Sonic to Host Analyst-Institutional Investor Conference
Company Provides General Business Update
Oklahoma City, (BUSINESS WIRE) -- Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced that it will host an investor day with industry analysts and institutional investors at the company's offices on Tuesday, May 12, 2009. The meeting will begin at 8:30 a.m. CDT and conclude at 12:30 p.m. CDT. Presentations addressing Sonic's business strategies, including marketing, refranchising and operations initiatives, will be simulcast over the Internet. A link to this event may be found at the investor section of the company's website, www.sonicdrivein.com. A tour of a Sonic Drive-In in Oklahoma City will follow the formal presentations.
Providing an update on its business in the third quarter, Sonic announced that system-wide same-store sales in March and April deteriorated slightly versus levels experienced in the first two quarters of fiscal 2009, reflecting an ongoing weak consumer environment. The company continues to be successful in refranchising partner drive-ins with the completion of several transactions. In addition to refranchising 111 drive-ins, as previously announced, the company also recently sold a majority interest in the operations of 82 drive-ins in core and developing markets. Sonic will retain a minority ownership interest in these drive-ins. With this latest sale, Sonic has succeeded in refranchising approximately 190 drive-ins during the first three quarters of fiscal 2009, decreasing the percentage of partner drive-ins from 20% to 14% of the total system.
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 3,500 drive-ins coast to coast, where more than a million customers eat every day.
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.