Sonic 2010 Annual Report Download - page 18

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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,” below, and the company’s Consolidated Financial Statements included elsewhere in this report.
Year ended August 31,
(In thousands, except per share data)
2010 2009(3) 2008(3) 2007(1) (3) 2006(1) (3)
Income Statement Data:
Company-owned Drive-In sales $ 414,369 $ 567,436 $ 671,151 $ 646,915 $ 585,832
Franchise Drive-Ins:
Franchise royalties 122,385 126,706 121,944 111,052 98,163
Franchise fees 2,752 5,006 5,167 4,574 4,747
Lease revenue 6,879 3,985 1,519 1,851 2,226
Other 4,541 3,148 1,978 2,810 1,872
Total revenues 550,926 706,281 801,759 767,202 692,840
Cost of Company-owned Drive-In sales 354,659 464,876 526,180 493,520 443,393
Selling, general and administrative 66,847 63,358 61,179 58,736 52,048
Depreciation and amortization 42,615 48,064 50,653 45,103 40,696
Provision for impairment of long-lived assets 15,161 11,163 571 1,165 264
Total expenses 479,282 587,461 638,583 598,524 536,401
Other operating income (expense), net (763) 12,508 2,954 3,267 422
Income from operations 70,881 131,328 166,130 171,945 156,861
Interest expense, net 36,073 35,657 47,927 44,406 7,578
Income before income taxes $ 34,808 $ 95,671 $ 118,203 $ 127,539 $ 149,283
Net income-including noncontrolling interests 25,839 64,793 82,241 90,848 103,939
Net income-noncontrolling interests 4,630 15,351 21,922 26,656 25,234
Net income-attributable to Sonic Corp. $ 21,209 $ 49,442 $ 60,319 $ 64,192 $ 78,705
Income per share
(2)
:
Basic $ 0.35 $ 0.81 $ 1.00 $ 0.94 $ 0.91
Diluted $ 0.34 $ 0.81 $ 0.97 $ 0.91 $ 0.88
Weighted average shares used in calculation
(2)
:
Basic 61,319 60,761 60,403 68,019 86,260
Diluted 61,576 61,238 62,270 70,592 89,239
Balance Sheet Data:
Working capital (deficit) $ 17,875 $ 84,813 $ (13,115) $ (40,784) $ (35,585)
Property, equipment and capital leases, net 489,264 523,938 586,245 529,993 477,054
Total assets 735,624 849,041 836,312 758,520 638,018
Obligations under capital leases
(including current portion) 36,256 39,461 37,385 39,318 36,625
Long-term debt (including current portion) 591,621 699,550 759,422 710,743 122,399
Stockholders’ equity (deficit) 22,566 (2,352) (61,020) (103,013) 396,259
Cash dividends declared per common share –––––
16
(1) Previously reported prior-year results have been adjusted to implement changes to stock-based compensation on a
modified retrospective basis.
(2) Adjusted for a three-for-two stock split in 2006.
(3) Previously reported prior-year results have been adjusted to reflect changes in the presentation of noncontrolling
interests, as well as the reclassification of gains (losses) from other revenues to other operating income (expense), net.