Sonic 2009 Annual Report Download - page 16

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Selected Financial Data
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,
(In thousands, except per share data)
2009 2008 2007 2006(1) 2005(1)
Income Statement Data:
Partner Drive-In sales $ 567,436 $ 671,151 $ 646,915 $ 585,832 $ 525,988
Franchise Drive-Ins:
Franchise royalties 126,706 121,944 111,052 98,163 88,027
Franchise fees 5,006 5,167 4,574 4,747 4,311
Gain on sale of Partner Drive-Ins 13,154 3,044 732 ––
Other 6,487 3,407 7,196 4,520 4,740
Total revenues 718,789 804,713 770,469 693,262 623,066
Cost of Partner Drive-In sales 480,227 548,102 520,176 468,627 421,906
Selling, general and administrative 63,358 61,179 58,736 52,048 47,503
Depreciation and amortization 48,064 50,653 45,103 40,696 35,821
Provision for impairment of long-lived assets 11,163 571 1,165 264 387
Total expenses 602,812 660,505 625,180 561,635 505,617
Income from operations 115,977 144,208 145,289 131,627 117,449
Interest expense, net 35,657 47,927 44,406 7,578 5,785
Income before income taxes $ 80,320 $ 96,281 $ 100,883 $ 124,049 $ 111,664
Net income $ 49,442 $ 60,319 $ 64,192 $ 78,705 $ 70,443
Income per share
(2)
:
Basic $ 0.81 $ 1.00 $ 0.94 $ 0.91 $ 0.78
Diluted $ 0.81 $ 0.97 $ 0.91 $ 0.88 $ 0.75
Weighted average shares used in calculation
(2)
:
Basic 60,761 60,403 68,019 86,260 89,992
Diluted 61,238 62,270 70,592 89,239 93,647
Balance Sheet Data:
Working capital (deficit) $ 84,813 $ (13,115) $ (40,784) $ (35,585) $ (30,093)
Property, equipment and capital leases, net 523,938 586,245 529,993 477,054 422,825
Total assets 849,041 836,312 758,520 638,018 563,316
Obligations under capital leases
(including current portion) 39,461 37,385 39,318 36,625 38,525
Long-term debt (including current portion) 699,550 759,422 710,743 122,399 60,195
Stockholders’ equity (deficit) (4,268) (64,116) (106,802) 391,693 387,917
Cash dividends declared per common share ––– ––
14
(1) Previously reported prior-year results have been adjusted to implement SFAS 123R on a modified retrospective basis.
(2) Adjusted for a three-for-two stock split in 2006.