Sonic 2009 Annual Report Download - page 3

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2009 2008 Change
($ in thousands, except per share and drive-in count data)
(for the year)
Total revenues $ 718,789 $ 804,713 -11%
Income from operations $ 115,977 $ 144,208 -20%
Net income per diluted share $ 0.81 $ 0.97 -16%
Net income per diluted share,
adjusted1$ 0.72 $ 0.94 -23%
Weighted average diluted
shares outstanding 61,238 62,270 -2%
(for the year or at year's end)
Partner drive-ins2475 684 -31%
Franchise drive-ins 3,069 2,791 10%
System-wide drive-ins33,544 3,475 2%
System-wide average drive-in sales3$ 1,093 $ 1,125 -3%
Change in system-wide sales30.7% 5.6%
Change in system-wide
same-store sales3, 4 -4.3% 0.9%
1 Net income per diluted share, adjusted (a non-GAAP measure) excludes special items of $0.09 net in 2009 associated with refranchising gains,
impairment provisions, and debt purchase, and $0.03 in 2008 associated with refranchising gains. We believe showing net income per diluted
share, adjusted to exclude these special items, provides additional insight into the strength of our operations and aids in the comparability of
current- and prior-year results.
2 Partner drive-ins are those Sonic Drive-Ins in which we own a majority interest, typically at least 60%. Most supervisors and managers of partner
drive-ins own a minority equity interest.
3 System-wide information, which combines partner drive-in and franchise drive-in information, is a non-GAAP measure. We believe system-
wide information is useful in analyzing the growth of the Sonic brand as well as our revenues, since franchisees pay royalties based on a
percentage of sales.
4 Changes in same-store sales based on drive-ins open for at least 15 months.
1
Financial Highlights