Sonic Reports Strong Fourth Fiscal Quarter 2013 Financial Results

Same-Store Sales Trends Position Company for Solid Start to 2014

OKLAHOMA CITY - October 21, 2013 - (BUSINESS WIRE) - Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants, today announced results for the fourth quarter and fiscal year ended August 31, 2013.

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

  • The company's net income was $0.21 per diluted share compared with net income per diluted share of $0.25 in the fourth fiscal quarter of fiscal 2012;
  • Excluding certain adjustments, which are detailed below, net income per diluted share increased 20% to $0.30 from $0.25 in the fourth fiscal quarter of 2012; and
  • As previously announced, system-wide same-store sales increased 5.9% during the fourth fiscal quarter, consisting of a 6.0% same-store sales increase at franchise drive-ins and an increase of 5.2% at company drive-ins.

Key highlights of the company's fiscal year 2013 included:

  • The company's net income was $0.64 per diluted share compared with net income per diluted share of $0.60 in fiscal 2012;
  • Excluding certain adjustments, which are detailed below, net income per diluted share increased 20% to $0.72 from $0.60 in fiscal 2012;
  • System-wide same-store sales increased 2.3%, consisting of a 2.3% same-store sales increase at franchise drive-ins and an increase of 2.5% at company drive-ins;
  • Company drive-in margins improved by 60 basis points; and
  • The company purchased $35.5 million in stock representing 6% of the company's outstanding shares.

"Strong same-store sales during our summer quarter highlighted the strength and momentum of our business," said Cliff Hudson, Chairman, Chief Executive Officer and President. "We are very pleased with our sales and profit performance in our fourth quarter and for fiscal year 2013, which resulted in an earnings per share increase for each period of 20% on an adjusted basis. As we look to fiscal year 2014, we will continue to focus on key initiatives such as increased media effectiveness, our innovative product pipeline and layered day-part promotional strategy to continue to drive same-store sales growth and, in turn, margin improvement."

In the fourth fiscal quarter, the company refinanced a portion of its fixed rate debt with the issuance of $155 million of 2013-1 Senior Secured Fixed Rate Notes in a private transaction at an interest rate of 3.75% per annum, resulting in annual interest savings of $2.5 million. The board also extended the existing share repurchase program through August 31, 2014 with a total authorization of $40 million. During fiscal year 2013, the company repurchased $35.5 million of stock representing approximately 6% of its outstanding shares. Hudson added, "In fiscal 2014, we will continue to utilize the strength and flexibility of our business model to grow operating income and use our free cash flow1 to invest in our brand, repurchase stock and pay down debt.

"Our success is the result of our long-standing initiatives to improve customer service, product quality and value perception, which in fiscal 2014 will include new technology investments to enhance the guest experience," added Hudson. "All of these initiatives drive our multi-layered growth strategy which incorporates same-store sales growth, leverage from higher sales, deployment of free cash flow, increasing royalty revenues and new drive-in development over the next few years. This strategy is expected to result in solid double-digit earnings per share growth in the near and long term."

Same-Store Sales

For the fourth quarter ended August 31, 2013, system-wide same-store sales increased 5.9%, which was comprised of a 6.0% same-store sales increase at franchise drive-ins and an increase of 5.2% at company drive-ins. For the 12 months ended August 31, 2013, system-wide same-store sales increased 2.3%, including a 2.3% same-store sales increase at franchise drive-ins and a 2.5% increase at company drive-ins.

Financial Overview

For the fourth fiscal quarter ended August 31, 2013, the company's net income totaled $12.2 million or $0.21 per diluted share compared with net income of $14.5 million or $0.25 per diluted share in the same period in the prior year. Excluding the adjustments noted below, net income and net income per diluted share for the fourth fiscal quarter increased 19% and 20%, respectively.

During the fourth fiscal quarter of fiscal 2013, the company recognized a $3.9 million ($2.5 million after-tax) debt extinguishment charge in connection with the partial debt refinancing described above, a $2.4 million ($1.5 million after-tax) write-down associated with the closure of 12 lower-performing company drive-ins and a $1.6 million ($1.0 million after-tax) impairment charge for the write-down of assets associated with a change in the vendor that is implementing the Sonic system's new point-of-sale technology.

For fiscal 2013, net income totaled $36.7 million or $0.64 per diluted share compared with net income of $36.1 million or $0.60 per diluted share for fiscal 2012. Excluding the adjustments noted below, net income and net income per diluted share for fiscal 2013 increased 14% and 20%, respectively.

