Sonic 2010 Annual Report Download - page 30

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Consolidated Statements of Income
Year ended August 31,
(In thousands, except per share data)
2010 2009 2008
Revenues:
Company-owned Drive-In sales $ 414,369 $ 567,436 $ 671,151
Franchise Drive-Ins:
Franchise royalties 122,385 126,706 121,944
Franchise fees 2,752 5,006 5,167
Lease revenue 6,879 3,985 1,519
Other 4,541 3,148 1,978
550,926 706,281 801,759
Costs and expenses:
Company-owned Drive-Ins:
Food and packaging 114,281 156,521 177,533
Payroll and other employee benefits 145,688 186,545 211,537
Other operating expenses, exclusive of depreciation
and amortization included below 94,690 121,810 137,110
354,659 464,876 526,180
Selling, general and administrative 66,847 63,358 61,179
Depreciation and amortization 42,615 48,064 50,653
Provision for impairment of long-lived assets 15,161 11,163 571
479,282 587,461 638,583
Other operating income (expense), net (763) 12,508 2,954
Income from operations 70,881 131,328 166,130
Interest expense 36,707 43,457 49,946
Debt extinguishment and other costs 314 (6,382) –
Interest income (948) (1,418) (2,019)
Net interest expense 36,073 35,657 47,927
Income before income taxes 34,808 95,671 118,203
Provision for income taxes 8,969 30,878 35,962
Net income - including noncontrolling interests 25,839 64,793 82,241
Net income - noncontrolling interests 4,630 15,351 21,922
Net income - attributable to Sonic Corp. $ 21,209 $ 49,442 $ 60,319
Basic income per share $ 0.35 $ 0.81 $ 1.00
Diluted income per share $ 0.34 $ 0.81 $ 0.97
See accompanying notes.
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