Sonic 2005 Annual Report Download - page 21

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Year ended August 31,
2005 2004 2003 2002 2001
(In thousands, except per share data)
Income Statement Data:
Partner Drive-In sales $525,988 $ 449,585 $ 371,518 $ 330,707 $ 267,463
Franchise Drive-Ins:
Franchise royalties 88,027 77,518 66,431 61,392 54,220
Franchise fees 4,311 4,958 4,674 4,020 4,408
Other 4,740 4,385 4,017 4,043 4,547
Total revenues 623,066 536,446 446,640 400,162 330,638
Cost of Partner Drive-In sales 421,906 358,859 291,764 257,057 207,782
Selling, general and administrative 40,746 38,270 35,426 33,444 30,602
Depreciation and amortization 35,821 32,528 29,223 26,078 23,855
Provision for impairment of long-lived assets 387 675 727 1,261 792
Total expenses 498,860 430,332 357,140 317,840 263,031
Income from operations 124,206 106,114 89,500 82,322 67,607
Net interest expense 5,785 6,378 6,216 6,319 5,525
Income before income taxes $118,421 $ 99,736 $ 83,284 $ 76,003 $ 62,082
Net income $ 75,381 $ 63,015 $ 52,261 $ 47,692 $ 38,956
Income per share (1):
Basic $1.26 $1.06 $ .89 $ .79 $ .65
Diluted $ 1.21 $ 1.02 $ .86 $ .75 $ .62
Weighted average shares used in calculation (1):
Basic 59,995 59,314 58,465 60,234 59,774
Diluted 62,431 61,654 60,910 63,310 62,598
Balance Sheet Data:
Working capital (deficit) $ (30,093) $ (14,537) $ (2,875) $ (12,942) $ (3,335)
Property, equipment and capital leases, net 422,825 376,315 345,551 305,286 273,198
Total assets 563,316 518,633 486,119 405,356 358,000
Obligations under capital leases
(including current portion) 38,525 40,531 27,929 12,938 13,688
Long-term debt (including current portion) 60,195 82,169 139,587 109,375 109,168
Stockholders’ equity 384,539 334,762 265,398 230,670 200,719
Cash dividends declared per common share –– – – –
(1) Adjusted for a 3-for-2 stock split in 2004 and 2002
Selected Financial Data
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