Sonic 2003 Annual Report Download - page 29

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p.27
Consolidated Statements of Income
Year ended August 31,
2003 2002 2001
(In thousands, except per share data)
Revenues:
Company-owned restaurant sales $ 371,518 $ 330,707 $ 267,463
Franchised restaurants:
Franchise royalties 66,431 61,392 54,220
Franchise fees 4,674 4,020 4,408
Other 4,017 4,043 4,547
446,640 400,162 330,638
Costs and expenses:
Company-owned restaurants:
Food and packaging 96,568 85,838 69,609
Payroll and other employee benefits 110,009 95,085 75,822
Other operating expenses 70,789 61,270 49,907
277,366 242,193 195,338
Selling, general and administrative 35,426 33,444 30,602
Depreciation and amortization 29,223 26,078 23,855
Minority interest in earnings of restaurants 14,398 14,864 12,444
Provision for impairment of long-lived assets and other 727 1,261 792
357,140 317,840 263,031
Income from operations 89,500 82,322 67,607
Interest expense 7,464 7,406 6,628
Interest income (1,248) (1,087) (1,103)
Net interest expense 6,216 6,319 5,525
Income before income taxes 83,284 76,003 62,082
Provision for income taxes 31,023 28,311 23,126
Net income $ 52,261 $ 47,692 $ 38,956
Basic income per share $ 1.34 $ 1.19 $ .98
Diluted income per share $ 1.29 $ 1.13 $ .93
See accompanying notes.