Wendy's 2010 Annual Report Download - page 47
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Results of Operations
For each of Wendy’s/Arby’s and Wendy’s/Arby’s Restaurants, the following tables included throughout Item 7
set forth the consolidated results of operations for the years ended January 2, 2011, January 3, 2010, and
December 28, 2008 (dollars in millions, except company-owned average unit volumes which are in thousands):
(Wendy’s/Arby’s)
2010 2009 2008
Amount Change Amount Change Amount
Revenues:
Sales ....................................... $3,045.3 $(153.0) $3,198.3 $1,536.0 $1,662.3
Franchise revenues ............................ 371.1 (11.4) 382.5 222.0 160.5
3,416.4 (164.4) 3,580.8 1,758.0 1,822.8
Costs and expenses:
Cost of sales ................................. 2,610.8 (117.6) 2,728.4 1,312.9 1,415.5
General and administrative ...................... 416.6 (36.1) 452.7 204.0 248.7
Depreciation and amortization ................... 182.2 (8.1) 190.3 102.0 88.3
Goodwill impairment .......................... — — — (460.1) 460.1
Impairment of long-lived assets .................. 69.4 (12.7) 82.1 62.9 19.2
Facilities relocation and restructuring .............. — (11.0) 11.0 7.1 3.9
Other operating expense, net .................... 5.0 0.7 4.3 3.6 0.7
3,284.0 (184.8) 3,468.8 1,232.4 2,236.4
Operating profit (loss) ..................... 132.4 20.4 112.0 525.6 (413.6)
Interest expense .................................. (137.2) (10.5) (126.7) (59.7) (67.0)
Loss on early extinguishment of debt .................. (26.2) (26.2) — — —
Investment income (expense), net ..................... 5.2 8.2 (3.0) (12.4) 9.4
Other than temporary losses on investments ............. — 3.9 (3.9) 108.8 (112.7)
Other income, net ................................ 3.8 2.3 1.5 (1.2) 2.7
Loss from continuing operations before income
taxes ................................. (22.0) (1.9) (20.1) 561.1 (581.2)
Benefit from income taxes .......................... 17.7 (5.9) 23.6 (75.7) 99.3
(Loss) income from continuing operations ...... (4.3) (7.8) 3.5 485.4 (481.9)
Income from discontinued operations, net of income
taxes ......................................... — (1.6) 1.6 (0.6) 2.2
Net (loss) income ......................... $ (4.3) $ (9.4) $ 5.1 $ 484.8 $ (479.7)
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