In fiscal 2013, the company recognized $4.4 million ($2.8 million after-tax) in debt extinguishment charges in connection with a prepayment of debt and partial debt refinancing, a $2.4 million ($1.5 million after-tax) write-down associated with the closure of 12 lower-performing company drive-ins and a $1.6 million ($1.0 million after-tax) impairment charge for the write-down of assets associated with the change in the vendor that is implementing the system's new point-of-sale technology, offset by a $0.7 million tax benefit associated with the reinstatement of the Work Opportunity Tax Credit ("WOTC") and the resolution of certain tax matters.

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.

 

 

 

Three months ended

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2013

 

August 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

Net

 

Diluted

 

Net

 

Diluted

 

Net Income

 

Diluted EPS

 

 

 

 

Income

  

EPS

 

Income

 

EPS

  

$ Change

  

% Change

  

$ Change

  

% Change

 

Reported — GAAP

 

 

$

12,198

 

 

$

0.21

 

 

$

14,502

 

$

0.25

 

$

(2,304

)

 

(16

)%

 

$

(0.04

)

 

(16

)%

 

After-tax loss from early extinguishment of debt

 

 

 

2,483

 

 

 

0.04

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

After-tax loss on closure of Company Drive-Ins

 

 

 

1,510

 

 

 

0.03

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

After-tax impairment charges for point-of-sale assets

 

 

 

1,013

 

 

 

0.02

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Adjusted - Non-GAAP

 

 

$

17,204

 

 

$

0.30

 

 

$

14,502

 

$

0.25

 

$

2,702

 

 

19

%

 

$

0.05

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal year ended

 

Fiscal year ended

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2013

 

August 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

Net

 

Diluted

 

Net

 

Diluted

 

Net Income

 

Diluted EPS

 

 

 

 

Income

 

EPS

 

Income

 

EPS

 

$ Change

 

% Change

 

$ Change

 

% Change

 

Reported — GAAP

 

 

$

36,701

 

 

$

0.64

 

 

$

36,085

 

$

0.60

 

$

616

 

 

2

%

 

$

0.04

 

 

7

%

 

After-tax loss from early extinguishment of debt

 

 

 

2,798

 

 

 

0.05

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Retroactive tax benefit of WOTC and resolution of tax matters

 

 

 

(743

)

 

 

(0.02

)

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

After-tax loss on closure of Company Drive-Ins

 

 

 

1,510

 

 

 

0.03

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

After-tax impairment charge for point-of-sale assets

 

 

 

1,013

 

 

 

0.02

 

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Adjusted - Non-GAAP

 

 

$

41,279

 

 

$

0.72

 

 

$

36,085

 

$

0.60

 

$

5,194

 

 

14

%

 

$

0.12

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the fourth fiscal quarter ended August 31, 2013, company drive-in sales increased by $6.3 million, or 5.7% compared to the same period in the prior year. Company drive-in sales for fiscal 2013 decreased by $2.1 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.

Development

For the fourth fiscal quarter ended August 31, 2013, 17 new drive-ins were opened, of which 16 were opened by franchisees, similar to drive-in openings during the fourth fiscal quarter of 2012. For fiscal 2013 there were 27 new drive-in openings including 25 new franchise drive-ins.

Fiscal Year 2014 Outlook

The company expects its initiatives to drive 14% to 15% earnings per share growth in fiscal 2014 as compared to the adjusted Non-GAAP earnings per share for fiscal 2013. The macroeconomic environment and its impact on consumer confidence, in addition to the pacing of capital investments, may impact results. The outlook for fiscal 2014 anticipates the following elements:

  • Positive same-store sales in the low single digit range for the system;
  • Company drive-ins are expected to perform above the system average in the back half of the fiscal year as new digital point-of-purchase technology and a new point-of-sale system are implemented;
  • 40 to 50 new franchise drive-in openings and fewer drive-in closings than in fiscal 2013;
  • Drive-in-level margins improving between 75 to 100 basis points, depending upon the degree of same-store sales growth at company drive-ins and the implementation of the new point-of-sale system in company drive-ins;
  • Selling, general and administrative expenses of $69 million to $70 million;
  • Depreciation and amortization expense of $42.5 million to $43 million;
  • Net interest expense of approximately $25 million;
  • An income tax rate of between 37% to 37.5%, which may vary depending upon the reinstatement of employment tax credit programs that are scheduled to expire on December 31, 2013 and pending resolution of certain tax matters;
  • Capital expenditures of $65 million to $70 million, which assumes the implementation of a new point-of-sale system and digital point-of-purchase technology in company drive-ins during fiscal 2014;
  • Free cash flow of approximately $15 million to $25 million; and
  • The repurchase of $40 million of stock across the fiscal year utilizing existing cash and free cash flow.

