Earnings Expected to Meet Market Expectations
OKLAHOMA CITY, Dec 04, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Sonic Corp. (Nasdaq: SONC), the nation's largest chain of drive-in restaurants, today announced continued sales momentum for the first fiscal quarter of 2008, which ended on November 30, 2007. Despite a slow start in the month of September, estimated same-store sales were within the company's target range of 2% to 4% for partner drive-ins and near the lower end of the target range for the system. Partner drive-ins are drive-ins in which the company owns a majority interest. Additionally, Sonic's retrofit initiative remains on track with the completion of 240 retrofits system-wide, including 202 franchise retrofits during the quarter. Because of the continued strength of Sonic's sales, management is comfortable with the market's current mean estimate for first quarter earnings of $0.21 per diluted share.
Sonic expects to report its first quarter results after the market close on January 3, 2008. The company will provide an online Web simulcast of its earnings release conference call on Friday, January 4, 2008, beginning at 10:00 a.m. ET. During that call, management will comment on Sonic's financial and operational results for the first quarter. An online replay of the conference call will be available approximately two hours following the conclusion of the live broadcast and will continue through February 3, 2008. A link to these events may be found at the investor section of the company's website, www.sonicdrivein.com .
Sonic, America's Drive-In, originally started as a hamburger and root beer stand in 1953 in Shawnee, Okla., called Top Hat Drive-In, and then changed its name to Sonic in 1959. The first drive-in to adopt the Sonic name is still serving customers in Stillwater, Okla. Sonic has more than 3,350 drive-ins coast to coast, where more than a million customers eat every day. For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com .
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.
SOURCE Sonic Corp.