Sonic 2014 Annual Report Download - page 15

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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) 2014 2013 2012 2011 2010
Income Statement Data:
Company Drive-In sales $ 405,363 $ 402,296 $ 404,443 $ 410,820 $ 414,369
Franchise Drive-Ins:
Franchise royalties and fees 138,416 130,737 128,013 125,871 125,137
Lease revenue 4,291 4,785 6,575 6,023 6,879
Other 4,279 4,767 4,699 3,237 4,541
Total revenues 552,349 542,585 543,730 545,951 550,926
Cost of Company Drive-In sales 342,109 343,209 347,470 356,236 354,659
Selling, general and administrative 69,415 66,022 65,173 64,943 66,847
Depreciation and amortization 42,210 40,387 41,914 41,225 42,615
Provision for impairment of long-lived assets 114 1,776 764 824 15,161
Other operating (income) expense, net (176) 1,943 (531) (585) 763
Total expenses 453,672 453,337 454,790 462,643 480,045
Income from operations 98,677 89,248 88,940 83,308 70,881
Interest expense, net(1) 24,913 32,949 30,978 54,929 36,073
Income before income taxes 73,764 56,299 57,962 28,379 34,808
Net income-including noncontrolling interests 47,916 36,701 36,085 19,225 25,839
Net income-noncontrolling interests(2) – – – – 4,630
Net income-attributable to Sonic Corp. $ 47,916 $ 36,701 $ 36,085 $ 19,225 $ 21,209
Income per share:
Basic $ 0.87 $ 0.65 $ 0.60 $ 0.31 $ 0.35
Diluted $ 0.85 $ 0.64 $ 0.60 $ 0.31 $ 0.34
Weighted average shares used in calculation:
Basic 55,164 56,384 60,078 61,781 61,319
Diluted 56,619 57,191 60,172 61,943 61,576
Cash dividends declared per common share $ 0.09 $ – $ – $ – $ –
Balance Sheet Data:
Working capital $ 16,201 $ 67,792 $ 26,635 $ 22,178 $ 15,320
Property, equipment and capital leases, net 441,969 399,661 443,008 464,875 489,264
Total assets 650,972 660,794 680,760 679,742 737,320
Obligations under capital leases
(including current portion) 26,743 26,864 31,676 34,063 36,256
Long-term debt (including current portion) 437,318 447,294 481,793 497,013 591,621
Stockholders’ equity 62,675 77,464 59,247 51,833 22,566
(1) Includes net loss from early extinguishment of debt of $4.4 million, $23.0 million and $0.3 million for fiscal years 2013, 2011
and 2010, respectively.
(2) Effective April 1, 2010, we revised our compensation program at the Company Drive-In level. As a result of these changes,
noncontrolling interests are immaterial for fiscal years 2014, 2013, 2012 and 2011 and have been included in payroll and other
employee benefits.
Selected Financial Data
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