.6 1,683.6 1,600.6 1,531.0
Restaurant expenses 1,080.7 980.4 851.0 791.9 739.5
Total cost of sales, excluding restaurant
depreciation and amortization (2) $4,990.5 $4,616.6 $ 4,088.3 $3,785.9 $3,549.6
Selling, general and administrative 663.5 625.4 540.1 538.9 497.9
Depreciation and amortization 304.4 278.3 241.3 218.6 205.6
Interest, net 134.3 126.0 102.1 94.0 94.1
Asset impairment, net 18.3 0.7 0.2 1.8 4.9
Total costs and expenses $6,111.0 $5,647.0 $ 4,972.0 $4,639.2 $4,352.1
Earnings before income taxes 174.6 274.0 355.1 341.1 274.7
Income taxes (8.6) 36.7 75.9 71.2 52.0
Earnings from continuing operations $ 183.2 $ 237.3 $ 279.2 $ 269.9 $ 222.7
Earnings from discontinued operations, net of
tax expense of $32.3, $72.7, $84.9, $96.2 and $83.1 103.0 174.6 196.3 206.4 181.8
Net earnings $ 286.2 $ 411.9 $ 475.5 $ 476.3 $ 404.5
Basic net earnings per share:
Earnings from continuing operations $ 1.40 $ 1.84 $ 2.15 $ 1.97 $ 1.60
Earnings from discontinued operations $ 0.78 $ 1.35 $ 1.50 $ 1.51 $ 1.30
Net earnings $ 2.18 $ 3.19 $ 3.65 $ 3.48 $ 2.90
Diluted net earnings per share:
Earnings from continuing operations $ 1.38 $ 1.80 $ 2.10 $ 1.92 $ 1.56
Earnings from discontinued operations $ 0.77 $ 1.33 $ 1.47 $ 1.47 $ 1.28
Net earnings $ 2.15 $ 3.13 $ 3.57 $ 3.39 $ 2.84
Average number of common shares outstanding:
Basic 131.0 129.0 130.1 136.8 139.3
Diluted 133.2 131.6 133.2 140.3 142.4
Financial Position
Total assets $7,100.7 $6,936.9 $ 5,944.2 $5,466.6 $5,276.1
Land, buildings and equipment, net $3,381.0 $4,391.1 $ 3,951.3 $3,622.0 $3,403.7
Working capital (deficit) $ 357.9 $ (651.5) $(1,016.5) $ (623.0) $ (519.6)
Long-term debt, less current portion $2,481.4 $2,496.2 $ 1,453.7 $1,407.3 $1,408.7
Stockholders’ equity $2,156.9 $2,059.5 $ 1,842.0 $1,936.2 $1,894.0
Stockholders’ equity per outstanding share $ 16.30 $ 15.81 $ 14.28 $ 14.38 $ 13.47
Other Statistics
Cash flows from operations (1) $ 555.4 $ 594.4 $ 513.5 $ 591.3 $ 558.8
Capital expenditures (1) $ 414.8 $ 510.1 $ 457.6 $ 397.7 $ 334.6
Dividends paid $ 288.3 $ 258.2 $ 223.9 $ 175.5 $ 140.0
Dividends paid per share $ 2.20 $ 2.00 $ 1.72 $ 1.28 $ 1.00
Advertising expense (1) $ 252.3 $ 241.1 $ 215.6 $ 205.4 $ 185.0
Stock price:
High $ 55.25 $ 57.93 $ 55.84 $ 52.12 $ 49.01
Low $ 44.78 $ 44.11 $ 40.69 $ 37.08 $ 29.94
Close $ 49.55 $ 52.83 $ 53.06 $ 50.92 $ 42.90
Number of employees 206,489 206,578 181,468 178,380 174,079
Number of restaurants (1) 1,501 1,431 1,289 1,196 1,130
(1) Consistent with our consolidated financial statements, information has been presented on a continuing operations basis. Accordingly, the activities related to Red Lobster, two closed
synergy restaurants, Smokey Bones, Rocky River Grillhouse and the nine Bahama Breeze restaurants closed or sold in fiscal 2007 and 2008 have been excluded.
(2) Excludes restaurant depreciation and amortization of $282.3 million, $257.5 million, $219.3 million, $197.5 million and $188.3 million, respectively.