Wendy's 2008 Annual Report Download - page 92

Wendy’s/Arby’s Group, Inc. and Subsidiaries
(Formerly Triarc Companies, Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Amounts)
December 28,
2008
December 30,
2007
December 31,
2006
Year Ended
Revenues:
Sales ................................................. $1,662,291 $1,113,436 $1,073,271
Franchise revenues ..................................... 160,470 86,981 82,001
Asset management and related fees...................... — 63,300 88,006
1,822,761 1,263,717 1,243,278
Costs and expenses:
Cost of sales . . . ....................................... 1,415,534 894,450 857,211
Cost of services ....................................... — 25,183 35,277
General and administrative ............................. 248,718 205,375 235,776
Depreciation and amortization .......................... 88,315 66,277 60,673
Goodwill impairment .................................. 460,075 — —
Impairment of other long-lived assets ................... 19,203 7,045 5,554
Facilities relocation and corporate restructuring. .......... 3,913 85,417 3,273
Gain on sale of consolidated business.................... — (40,193) —
Other operating expense, net ........................... 653 263 887
2,236,411 1,243,817 1,198,651
Operating (loss) profit............................. (413,650) 19,900 44,627
Interest expense............................................ (67,009) (61,331) (114,088)
Gain (loss) on early extinguishments of debt ................. 3,656 — (14,082)
Investment income, net..................................... 9,438 62,110 84,318
Other than temporary losses on investments .................. (112,741) (9,909) (4,120)
Other income (expense), net ................................ (606) (1,356) 8,677
(Loss) income from continuing operations before
income taxes and minority interests .............. (580,912) 9,414 5,332
Benefit from (provision for) income taxes..................... 99,294 8,354 (4,612)
Minority interests in income of consolidated subsidiaries....... (340) (2,682) (11,523)
(Loss) income from continuing operations . .......... (481,958) 15,086 (10,803)
Income (loss) from discontinued operations, net of
income taxes ............................................ 2,217 995 (129)
Net (loss) income ................................. $ (479,741) $ 16,081 $ (10,932)
Basic and diluted (loss) income per share:
Class A common stock (a):
Continuing operations ............................. $ (3.06) $ .15 $ (.13)
Discontinued operations ........................... .01 .01 —
Net (loss) income ................................. $ (3.05) $ .16 $ (.13)
Class B common stock (a):
Continuing operations ............................. $ (1.26) $ .17 $ (.13)
Discontinued operations ........................... .02 .01 —
Net (loss) income ................................. $ (1.24) $ .18 $ (.13)
See accompanying notes to consolidated financial statements.
(a) In connection with the September 29, 2008 merger with Wendy’s, Wendy’s/Arby’s Group, Inc.
stockholders approved a charter amendment to convert each of the then existing Triarc Companies, Inc.
Class B common stock into one share of Wendy’s/Arby’s Group, Inc. Class A common stock.
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