Earnings Conference Call

The company will host a conference call and online web simulcast this afternoon beginning at 5:00 p.m. EDT. The conference call can be accessed live by dialing (888) 806-6221 or (913) 312-0830 for international callers. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 8270295. The replay will be available until Monday, October 28, 2013. An online replay of the conference call will be available approximately two hours after the conclusion of the live broadcast. A link to this event may be found on the company's investor relations website at http://ir.sonicdrivein.com/.

About Sonic

SONIC®, America's Drive-In®, is the nation's largest chain of drive-in restaurants with more than 3,500 drive-ins serving approximately 3 million customers every day. Over the past 60 years, SONIC has delighted guests with signature menu items, more than 1 million drink combinations, friendly service by iconic Carhops and ongoing support of education through its award-winning Limeades for Learning® program. SONIC received top honors as America's "#1 burger quick service restaurant" in the 2013 Temkin Experience Ratings report. For more information about Sonic Corp. (NASDAQ/NM: SONC) and its subsidiaries, please visit sonicdrivein.com. Customers can also connect with SONIC at facebook.com/sonicdrivein or on Twitter @sonicdrive_in.

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company's annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

The tables that follow provide information regarding the number of company drive-ins, franchise drive-ins and system drive-ins in operation as of the end of the periods indicated. In addition, these tables provide information regarding franchise sales, system growth in sales, and both franchise and system average drive-in sales and change in same-store sales. System information includes both company and franchise drive-in information, which we believe is useful in analyzing the growth of our brand. While we do not record franchise drive-in sales as revenues, we believe this information is important in understanding our financial performance since we calculate and record franchise royalties based on a percentage of franchise sales. This information also is indicative of the financial health of our franchisees.

1 Free cash flow is defined as net income plus depreciation, amortization and stock compensation expenses, less capital expenditures.

SONC-F

SONIC CORP.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

 

 

 

 

Three months ended

 

 

Fiscal year ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2013

 

2012

 

 

2013

 

2012

Revenues:

 

 

 

 

    

 

 

    

 

 

 

    

 

 

Company Drive-In sales

 

 

$

116,689

 

 

$

110,406

 

 

 

$

402,296

 

 

$

404,443

 

Franchise Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

 

 

38,988

 

 

 

37,182

 

 

 

 

130,737

 

 

 

128,013

 

Lease revenue

 

 

 

1,261

 

 

 

1,970

 

 

 

 

4,785

 

 

 

6,575

 

Other

 

 

 

1,864

 

 

 

1,382

 

 

 

 

4,767

 

 

 

4,699

 

Total revenues

 

 

 

158,802

 

 

 

150,940

 

 

 

 

542,585

 

 

 

543,730

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and packaging

 

 

 

33,591

 

 

 

30,764

 

 

 

 

114,545

 

 

 

113,775

 

Payroll and other employee benefits

 

 

 

39,674

 

 

 

38,168

 

 

 

 

142,511

 

 

 

144,531

 

Other operating expenses, exclusive of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

depreciation and amortization included below

 

 

 

24,010

 

 

 

23,265

 

 

 

 

86,153

 

 

 

89,164

 

Total cost of Company Drive-In sales

 

 

 

97,275

 

 

 

92,197

 

 

 

 

343,209

 

 

 

347,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

 

17,482

 

 

 

16,721

 

 

 

 

66,022

 

 

 

65,173

 

Depreciation and amortization

 

 

 

9,940

 

 

 

10,650

 

 

 

 

40,387

 

 

 

41,914

 

Provision for impairment of long-lived assets

 

 

 

1,776

 

 

 

388

 

 

 

 

1,776

 

 

 

764

 

Other operating (income) expense, net

 

 

 

2,296

 

 

 

82

 

 

 

 

1,943

 

 

 

(531

)

Total costs and expenses

 

 

 

128,769

 

 

 

120,038

 

 

 

 

453,337

 

 

 

454,790

 

Income from operations

 

 

 

30,033

 

 

 

30,902

 

 

 

 

89,248

 

 

 

88,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

6,805

 

 

 

7,801

 

 

 

 

29,098

 

 

 

31,608

 

Interest income

 

 

 

(130

)

 

 

(153

)

 

 

