McDonalds 2008 Annual Report Download - page 42

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CONSOLIDATED STATEMENT OF INCOME
In millions, except per share data Years ended December 31, 2008 2007 2006
REVENUES
Sales by Company-operated restaurants $16,560.9 $16,611.0 $15,402.4
Revenues from franchised restaurants 6,961.5 6,175.6 5,492.8
Total revenues 23,522.4 22,786.6 20,895.2
OPERATING COSTS AND EXPENSES
Company-operated restaurant expenses
Food & paper 5,586.1 5,487.4 5,111.8
Payroll & employee benefits 4,300.1 4,331.6 3,991.1
Occupancy & other operating expenses 3,766.7 3,922.7 3,802.2
Franchised restaurants–occupancy expenses 1,230.3 1,139.7 1,058.1
Selling, general & administrative expenses 2,355.5 2,367.0 2,295.7
Impairment and other charges, net 6.0 1,670.3 134.2
Other operating (income) expense, net (165.2) (11.1) 69.1
Total operating costs and expenses 17,079.5 18,907.6 16,462.2
Operating income 6,442.9 3,879.0 4,433.0
Interest expense–net of capitalized interest of $12.3, $6.9 and $5.4 522.6 410.1 401.9
Nonoperating (income) expense, net (77.6) (103.2) (123.3)
Gain on sale of investment (160.1)
Income from continuing operations before provision for income taxes 6,158.0 3,572.1 4,154.4
Provision for income taxes 1,844.8 1,237.1 1,288.3
Income from continuing operations 4,313.2 2,335.0 2,866.1
Income from discontinued operations (net of taxes of $34.5 and $101.9) 60.1 678.1
Net income $ 4,313.2 $ 2,395.1 $ 3,544.2
Per common share–basic:
Continuing operations $ 3.83 $ 1.96 $ 2.32
Discontinued operations 0.05 0.55
Net income $ 3.83 $ 2.02 $ 2.87
Per common share–diluted:
Continuing operations $ 3.76 $ 1.93 $ 2.29
Discontinued operations 0.05 0.54
Net income $ 3.76 $ 1.98 $ 2.83
Dividends declared per common share $ 1.625 $ 1.50 $ 1.00
Weighted-average shares outstanding–basic 1,126.6 1,188.3 1,234.0
Weighted-average shares outstanding–diluted 1,146.0 1,211.8 1,251.7
See Notes to consolidated financial statements.
40 McDonald’s Corporation Annual Report 2008