Pizza Hut 2004 Annual Report Download - page 37
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Please find page 37 of the 2004 Pizza Hut annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Thefollowingtablesummarizestheestimatedimpacton
revenueofrefranchisingandCompanystoreclosures:
2004
Inter-
U.S. national Worldwide
Decreasedsales $(241) $(131) $(372)
Increasedfranchisefees 7 5 12
Decreaseintotalrevenues $(234) $(126) $(360)
2003
Inter-
U.S. national Worldwide
Decreasedsales $(148) $(120) $(268)
Increasedfranchisefees 1 5 6
Decreaseintotalrevenues $(147) $(115) $(262)
Thefollowingtablesummarizestheestimatedimpactonoper-
atingprofitofrefranchisingandCompanystoreclosures:
2004
Inter-
U.S. national Worldwide
Decreasedrestaurantprofit $ (18) $ (11) $ (29)
Increasedfranchisefees 7 5 12
Decreasedgeneraland
administrativeexpenses — 6 6
Decreaseinoperatingprofit $ (11) $ — $ (11)
2003
Inter-
U.S. national Worldwide
Decreasedrestaurantprofit $ (18) $ (15) $ (33)
Increasedfranchisefees 1 5 6
Decreasedgeneraland
administrativeexpenses — 6 6
Decreaseinoperatingprofit $ (17) $ (4) $ (21)
RESULTSOFOPERATIONS
%B/(W) %B/(W)
vs. vs.
2004 2003 2003 2002
Companysales $7,992 7 $7,441 8
Franchiseandlicensefees 1,019 8 939 9
Revenues $9,011 8 $8,380 8
Companyrestaurantprofit $1,159 5 $1,104 —
%ofCompanysales 14.5% (0.3)ppts. 14.8% (1.2)ppts.
Operatingprofit 1,155 9 1,059 3
Interestexpense,net 129 25 173 (1)
Incometaxprovision 286 (7) 268 3
Incomebeforecumulativeeffect
ofaccountingchange 740 20 618 6
Cumulativeeffectof
accountingchange,netoftax — — (1) NM
Netincome $ 740 20 $ 617 6
Dilutedearningspershare(a)$ 2.42 20 $ 2.02 7
(a)SeeNote6forthenumberofsharesusedinthiscalculation.
RESTAURANTUNITACTIVITY
Uncon- Total
solidated Excluding
Worldwide Company Affiliates Franchisees Licensees
Balanceatendof2002 7,526 2,148 20,724 30,398
NewBuilds 454 176 868 1,498
Acquisitions 389 (736) 345 (2)
Refranchising (228) (1) 227 (2)
Closures (287) (75) (691) (1,053)
Other — — (2) (2)
Balanceatendof2003 7,854 1,512 21,471 30,837
NewBuilds 457 178 815 1,450
Acquisitions 72 11 (83) —
Refranchising (317) — 316 (1)
Closures (319) (31) (651) (1,001)
Other (4) (8) (10) (22)
Balanceatendof2004 7,743 1,662 21,858 31,263
%ofTotal 25% 5% 70% 100%
Theabovetotalexcludes2,345and2,362licensedunitsat
theendof2004and2003,respectively.
Uncon- Total
solidated Excluding
UnitedStates Company Affiliates Franchisees Licensees
Balanceatendof2002 5,193 4 13,663 18,860
NewBuilds 142 3 245 390
Acquisitions 106 — (108) (2)
Refranchising (150) — 148 (2)
Closures (197) (1) (386) (584)
Other — — 4 4
Balanceatendof2003 5,094 6 13,566 18,666
NewBuilds 146 — 227 373
Acquisitions 61 — (61) —
Refranchising (113) — 112 (1)
Closures (199) (6) (365) (570)
Other — — 3 3
Balanceatendof2004 4,989 — 13,482 18,471
%ofTotal 27% — 73% 100%
Theabovetotalexcludes2,139and2,156licensedunitsat
theendof2004and2003,respectively.
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Yum!Brands,Inc.