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WEN » Topics » Phoenix District

This excerpt taken from the WEN 8-K filed Aug 26, 2005.

Phoenix District

      On April 19, 2004, the Group sold all of its Arby's restaurants in the Phoenix, AZ district (the “Phoenix District”) to an unrelated third party for net proceeds of $15,950, including cash and a note receivable for $2,000 payable monthly over 10 years. The gain of $10,874 ($8,948 net of taxes) resulting from this transaction was recorded in the fourth quarter of fiscal year 2004 in discontinued operations. Goodwill of $1,167 related to the Phoenix District was retired in connection with the sale.

      As of the date of the transaction, the Phoenix District's assets and liabilities were recorded at a net carrying value of approximately $4,432.

40

RTM RESTAURANT GROUP
NOTES TO COMBINED FINANCIAL STATEMENTS—(Continued)
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)

4. Discontinued Operations—(Continued)

      The Phoenix District's revenues were $24,321, and income before income taxes was $103, during the 40 weeks ended February 29, 2004, and is included in income from discontinued operations, net of income taxes, in the accompanying combined statement of operations.

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