Wendy's 2009 Annual Report Download - page 79

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Wendy’s/Arby’s Group, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Amounts)
January 3,
2010
December 28,
2008
December 30,
2007
Year Ended
Revenues:
Sales.................................................. $3,198,348 $1,662,291 $1,113,436
Franchise revenues...................................... 382,487 160,470 86,981
Asset management and related fees . . . . . . . . . . . . . . . . . . . . . . — — 63,300
3,580,835 1,822,761 1,263,717
Costs and expenses:
Cost of sales........................................... 2,728,484 1,415,534 894,450
Cost of services ........................................ — — 25,183
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452,713 248,718 205,375
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,251 88,315 66,277
Goodwill impairment................................... — 460,075 —
Impairment of other long-lived assets . . . . . . . . . . . . . . . . . . . . 82,132 19,203 7,045
Facilities relocation and corporate restructuring . . . . . . . . . . . 11,024 3,913 85,417
Gain on sale of consolidated business . . . . . . . . . . . . . . . . . . . . — — (40,193)
Other operating expense, net............................ 4,255 653 263
3,468,859 2,236,411 1,243,817
Operating profit (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,976 (413,650) 19,900
Interest expense ............................................ (126,708) (67,009) (61,331)
Investment (expense) income, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,008) 9,438 62,110
Other than temporary losses on investments. . . . . . . . . . . . . . . . . . . (3,916) (112,741) (9,909)
Other income (expense), net ................................. 1,523 2,710 (4,038)
(Loss) income from continuing operations before income taxes . . (20,133) (581,252) 6,732
Benefit from income taxes................................... 23,649 99,294 8,354
Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . 3,516 (481,958) 15,086
Income from discontinued operations, net of income taxes . . . . . . 1,546 2,217 995
Net income (loss).................................. $ 5,062 $ (479,741) $ 16,081
Basic and diluted income (loss) per share:
Continuing operations:
Common stock.................................... $ .01 $ (3.06) $ .15
Class B common stock............................. N/A (1.26) .17
Discontinued operations:
Common stock.................................... $ — $ .01 $ .01
Class B common stock............................. N/A .02 .01
Net income (loss):
Common stock.................................... $ .01 $ (3.05) $ .16
Class B common stock............................. N/A (1.24) .18
Dividends per share:
Common stock.................................... $ .06 $ .26 $ .32
Class B common stock............................. N/A .26 .36
See accompanying notes to consolidated financial statements.
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