For fiscal 2012, net income totaled $36.1 million or $0.60 per diluted share compared with net income of $32.6 million or $0.53 per diluted share, on an adjusted basis for the same period in 2011.
The following non-GAAP adjustments are intended to supplement the presentation of the company's financial results in accordance with GAAP. The company believes that the presentation of these items provides useful information to investors and management regarding the underlying business trends and the performance of the company's ongoing operations and is helpful for period-to-period and company-to-company comparisons, which management believes will assist investors in analyzing the financial results of the company and predicting future performance.
|Fiscal Year Ended||Fiscal Year Ended||Year-Over-Year|
|August 31, 2012||August, 31,2011||Percent Change|
|Reported – GAAP||$||36,085||$||0.60||$||19,225||$||0.31||88||%||94||%|
|After-tax net loss from early extinguishment of debt||--||--||14,439||0.24|
|Tax benefit from favorable tax settlement||--||--||(1,073||)||(0.02||)|
|Adjusted - Non-GAAP||$||36,085||$||0.60||$||32,591||$||0.53||11||%||13||%|
For the fourth fiscal quarter ended August 31, 2012, system-wide same-store sales increased 2.3%, which was comprised of a 4.3% increase at company drive-ins and a 2.1% increase at franchise drive-ins. For the 12 months ended August 31, 2012, system-wide same-store sales increased 2.2%, which was comprised of a 2.8% increase at company drive-ins and a 2.2% increase at franchise drive-ins.