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Sonic Corporation (SONC) Message Board

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    • Sonic Reports Strong First Quarter of Fiscal 2014 Financial Results
      Business Wire Sonic Corp.
      9 hours ago
      OKLAHOMA CITY--(BUSINESS WIRE)--

      Sonic Corp. (SONC), the nation's largest chain of drive-in restaurants, today announced results for the first fiscal quarter ended November 30, 2013.

      Key highlights of the company's first fiscal quarter included:

      The company's net income was $0.14 per diluted share compared with net income per diluted share of $0.11 in the first quarter of fiscal 2013;
      Excluding the benefit from a favorable tax ruling detailed below, net income per diluted share for the first quarter of fiscal 2014 was $0.13, an 18% increase in earnings per share on an adjusted basis compared to the same period prior year;
      System-wide same-store sales increased 2.2% during the first fiscal quarter, consisting of a 2.3% same-store sales increase at franchise drive-ins and an increase of 1.9% at company drive-ins;
      Company drive-in margins improved by 80 basis points; and
      The company purchased $7.5 million of stock as part of a previously announced $40 million share repurchase program.
      “Fiscal year 2014 is off to a solid start as we focus on key initiatives such as increased media effectiveness, our innovative product pipeline and layered day-part promotional strategy to drive same-store sales growth and, in turn, margin improvement,” said Cliff Hudson, Chairman, Chief Executive Officer and President. “During the first quarter we built on our solid foundation of service, products and pricing with increased media effectiveness, which is having a positive impact across all markets. We also continued to have strong promotions during the quarter with the continuation of the Summer of Shakes promotion into September, our new Spicy Chicken Sandwich and our popular Cheesecake Bites.

      Sentiment: Hold

 
SONC
22.36-0.21(-0.93%)Sep 30 4:00 PMEDT

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