 

(592

)

 

 

(630

)

Loss from early extinguishment of debt

 

 

 

3,951

 

 

 

-

 

 

 

 

4,443

 

 

 

-

 

Net interest expense

 

 

 

10,626

 

 

 

7,648

 

 

 

 

32,949

 

 

 

30,978

 

Income before income taxes

 

 

 

19,407

 

 

 

23,254

 

 

 

 

56,299

 

 

 

57,962

 

Provision for income taxes

 

 

 

7,209

 

 

 

8,752

 

 

 

 

19,598

 

 

 

21,877

 

Net income

 

 

$

12,198

 

 

$

14,502

 

 

 

$

36,701

 

 

$

36,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share

 

 

$

0.22

 

 

$

0.25

 

 

 

$

0.65

 

 

$

0.60

 

Diluted income per share

 

 

$

0.21

 

 

$

0.25

 

 

 

$

0.64

 

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares

 

 

 

56,061

 

 

 

58,103

 

 

 

 

56,384

 

 

 

60,078

 

Weighted average diluted shares

 

 

 

57,408

 

 

 

58,386

 

 

 

 

57,191

 

 

 

60,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SONIC CORP.

Unaudited Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Fiscal year ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2013

 

2012

 

 

2013

 

2012

Drive-Ins in Operation

 

 

 

 

 

 

 

 

 

 

Company:

 

 

 

 

 

 

 

 

 

 

Total at beginning of period

 

 

407

 

    

409

 

    

 

409

 

    

446

 

Opened

 

 

1

 

 

1

 

 

 

2

 

 

1

 

Acquired from (sold to) franchisees

 

 

-

 

 

-

 

 

 

1

 

 

(35

)

Closed (net of re-openings)

 

 

(12

)

 

(1

)

 

 

(16

)

 

(3

)

Total at end of period

 

 

396

 

 

409

 

 

 

396

 

 

409

 

Franchise:

 

 

 

 

 

 

 

 

 

 

Total at beginning of period

 

 

3,119

 

 

3,141

 

 

 

3,147

 

 

3,115

 

Opened

 

 

16

 

 

17

 

 

 

25

 

 

36

 

Acquired from (sold to) the company

 

 

-

 

 

-

 

 

 

(1

)

 

35

 

Closed (net of re-openings)

 

 

(9

)

 

(11

)

 

 

(45

)

 

(39

)

Total at end of period

 

 

3,126

 

 

3,147

 

 

 

3,126

 

 

3,147

 

System-wide:

 

 

 

 

 

 

 

 

 

 

Total at beginning of period

 

 

3,526

 

 

3,550

 

 

 

3,556

 

 

3,561

 

Opened

 

 

17

 

 

18

 

 

 

27

 

 

37

 

Closed (net of re-openings)

 

 

(21

)

 

(12

)

 

 

(61

)

 

(42

)

Total at end of period

 

 

3,522

 

 

3,556

 

 

 

3,522

 

 

3,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Fiscal year ended

 

 

 

 

 

 

August 31,

 

 

August 31,

 

 

 

 

 

 

2013

 

2012

 

 

2013

 

2012

 

 

 

 

 

 

($ in thousands)

 

 

($ in thousands)

 

Sales Analysis

 

 

 

 

 

 

 

 

 

 

    

 

 

Company Drive-Ins:

 

 

 

 

 

    

 

 

 

 

 

 

 

Total sales

 

 

 

 

$

116,689

 

 

$

110,406

 

    

 

$

402,296

 

 

$

404,443

 

 

Average drive-in sales

 

 

 

 

 

286

 

 

 

270

 

 

 

 

990

 

 

 

958

 

 

Change in same-store sales

 

 

 

 

 

5.2

%

 

 

4.3

%

 

 

 

2.5

%

 

 

2.8

%

 

Franchised Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

 

 

 

$

1,003,216

 

 

$

946,330

 

 

 

$

3,479,880

 

 

$

3,386,218

 

 

Average drive-in sales

 

 

 

 

 

327

 

 

 

301

 

 

 

 

1,125

 

 

 

1,081

 

 

Change in same-store sales

 

 

 

 

 

6.0

%

 

 

2.1

%

 

 

 

2.3

%

 

 

2.2

%

 

System-wide:

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in total sales

 

 

 

 

 

6.0

%

 

 

2.1

%

 

 

 

2.4

%

 

 

2.7

%

 

Average drive-in sales

 

 

 

 

$

322

 

 

$

297

 

 

 

$

1,109

 

 

$

1,066

 

 

Change in same-store sales

 

 

 

 

 

5.9

%

 

 

2.3

%

 

 

 

2.3

%

 

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Change in same-store sales based on restaurants open for a minimum of 15 months.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SONIC CORP.

