Sonic 2006 Annual Report Download - page 18

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The following table sets forth selected financial data regarding the company’s financial condition and operating
results. One should read the following information in conjunction with “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” below, and the company’s Consolidated Financial Statements included
elsewhere in this report.
Year ended August 31,
2006 2005(1) 2004(1) 2003(1) 2002(1)
(In thousands, except per share data)
Income Statement Data:
Partner Drive-In sales $585,832 $ 525,988 $ 449,585 $ 371,518 $ 330,707
Franchise Drive-Ins:
Franchise royalties 98,163 88,027 77,518 66,431 61,392
Franchise fees 4,747 4,311 4,958 4,674 4,020
Other 4,520 4,740 4,385 4,017 4,043
Total revenues 693,262 623,066 536,446 446,640 400,162
Cost of Partner Drive-In sales 468,627 421,906 358,859 291,764 257,057
Selling, general and administrative 52,048 47,503 44,765 41,061 38,246
Depreciation and amortization 40,696 35,821 32,528 29,223 26,078
Provision for impairment of long-lived assets 264 387 675 727 1,261
Total expenses 561,635 505,617 436,827 362,775 322,642
Income from operations 131,627 117,449 99,619 83,865 77,520
Net interest expense 7,578 5,785 6,378 6,216 6,319
Income before income taxes $124,049 $ 111,664 $ 93,241 $ 77,649 $ 71,201
Net income $78,705 $70,443 $ 58,031 $ 47,801 $ 43,864
Income per share(2):
Basic $ 0.91 $ 0.78 $ 0.65 $ 0.55 $ 0.49
Diluted $ 0.88 $ 0.75 $ 0.63 $ 0.52 $ 0.46
Weighted average shares used in calculation (2):
Basic 86,260 89,992 88,970 87,698 90,350
Diluted 89,239 93,647 92,481 91,365 94,965
Balance Sheet Data:
Working capital (deficit) $ (35,585) $ (30,093) $ (14,537) $ (2,875) $ (12,942)
Property, equipment and capital leases, net 477,054 422,825 376,315 345,551 305,286
Total assets 638,018 563,316 518,633 486,119 405,356
Obligations under capital leases
(including current portion) 36,625 38,525 40,531 27,929 12,938
Long-term debt (including current portion) 122,399 60,195 82,169 139,587 109,375
Stockholders’ equity 391,693 387,917 337,900 267,733 232,236
Cash dividends declared per common share –– –––
(1) Previously reported prior-year results have been adjusted to implement SFAS 123R on a modified retrospective basis.
(2) Adjusted for three-for-two stock splits in 2006, 2004 and 2002.
Sonic Corp. 2006 Annual Report
16
Selected Financial Data