Sonic 2006 Annual Report Download - page 35

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Year ended August 31,
2006 2005* 2004*
(In thousands, except per share data)
Revenues:
Partner Drive-In sales $ 585,832 $ 525,988 $ 449,585
Franchise Drive-Ins:
Franchise royalties 98,163 88,027 77,518
Franchise fees 4,747 4,311 4,958
Other 4,520 4,740 4,385
693,262 623,066 536,446
Costs and expenses:
Partner Drive-Ins:
Food and packaging 151,724 137,845 118,073
Payroll and other employee benefits 175,610 159,478 135,880
Minority interest in earnings of Partner Drive-Ins 25,234 21,574 19,947
Other operating expenses, exclusive of depreciation
and amortization included below 116,059 103,009 84,959
468,627 421,906 358,859
Selling, general and administrative 52,048 47,503 44,765
Depreciation and amortization 40,696 35,821 32,528
Provision for impairment of long-lived assets 264 387 675
561,635 505,617 436,827
Income from operations 131,627 117,449 99,619
Interest expense 8,853 6,418 7,684
Interest income (1,275) (633) (1,306)
Net interest expense 7,578 5,785 6,378
Income before income taxes 124,049 111,664 93,241
Provision for income taxes 45,344 41,221 35,210
Net income $ 78,705 $70,443 $58,031
Basic income per share $ 0.91 $ 0.78 $ 0.65
Diluted income per share $ 0.88 $ 0.75 $ 0.63
* Adjusted to include the impact of stock-based compensation expense and the three-for-two stock split in April 2006; see Note 1 and Note
12 for additional information.
See accompanying notes.
Sonic Corp. 2006 Annual Report
33
Consolidated Statements
of Income