Unaudited Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Fiscal year ended

 

 

 

 

 

 

August 31,

 

    

August 31,

 

 

 

 

 

 

2013

 

2012

 

 

2013

 

2012

Revenues (in thousands)

 

 

 

 

 

 

 

    

 

 

 

 

 

 

     

 

 

Company Drive-In sales

 

 

 

 

 

$

116,689

 

$

110,406

 

 

$

402,296

 

$

404,443

Franchise Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties

 

 

 

 

 

 

38,518

 

 

36,009

 

 

 

130,009

 

 

125,989

Franchise fees

 

 

 

 

 

 

470

 

 

1,173

 

 

 

728

 

 

2,024

Lease revenue

 

 

 

 

 

 

1,261

 

 

1,970

 

 

 

4,785

 

 

6,575

Other

 

 

 

 

 

 

1,864

 

 

1,382

 

 

 

4,767

 

 

4,699

Total revenues

 

 

 

 

 

$

158,802

 

$

150,940

 

 

$

542,585

 

$

543,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Fiscal year ended

 

 

 

August 31,

 

August 31,

 

 

 

2013

 

2012

 

2013

 

2012

Margin Analysis (percentage of Company Drive-In sales)

 

 

 

 

    

 

 

    

 

 

    

 

 

Company Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and packaging

 

 

28.8

%

 

27.9

%

 

28.5

%

 

28.1

%

Payroll and employee benefits

 

 

34.0

 

 

34.6

 

 

35.4

 

 

35.7

 

Other operating expenses

 

 

20.6

 

 

21.0

 

 

21.4

 

 

22.1

 

Cost of Company Drive-In sales

 

 

83.4

%

 

83.5

%

 

85.3

%

 

85.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31,

 

 

August 31,

 

 

 

 

 

 

 

 

2013

 

 

2012

 

Selected Balance Sheet Data

 

 

 

 

 

 

(In thousands)

 

Cash and cash equivalents

 

 

 

 

 

 

$

77,896

 

 

$

52,647

 

Current assets

 

 

 

 

 

 

 

140,722

 

    

 

107,151

 

Property, equipment and capital leases, net

 

 

 

 

 

 

 

399,661

 

 

 

443,008

 

Total assets

 

 

 

 

 

 

$

660,794

 

 

$

680,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities, including capital lease obligations and

 

 

 

 

 

 

 

 

 

 

 

 

 

long-term debt due within one year

 

 

 

 

 

 

$

72,930

 

 

$

80,516

 

Obligations under capital leases due after one year

 

 

 

 

 

 

 

22,458

 

 

 

27,377

 

Long-term debt due after one year

 

 

 

 

 

 

 

437,380

 

 

 

466,613

 

Total liabilities

 

 

 

 

 

 

 

583,330

 

 

 

621,513

 

Stockholders' equity

 

 

 

 

 

 

$

77,464

 

 

$

59,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contact:

Sonic Corp.
Claudia San Pedro
405-225-4846
Vice President of Investor Relations
Communications and Treasurer

Source: Sonic Corp.

###

Social Reach:

Viewer Response:

comments powered by Disqus

SONIC Drive-In »

Here's your chance to own a SONICĀ® Drive-in Franchise Restaurant. As the nation's largest drive-in chain, SONICĀ® has successfully served up hot, fresh, delicious made-to-order food for more than 60 year.

Browse:

  1. Franchise Opportunity
  2. Business Overview
  3. Franchise News
  4. Awards & Testimonials
  5. Franchise Requirements
  6. Request Information

Learn More

Call Now View Homepage

Request Information

Looking for more information about Sonic Drive-In? Take a moment to fill out our quick information request form.

First Name: *
  Last Name: *
E-Mail Address: *
  Phone: *
Address:
City:
  State/Province:
Zip/Postal Code:
  Country:

Domestic Applicants Only
Timeframe:
  Best Time To Contact:

Cash Investment: (USD)

A Minimum Cash Investment of $500,000 Is Required For This Opportunity
  Interest Level:
Please send me updates on the latest Franchise News and Opportunities

A Franchise Update Media Group Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2016. All Rights Reserved. Site Hosting Provided By: wishVPS on FUMG3

In Loving Memory Of Timothy Gardner (1987-2014)