Wendy's 2011 Annual Report Download - page 42
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As a result of the sale of Arby’s as discussed above in “Executive Overview—Sale of Arby’s,” Arby’s results of
operations for all periods presented and the loss on sale have been included in “Net loss from discontinued
operations” in the tables below.
Results of Operations
The tables included throughout Results of Operations set forth in millions the Companies’ consolidated results
of operations for the years ended January 1, 2012, January 2, 2011 and January 3, 2010 (except company-owned
average unit volumes, which are in thousands):
(The Wendy’s Company)
2011 2010 2009
Amount Change Amount Change Amount
Revenues:
Sales ......................................... $2,126.6 $ 47.5 $2,079.1 $ (55.1) $2,134.2
Franchise revenues .............................. 304.8 8.5 296.3 (6.6) 302.9
2,431.4 56.0 2,375.4 (61.7) 2,437.1
Costs and expenses:
Cost of sales ................................... 1,816.1 59.1 1,757.0 (55.1) 1,812.1
General and administrative ....................... 292.4 (19.1) 311.5 (41.6) 353.1
Depreciation and amortization ..................... 123.0 (3.8) 126.8 (7.3) 134.1
Impairment of long-lived assets .................... 12.9 (13.4) 26.3 0.7 25.6
Transaction related and other costs ................. 45.7 45.7 — — —
Merger restructuring ............................ — — — (11.1) 11.1
Other operating expense, net ...................... 4.2 0.8 3.4 (0.1) 3.5
2,294.3 69.3 2,225.0 (114.5) 2,339.5
Operating profit ............................ 137.1 (13.3) 150.4 52.8 97.6
Interest expense .................................... (114.1) 4.3 (118.4) (11.5) (106.9)
Loss on early extinguishment of debt .................... — 26.2 (26.2) (26.2) —
Investment income (expense), net ...................... 0.5 (4.8) 5.3 8.4 (3.1)
Other than temporary loss on investments ................ — — — 3.9 (3.9)
Other income, net .................................. 0.9 (1.6) 2.5 2.5 —
Income (loss) from continuing operations before income
taxes ....................................... 24.4 10.8 13.6 29.9 (16.3)
(Provision for) benefit from income taxes ................. (6.5) (11.0) 4.5 (17.2) 21.7
Income from continuing operations ................. 17.9 (0.2) 18.1 12.7 5.4
Net loss from discontinued operations ................... (8.0) 14.4 (22.4) (22.1) (0.3)
Net income (loss) ........................... $ 9.9 $14.2 $ (4.3) $ (9.4) $ 5.1
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