Wendy's 2013 Annual Report Download - page 40

modified Dutch auction tender offer to repurchase shares of our common stock for an aggregate purchase price of up
to $275.0 million. On February 11, 2014, the tender offer expired and on February 19, 2014, the Company
repurchased 29.7 million shares for an aggregate purchase price of $275.0 million. As a result, the repurchase program
authorized in January 2014 has been completed. The Company incurred costs of approximately $1.8 million in
connection with the tender offer, which will be recorded to “Additional paid-in capital.”
Presentation of Financial Information
The Company’s fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to
December 31 and are referred to herein as (1) “the year ended December 29, 2013” or “2013,” (2) “the year ended
December 30, 2012” or “2012,” and (3) “the year ended January 1, 2012” or “2011,” all of which consisted of
52 weeks. All references to years and quarters relate to fiscal periods rather than calendar periods.
Results of Operations
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) income from discontinued
operations” in the table below.
The tables included throughout Results of Operations set forth in millions the Company’s consolidated results
of operations for the years ended December 29, 2013, December 30, 2012 and January 1, 2012 (except
company-owned average unit volumes, which are in thousands).
2013 2012 2011
Amount Change Amount Change Amount
Revenues:
Sales .......................................... $2,165.8 $(32.5) $2,198.3 $ 71.7 $2,126.6
Franchise revenues ............................... 321.6 14.7 306.9 2.1 304.8
2,487.4 (17.8) 2,505.2 73.8 2,431.4
Costs and expenses:
Cost of sales .................................... 1,839.7 (41.5) 1,881.2 65.1 1,816.1
General and administrative ........................ 293.8 6.0 287.8 (4.6) 292.4
Depreciation and amortization ...................... 182.4 35.4 147.0 24.0 123.0
Facilities action charges, net ........................ 10.9 (30.1) 41.0 (4.7) 45.7
Impairment of long-lived assets ..................... 15.9 (5.2) 21.1 8.2 12.9
Impairment of goodwill ........................... 9.4 9.4 — — —
Other operating expense, net ....................... 0.2 (4.2) 4.4 0.2 4.2
2,352.3 (30.2) 2,382.5 88.2 2,294.3
Operating profit ............................. 135.1 12.4 122.7 (14.4) 137.1
Interest expense ..................................... (69.0) 29.6 (98.6) 15.5 (114.1)
Loss on early extinguishment of debt ..................... (28.6) 46.5 (75.1) (75.1) —
Investment income, net ............................... 23.6 (12.7) 36.3 35.8 0.5
Other (expense) income, net ........................... (2.0) (3.6) 1.6 0.7 0.9
Income (loss) from continuing operations before
income taxes and noncontrolling interests ....... 59.1 72.2 (13.1) (37.5) 24.4
(Provision for) benefit from income taxes .................. (14.2) (35.3) 21.1 27.6 (6.5)
Income from continuing operations .............. 44.9 36.9 8.0 (9.9) 17.9
Net (loss) income from discontinued operations ............ (0.3) (1.8) 1.5 9.5 (8.0)
Net income ............................ 44.6 35.1 9.5 (0.4) 9.9
Net loss (income) attributable to noncontrolling
interests ............................. 0.9 3.3 (2.4) (2.4) —
Net income attributable to The Wendy’s
Company ........................ $ 45.5 $ 38.4 $ 7.1 $ (2.8) $ 9.9
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