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WEN » Topics » Phoenix Restaurants

This excerpt taken from the WEN 8-K filed Oct 19, 2006.

Phoenix Restaurants

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

17

RTM Restaurant Group
May 29, 2005
Notes to Combined Financial Statements (continued)
(In Thousands, Except Share and Per Share Amounts)

4. Discontinued Operations (continued)

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 $5,076.

The Phoenix District’s revenues were $29,070, and income before income taxes was $1,391, excluding gain on sale, in 2004, and are included in income from discontinued operations, net of income tax provision in the accompanying Combined Statements of Operations.

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