For the first nine months of fiscal 2013, net income totaled $24.5 million or $0.43 per diluted share compared with net income of $21.6 million or $0.36 per diluted share for the same period in 2012 representing a 19% increase fiscal year-to-date.
The following non-GAAP adjustments are intended to supplement the presentation of the company's financial results in accordance with GAAP. The company believes that the presentation of these items provides useful information to investors and management regarding the underlying business trends and the performance of the company's ongoing operations and is helpful for period-to-period and company-to-company comparisons, which management believes will assist investors in analyzing the financial results of the company and predicting future performance.
|Nine months ended||Nine months ended|
|May 31, 2013||May 31, 2012|
|Net||Diluted||Net||Diluted||Net Income||Diluted EPS|
|Reported – GAAP||$||24,503||$||0.43||$||21,583||$||0.36||$||2,920||14||%||$||0.07||19||%|
|After-tax loss from early extinguishment of debt||315||0.01||-||-|
Retroactive tax benefit of WOTC and resolution of tax matters
|Adjusted - Non-GAAP||$||24,075||$||0.42||$||21,583||$||0.36||$||2,492||12||%||$||0.06||17||%|
Company drive-in sales for the first nine months of fiscal 2013 decreased by $8.4 million compared to the same period in the prior year primarily as a result of the refranchising of 34 company drive-ins during the second fiscal quarter of 2012.