Wendy's 2011 Annual Report Download - page 134
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THE WENDY’S COMPANY AND SUBSIDIARIES
WENDY’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 1, 2012
Parent
Guarantor
Subsidiaries
Non-guarantor
Subsidiaries Eliminations Total
Revenues:
Sales ............................. $ — $1,891,033 $235,598 $ (87) $2,126,544
Franchise revenues .................. — 285,743 19,085 (14) 304,814
— 2,176,776 254,683 (101) 2,431,358
Costs and expenses:
Cost of sales ....................... — 1,608,896 207,213 — 1,816,109
General and administrative ............ — 248,793 32,798 — 281,591
Depreciation and amortization ......... 10,629 100,994 10,742 — 122,365
Impairment of long-lived assets ........ — 12,346 537 — 12,883
Transaction related and other costs ..... 38,349 6,128 — — 44,477
Other operating expense (income), net . . . 1,005 10,971 (7,935) — 4,041
49,983 1,988,128 243,355 — 2,281,466
Operating (loss) profit ....... (49,983) 188,648 11,328 (101) 149,892
Interest expense ............................ (89,999) (22,734) (510) — (113,243)
Other income (expense), net .................. 282 17,282 (16,621) — 943
Equity in income (loss) of subsidiaries ........... 106,218 (9,211) — (97,007) —
(Loss) income from continuing
operations before income taxes . . . (33,482) 173,985 (5,803) (97,108) 37,592
Benefit from (provision for) income taxes ......... 55,214 (68,428) (3,408) — (16,622)
Income (loss) from continuing
operations .................. 21,732 105,557 (9,211) (97,108) 20,970
Discontinued operations:
Income from discontinued operations, net of
income taxes ......................... — — 661 101 762
Loss on disposal of discontinued operations,
net of income taxes .................... (8,799) — — — (8,799)
(Loss) income from discontinued
operations, net of income taxes . . . (8,799) — 661 101 (8,037)
Net income (loss) ........... $ 12,933 $ 105,557 $ (8,550) $(97,007) $ 12,933
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