Sonic 2011 Annual Report Download - page 32

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Consolidated Statements of Income
Year ended August 31,
(In thousands, except per share data) 2011 2010 2009
Revenues:
Company Drive-In sales $ 410,820 $ 414,369 $ 567,436
Franchise Drive-Ins:
Franchise royalties 124,127 122,385 126,706
Franchise fees 1,744 2,752 5,006
Lease revenue 6,023 6,879 3,985
Other 3,237 4,541 3,148
545,951 550,926 706,281
Costs and expenses:
Company Drive-Ins:
Food and packaging 115,516 114,281 156,521
Payroll and other employee benefits 148,472 145,688 186,545
Other operating expenses, exclusive of depreciation
and amortization included below 91,303 94,690 121,810
355,291 354,659 464,876
Selling, general and administrative 64,943 66,847 63,358
Depreciation and amortization 41,225 42,615 48,064
Provision for impairment of long-lived assets 824 15,161 11,163
462,283 479,282 587,461
Other operating income (expense), net 585 (763) 12,508
Income from operations 84,253 70,881 131,328
Interest expense 32,600 36,707 43,457
Interest income (706) (948) (1,418)
Net loss (gain) from early extinguishment of debt 23,035 314 (6,382)
Net interest expense 54,929 36,073 35,657
Income before income taxes 29,324 34,808 95,671
Provision for income taxes 9,154 8,969 30,878
Net income - including noncontrolling interests 20,170 25,839 64,793
Net income - noncontrolling interests 945 4,630 15,351
Net income - attributable to Sonic Corp. $ 19,225 $ 21,209 $ 49,442
Basic income per share $ 0.31 $ 0.35 $ 0.81
Diluted income per share $ 0.31 $ 0.34 $ 0.81
The accompanying notes are an integral part of the consolidated financial statements.
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