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mssmm
At December 30,1983, current cost of inventories
was $95,806,000 and current cost of property and equipment (excluding construction in progress), net of accumulated depreciation, was $1,781,737,000.
Current cost is based on the company's estimate of
the cost of reproducing selected representative major facilities. Current cost of leasehold improvements is estimated
using appropriately indexed historical costs. Current cost
for the balance of the company's service potential, primarily furniture and equipment, is derived from vendor quo
tations, published price lists or indexed historical costs.
The company's inventory turns over rapidly and thus its
cost is current; accordingly, cost of sales already is stated
in average 1983 dollars.
In accordance with Financial Accounting Standard
No. 33, no adjustment has been made to the provision for
income taxes. Accordingly, the effective income tax rate
increases from 41.8%, as reported in the financial statements, to 45.7% in the 1983 current cost calculations.
Five-Year Comparison of Selected Supplementary Financial Data*
Adjusted for Effects of Changing Prices
(in thousands of average 1983 dollars except per share amounts)
Sales
Adjusted for constant dollars
Net income
Adjusted for constant dollars
Adjusted for current costs
Fully diluted earnings per share
Adjusted for constant dollars
Adjusted for current costs
Shareholders' equity at year end
Adjusted for constant dollars
Adjusted for current costs
Increase (decrease) in current costs excluding
increases in general price level
Constant dollar gain from decline in
purchasing power of net amounts owed
Cash dividends declared per common share
adjusted for constant dollars
Market price per common share at year end
adjusted for constant dollars
Average consumer price index
1983
1982
For Fiscal Years
1981
1980
1979
$3,036,703
$2,623,105
$2,191,240
$2,078,070
$2,072,544
84,784
98,347
62,419
72,831
60,018
78,407
58,223
75,098
73,069
86,172
3.05
3.54
2.27
2.65
2.22
2.91
2.12
2.70
2.01
2.37
1,109,272
1,029,441
1,024,301
869,883
953,032
791,553
825,958
674,034
958,015
853,298
36,697
9,103
(34,760)
(101,823)
(134,067)
47,873
36,575
71,530
84,731
75,641
.38
.32
.28
.25
.23
70.05
298.4
59.70
289.1
38.04
272.4
36.66
246.8
22.55
217.4
'Financial data for Host and Gino's are reflected from respective dates of acquisition in 1982.
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