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Financial History-1978 to 1968
(Dollars in Thousands, Except Per Share Amounts)
1978
1977
1976
1975
(53 Weeks)
Summary of Operations (Note A)
Sales
1,176,541
1,026,313
890,403
732,396
Percent increase for the year
14.6%
15.3%
21.6%
14.4%
Cost of sales and other expenses
1,068,537
935,981
815,080
673,542
Interest cost
31,842
32,131
35,224
32,194
Interest capitalized
3,618
1,938
10,432
10,353
Income before income taxes
79,780
60,139
50,531
37,013
Per sales dollar
6.8%
5.9%
5.7%
5.1%
United States and foreign income taxes
38,717
28,734
26,202
18,867
Percent to income before income taxes
48.5%
47.8%
51.9%
51.0%
Investment tax credit
5,060
4,100
5,900
2,975
Net income
46,123
35,505
30,229
21,121
Percent increase (decrease) for the year
29.9%
17.5%
43.1%
(12.6%)
Per sales dollar
3.9%
3.5%
3.4%
2.9%
Funds provided from operations (Note B)
113,741
95,665
88,309
70,821
Capital expenditures
103,759
74,613
146,560
161,488
Capitalization and Returns
Total capital (Note C)
794,408
795,458
788,379
692,734
Shareholders' investment
396,489
351,573
312,915
251,913
Senior debt and capital lease obligations
303,155
360,195
398,210
374,997
Percent to total capital
38.2%
45.3%
50.5%
54.1%
Return on beginning shareholders' invest
ment (after-tax)
13.1%
11.3%
12.0%
9.3%
Return on beginning total capital
Based on earnings before interest and taxes 13.6%
11.5%
10.9%
10.1%
Based on funds from operations and after
tax interest
16.1%
14.1%
14.6%
14.0%
Per Share Data (Note D)
Earnings—assuming no dilution
1.26
.97
.86
.62
—assuming full dilution
1.22
.95
.84
.61
Dividends (stock: 1977-1968)
.12
2.5%
2.5%
2.5%
Shareholders' investment
10.76
9.59
8.58
7.38
Quoted market price at year-end
13.38
9.88
13.90
12.49
Other Data (Note D)
Weighted average shares outstanding
36,667,663
36,568,300
35,222,603
33,911,237 n
Shares outstanding
36,855,351
36,668,489
36,456,203
34,152,496
Shareholders
52,200
52,800
47,000
43,200
Full- and part-time employees
68,500
61,700
60,600
46,200
Operating units
892
843
825
774
Company-operated hotel rooms
16,993
14,695
14,510
13,393
NOTES: (A) See Notes to Consolidated Financial State- (B) Funds provided from operations consist of
(C) Total capital represents total assets
ments for summary of significant accounting net income plus depreciation, deferred taxes
less current liabilities.
policies and additional information. and other expenses not requiring current
outiay of working capital.
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