Sonic to Present at the Bank of America Merrill Lynch 2011 Consumer Conference
Second Quarter Sales Trends Improve
OKLAHOMA CITY--(BUSINESS WIRE)-- Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today announced that the company will participate in the Bank of America Merrill Lynch 2011 Consumer Conference, which takes place in New York City on March 9-10, 2011. The investor presentation by Sonic's management is scheduled at 1:30 p.m. ET on March 10 and will be available to investors via a live audio webcast. A link to the webcast can be found at the investor section of the company's website, www.sonicdrivein.com, and the event will be available for replay through March 21, 2011, using that same link.
The company also indicated that sales for both company-owned drive-ins and the system were positive for the second fiscal quarter ended February 28, 2011. Sonic estimates that system-wide same-store sales increased 1.0% to 1.5% for the quarter — continuing the improving sales trend experienced in the first fiscal quarter. Also, company-owned drive-ins continued to out-perform the system in the second fiscal quarter, with same-store sales increasing 2.2%. Weather across most major markets was better than the prior year, but worse than a typical winter, particularly for Sonic's core markets.
"We are pleased by the ongoing sales improvements we are experiencing and are encouraged that estimated same-store sales for our system, as well as those for our franchisees, have moved into positive territory," said Clifford Hudson, Chairman and Chief Executive Officer. "Sonic's strengthening same-store sales reflect increasing traction with the operational and food quality initiatives we implemented in fiscal years 2009 and 2010. These improvements also show the contributions of new management talent added over the past year, especially in our company-owned drive-in operations, where same-store sales performance has exceeded that of our system for three consecutive quarters."
Second Quarter Release and Conference Call
Sonic plans to report its second quarter results at the market close on March 22, 2011. The company will provide an online web simulcast of its earnings release conference call that afternoon beginning at 5:00 p.m. ET. An archived replay of the conference call will be available approximately two hours after the conclusion of the live broadcast and will continue through April 22, 2011. A link to these events will be available 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 3,500 drive-ins coast to coast, where approximately three 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.
Sonic Corp. Claudia San Pedro, 405-225-4846 Vice President of Investor Relations and Treasurer
Source: Sonic Corp.
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