Wendy's 2009 Annual Report Download - page 139
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2007
Arby’s
restaurants
Asset
management Corporate Total
Revenues:
Sales........................................ $1,113,436 $ — $ — $1,113,436
Franchise revenues............................ 86,981 — — 86,981
Asset management and related fees. . . . . . . . . . . . . — 63,300 — 63,300
1,200,417 63,300 — 1,263,717
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . 56,909 4,951 4,417 66,277
Operating profit (loss). . . . . . . . . . . . . . . . . . . . $ 108,672 $44,154 $(132,926) 19,900
Interest expense................................... (61,331)
Investment income, net ........................... 62,110
Other than temporary losses on investments . . . . . . . . . (9,909)
Other expense, net................................ (4,038)
Income from continuing operations before
income taxes.......................... $ 6,732
Income for our equity investments in TimWen and Deerfield are included in the Wendy’s restaurants and
Asset management segments, respectively. Investment expense, net, of Deerfield was $7,522 in 2007 through
the date of the Deerfield Sale. Operating profit of the Asset Management segment for 2007 included the gain
on the Deerfield Sale of $40,193.
In the first quarter of 2009, Wendy’s/Arby’s began charging the restaurant segments for support services
based upon budgeted segment revenues. Prior to that date, the restaurant segments had directly incurred such
costs. Commencing with the second quarter of 2009, Wendy’s/Arby’s established a shared service center in
Atlanta and allocated its operating costs to the restaurant segments based also on budgeted segment revenues.
2009
Wendy’s
restaurants
Arby’s
restaurants Corporate Eliminations Total
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . $3,996,371 $562,192 $2,794,920 $(2,378,067) $4,975,416
2008
Wendy’s
restaurants
Arby’s
restaurants Corporate Eliminations Total
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . $3,840,213 $680,487 $3,178,747 $(3,053,827) $4,645,620
2009
Wendy’s
restaurants
Arby’s
restaurants Corporate Eliminations Total
Investments:
Short term investment . . . . . . . . . . . . . . . . . . . . . . $ — $— $ 263 $— $ 263
Long term investments . . . . . . . . . . . . . . . . . . . . . . 102,140 — 4,880 — 107,020
Total investments . . . . . . . . . . . . . . . . . . . . . . $102,140 $— $5,143 $— $107,283
2008
Wendy’s
restaurants
Arby’s
restaurants Corporate Eliminations Total
Investments:
Short term investment ...................... $ — $— $ 162 $— $ 162
Long term investments . . . . . . . . . . . . . . . . . . . . . . 96,523 — 36,529 — 133,052
Total investments . . . . . . . . . . . . . . . . . . . . . . $96,523 $— $36,691 $— $133,214
132
Wendy’s/Arby’s Group, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)