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Selecte nancia Dat
2
Sonic Corp. 2008 Annual Report
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,” and the company’s Consolidated Financial
Statements, included elsewhere in this report.
Year ended August 31,
2008 2007 2006 2005(1) 2004(1)
(In thousands, except per share data)
Income Statement Data:
Partner Drive-In sales $ 671,151 $ 646,915 $ 585,832 $ 525,988 $ 449,585
Franchise Drive-Ins:
Franchise royalties 121,944 111,052 98,163 88,027 77,518
Franchise fees 5,167 4,574 4,747 4,311 4,958
Other 6,451 7,928 4,520 4,740 4,385
Total revenues 804,713 770,469 693,262 623,066 536,446
Cost of Partner Drive-In sales 548,102 520,176 468,627 421,906 358,859
Selling, general and administrative 61,179 58,736 52,048 47,503 44,765
Depreciation and amortization 50,653 45,103 40,696 35,821 32,528
Provision for impairment of
long-lived assets 571 1,165 264 387 675
Total expenses 660,505 625,180 561,635 505,617 436,827
Income from operations 144,208 145,289 131,627 117,449 99,619
Debt extinguishment
and other costs – 6,076 –––
Interest expense, net 47,927 38,330 7,578 5,785 6,378
Income before income taxes $ 96,281 $ 100,883 $ 124,049 $ 111,664 $ 93,241
Net income $ 60,319 $ 64,192 $ 78,705 $ 70,443 $ 58,031
Income per share
(2)
:
Basic $ 1.00 $ 0.94 $ 0.91 $ 0.78 $ 0.65
Diluted $ 0.97 $ 0.91 $ 0.88 $ 0.75 $ 0.63
Weighted average shares
used in calculation
(2)
:
Basic 60,403 68,019 86,260 89,992 88,970
Diluted 62,270 70,592 89,239 93,647 92,481
Balance Sheet Data:
Working capital (deficit) $ (13,115) $ (40,784) $ (35,585) $ (30,093) $ (14,537)
Property, equipment and
capital leases, net 586,245 529,993 477,054 422,825 376,315
Total assets 836,312 758,520 638,018 563,316 518,633
Obligations under capital leases
(including current portion) 37,385 39,318 36,625 38,525 40,531
Long-term debt
(including current portion) 759,422 710,743 122,399 60,195 82,169
Stockholders’ equity (deficit) (64,116) (106,802) 391,693 387,917 337,900
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 and 2004.