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Consolidate Satement  Income
16
Sonic Corp. 2008 Annual Report
Year ended August 31,
2008 2007 2006
(In thousands, except per share data)
Revenues:
Partner Drive-In sales $ 671,151 $ 646,915 $ 585,832
Franchise Drive-Ins:
Franchise royalties 121,944 111,052 98,163
Franchise fees 5,167 4,574 4,747
Other 6,451 7,928 4,520
804,713 770,469 693,262
Costs and expenses:
Partner Drive-Ins:
Food and packaging 177,533 166,531 151,724
Payroll and other employee benefits 208,479 196,785 175,610
Minority interest in earnings of Partner Drive-Ins 21,922 26,656 25,234
Other operating expenses, exclusive of depreciation
and amortization included below 140,168 130,204 116,059
548,102 520,176 468,627
Selling, general and administrative 61,179 58,736 52,048
Depreciation and amortization 50,653 45,103 40,696
Provision for impairment of long-lived assets 571 1,165 264
660,505 625,180 561,635
Income from operations 144,208 145,289 131,627
Interest expense 49,946 41,227 8,853
Debt extinguishment and other costs – 6,076 –
Interest income (2,019) (2,897) (1,275)
Net interest expense 47,927 44,406 7,578
Income before income taxes 96,281 100,883 124,049
Provision for income taxes 35,962 36,691 45,344
Net income $ 60,319 $ 64,192 $ 78,705
Basic income per share $ 1.00 $ 0.94 $ 0.91
Diluted income per share $ 0.97 $ 0.91 $ 0.88
See accompanying notes.