McDonalds 2000 Annual Report Download - page 38

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IN MILLIONS, EXCEPT PER SHARE DATA Years ended December 31, 2000 1999 1998
Revenues
Sales by Company-operated restaurants $10,467.0 $ 9,512.5 $ 8,894.9
Revenues from franchised and affiliated restaurants 3,776.0 3,746.8 3,526.5
Total revenues 14,243.0 13,259.3 12,421.4
Operating costs and expenses
Food and packaging 3,557.1 3,204.6 2,997.4
Payroll and employee benefits 2,690.2 2,418.3 2,220.3
Occupancy and other operating expenses 2,502.8 2,206.7 2,043.9
Total Company-operated restaurant expenses 8,750.1 7,829.6 7,261.6
Franchised restaurants—occupancy expenses 772.3 737.7 678.0
Selling, general & administrative expenses 1,587.3 1,477.6 1,458.5
Other operating income, net (196.4) (124.1) (60.2)
Made For You costs 18.9 161.6
Special charge 160.0
Total operating costs and expenses 10,913.3 9,939.7 9,659.5
Operating income 3,329.7 3,319.6 2,761.9
Interest expense, net of capitalized interest of $16.3, $14.3 and $17.9 429.9 396.3 413.8
Nonoperating expense, net 17.5 39.2 40.7
Income before provision for income taxes 2,882.3 2,884.1 2,307.4
Provision for income taxes 905.0 936.2 757.3
Net income $ 1,977.3 $ 1,947.9 $ 1,550.1
Net income per common share $ 1.49 $ 1.44 $ 1.14
Net income per common share—diluted 1.46 1.39 1.10
Dividends per common share $ .22 $ .20 $ .18
Weighted-average shares 1,323.2 1,355.3 1,365.3
Weighted-average shares—diluted 1,356.5 1,404.2 1,405.7
The accompanying financial comments are an integral part of the consolidated financial statements.
Consolidated statement of income
36 Financial review