Sonic 2015 Annual Report Download - page 28

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Consolidated Statements of Income
Year Ended August 31,
(In thousands, except per share amounts) 2015 2014 2013
Revenues:
Company Drive-In sales $ 436,031 $ 405,363 $ 402,296
Franchise Drive-Ins:
Franchise royalties and fees 161,342 138,416 130,737
Lease revenue 5,583 4,291 4,785
Other 3,133 4,279 4,767
Total revenues 606,089 552,349 542,585
Costs and expenses:
Company Drive-Ins:
Food and packaging 121,701 116,325 114,545
Payroll and other employee benefits 151,801 139,939 142,511
Other operating expenses, exclusive of
depreciation and amortization included below 90,436 85,845 86,153
Total cost of Company Drive-In sales 363,938 342,109 343,209
Selling, general and administrative 79,336 69,415 66,022
Depreciation and amortization 45,892 42,210 40,387
Provision for impairment of long-lived assets 1,440 114 1,776
Other operating (income) expense, net (945) (176) 1,943
Total costs and expenses 489,661 453,672 453,337
Income from operations 116,428 98,677 89,248
Interest expense 25,114 25,382 29,098
Interest income (408) (469) (592)
Net loss from early extinguishment of debt – – 4,443
Net interest expense 24,706 24,913 32,949
Income before income taxes 91,722 73,764 56,299
Provision for income taxes 27,237 25,848 19,598
Net income $ 64,485 $ 47,916 $ 36,701
Basic income per share $ 1.23 $ 0.87 $ 0.65
Diluted income per share $ 1.20 $ 0.85 $ 0.64
Cash dividends declared per common share $ 0.27 $ 0.09 $ –
The accompanying notes are an integral part of the consolidated financial statements.
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