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Sonic Corporation (SONC) Message Board

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    • Sonic Reports Strong Second Fiscal Quarter Results
      Same-Store Sales Grow In Spite of Difficult Weather
      Business Wire Sonic Corp.
      March 24, 2014 4:05 PM

      Sonic Corp. (SONC), the nation's largest chain of drive-in restaurants, today announced results for the second fiscal quarter ended February 28, 2014.

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

      Net income per diluted share was $0.07 compared with reported net income per diluted share of $0.06 in the second fiscal quarter of 2013; excluding certain adjustments in the second fiscal quarter of 2013 as outlined below, net income per diluted share increased 40% in the second fiscal quarter of 2014;
      System-wide same-store sales increased 1.4%, consisting of an increase of 1.5% at franchise drive-ins and an increase of 1.3% at company drive-ins;
      Company drive-in margins improved 80 basis points; and
      The company repurchased approximately $51 million of stock representing almost 5% of its stock outstanding as of the beginning of the quarter.
      “We are very pleased with our second quarter results, especially in light of the difficult weather that impacted many of our markets. Our solid sales and financial performance resulted from multiple system-wide initiatives such as increased media efficiency, innovative products and layered day-part promotions. These initiatives complement our focus on service, products and pricing,” said Cliff Hudson, Chairman, Chief Executive Officer and President. “During the quarter we also began to roll out our technology initiatives, as well as signed new franchise development agreements for the development of 26 new drive-ins.

      “In addition to great operating results, we used existing cash and free cash flow1 to repurchase $51 million in shares at an average price of $19.14 per share, representing nearly 5% of our outstanding shares. Since our current repurchase program began in fiscal 2012, we have repurchased more than $125 million of stock.

      Sentiment: Hold

31.79-0.810(-2.48%)Feb 27 4:00 PMEST

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