Wendy's 2010 Annual Report Download - page 150
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WENDY’S/ARBY’S GROUP, INC. AND SUBSIDIARIES
WENDY’S/ARBY’S RESTAURANTS, LLC AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the year ended January 2, 2011
Parent
Guarantor
Subsidiaries
Non-guarantor
Subsidiaries Eliminations Total
Revenues:
Sales ..................................... $ — $2,819,480 $225,837 $ — $3,045,317
Franchise revenues .......................... — 349,189 21,908 — 371,097
— 3,168,669 247,745 — 3,416,414
Costs and expenses:
Cost of sales ............................... — 2,415,948 194,813 — 2,610,761
General and administrative .................... — 395,069 13,350 — 408,419
Depreciation and amortization ................. 11,920 157,463 10,927 — 180,310
Impairment of long-lived assets ................. — 65,609 3,868 — 69,477
Other operating expense (income), net ........... — 12,540 (7,393) — 5,147
11,920 3,046,629 215,565 — 3,274,114
Operating (loss) profit .................... (11,920) 122,040 32,180 — 142,300
Interest expense ................................. (78,737) (57,098) (358) — (136,193)
Loss on early extinguishment of debt ................ — (26,197) — — (26,197)
Other income (expense), net ....................... 158 17,393 (14,884) — 2,667
Equity in income of subsidiaries .................... 19,446 11,864 — (31,310) —
(Loss) income before income taxes .......... (71,053) 68,002 16,938 (31,310) (17,423)
Benefit from (provision for) income taxes ............. 68,415 (48,556) (5,074) — 14,785
Net (loss) income ....................... $ (2,638) $ 19,446 $ 11,864 $(31,310) $ (2,638)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the year ended January 3, 2010
Parent
Guarantor
Subsidiaries
Non-guarantor
Subsidiaries Eliminations Total
Revenues:
Sales ..................................... $ — $2,982,887 $215,461 $ — $3,198,348
Franchise revenues .......................... — 361,716 20,771 — 382,487
— 3,344,603 236,232 — 3,580,835
Costs and expenses:
Cost of sales ............................... — 2,538,821 189,659 — 2,728,480
General and administrative .................... — 433,115 9,571 — 442,686
Depreciation and amortization ................. 4,270 174,001 10,235 — 188,506
Impairment of other long-lived assets ............ — 79,956 — — 79,956
Facilities relocation and restructuring ............ 4,283 3,330 403 — 8,016
Other operating expense (income), net ........... — 10,987 (7,748) — 3,239
8,553 3,240,210 202,120 — 3,450,883
Operating (loss) profit ................... (8,553) 104,393 34,112 — 129,952
Interest expense ................................ (32,064) (93,193) (135) — (125,392)
Other income (expense), net ...................... 24 12,039 (15,036) — (2,973)
Equity in (loss) income of subsidiaries ............... (52,890) 16,213 — 36,677 —
(Loss) income before income taxes .......... (93,483) 39,452 18,941 36,677 1,587
Benefit from (provision for) income taxes ............. 103,132 (92,342) (2,728) — 8,062
Net income (loss) ....................... $ 9,649 $ (52,890) $ 16,213 $36,677 $ 9,649
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