Sonic Reports Fourth Fiscal Quarter and Fiscal 2016 Results

OKLAHOMA CITY - October 24, 2016 - (BUSINESS WIRE) - Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants, today announced results for its fourth fiscal quarter and year ended August 31, 2016.

Key highlights of the company's fourth quarter of fiscal year 2016 included:

  • Net income per diluted share increased 6% to $0.53 compared with $0.50 in the same period prior year; adjusted net income per diluted share increased 5% to $0.45 compared with adjusted net income per diluted share of $0.43 in the prior-year period;
  • System same-store sales decreased 2.0%, consisting of a 1.8% same-store sales decrease at franchise drive-ins and a decrease of 3.0% at company drive-ins;
  • Company drive-in margins contracted by 210 basis points;
  • Eighteen new franchise drive-ins opened;
  • The company commenced its refranchising initiative to move toward an approximately 95%-franchised system by the end of fiscal year 2017; and
  • The company purchased 1.3 million shares of its common stock.

Key highlights of the company's fiscal year 2016 included:

  • Net income per diluted share was $1.29 compared with $1.20 in the prior year; adjusted net income per diluted share increased 17% to $1.29 compared with adjusted net income per diluted share of $1.10 in the prior year;
  • System same-store sales increased 2.6%, consisting of a 2.7% same-store sales increase at franchise drive-ins and an increase of 1.7% at company drive-ins;
  • Company drive-in margins contracted by 30 basis points;
  • Thirty-one net new drive-ins opened;
  • The company purchased more than 5.2 million shares of its common stock, representing approximately 10% of outstanding shares for the fiscal year.

"We delivered good overall performance in fiscal 2016, including 2.6% system-wide same-store sales growth. Slowing consumer trends that began in April, however, persisted through the fourth quarter, resulting in lower-than-expected sales and profits in the fourth fiscal quarter," said Cliff Hudson, Sonic Corp. CEO. "At the same time, we are pleased to see approximately 1% net unit growth for fiscal 2016 with 31 net new units, sound progress towards our net unit growth goal of 2% to 3% by the end of the decade.

"While our unit growth, capital structure and refranchising initiatives are performing well, low commodity costs, resulting in an aggressive promotional and pricing environment, are expected to continue to pressure sales and earnings in fiscal year 2017, particularly in the first half of the year. We believe our current initiatives to deliver one of the most differentiated customer experiences will improve sales late in the fiscal year. This, combined with a more-highly franchised system, better company drive-in margins, penetration of digital POPS units in 80% of our system, a strong development pipeline, and a significantly lower number of shares outstanding, provides a solid foundation for good sales and earnings growth over the next few years."

Same-Store Sales

For the fourth quarter ended August 31, 2016, system same-store sales decreased 2.0%, which was comprised of a 1.8% same-store sales decline at franchise drive-ins and a decline of 3.0% at company drive-ins.

Financial Overview

For the fourth fiscal quarter of 2016, the company's net income totaled $25.4 million or $0.53 per diluted share compared to net income of $26.3 million or $0.50 per diluted share in the same period of the prior year. Excluding the items outlined below, net income declined 6% and net income per diluted share increased 5%.

The following analysis of non-GAAP adjustments is intended to supplement the presentation of the company's financial results in accordance with GAAP. The company believes that the presentation of this analysis 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.

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Three months ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2016

 

August 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net

 

Diluted

 

Net

 

Diluted

 

Net Income

 

Diluted EPS

 

 

 

 

Income

 

EPS

 

Income

 

EPS

 

$ Change

 

% Change

 

$ Change

 

% Change

Reported - GAAP

 

 

 

$

25,437

 

 

$

0.53

 

 

$

26,296

 

 

$

0.50

 

 

$

(859

)

 

(3)

%

 

$

0.03

 

6

%

Gain on sale of Company Drive-Ins

 

 

 

 

(972

)

 

 

(0.02

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax impact on Company Drive-Ins sale (1)

 

 

 

 

317

 

 

 

0.00

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

FIN 48 release of income tax credits and deductions

 

 

 

 

(3,038

)

 

 

(0.06

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal tax benefit of prior-year statutory tax deduction

 

 

 

 

-

 

 

 

-

 

 

 

(1,477

)

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

Change in deferred tax valuation allowance

 

 

 

 

-

 

 

 

-

 

 

 

(1,701

)

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted - Non-GAAP

 

 

 

$

21,744

 

 

$

0.45

 

 

$

23,118

 

 

$

0.43

 

 

$

(1,374

)

 

(6)

%

 

$

0.02

 

5

%

 

_________

(1)

 

Tax impact during the period at an adjusted effective tax rate of 32.6%

 

 

 

For fiscal year 2016, net income totaled $64.1 million or $1.29 per diluted share compared with net income of $64.5 million or $1.20 per diluted share for fiscal year 2015. Excluding the items outlined below, net income and net income per diluted share increased 8% and 17%, respectively.

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended

 

Fiscal Year Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31, 2016

 

August 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net

 

Diluted

 

Net

 

Diluted

 

Net Income

 

Diluted EPS

 

 

 

 

Income

 

EPS

 

Income

 

EPS

 

$ Change

 

% Change

 

$ Change

 

% Change

Reported - GAAP

 

 

 

$

64,067

 

 

$

1.29

 

 

$

64,485

 

 

$

1.20

 

 

$

(418

)

 

(1)

%

 

$

0.09

 

8

%

Gain on sale of Company Drive-Ins

 

 

 

 

(972

)

 

 

(0.02

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax impact on Company Drive-Ins sale (1)

 

 

 

 

317

 

 

 

0.00

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

FIN 48 release of income tax credits and deductions

 

 

 

 

(3,038

)

 

 

(0.06

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from early extinguishment of debt

 

 

 

 

8,750

 

 

 

0.18

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax impact on debt extinguishment(2)

 

 

 

 

(3,027

)

 

 

(0.06

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate

 

 

 

 

(1,875

)

 

 

(0.04

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax impact on real estate sale (3)

 

 

 

 

664

 

 

 

0.01

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Retroactive benefit of Work Opportunity Tax Credit and resolution of tax matters

 

 

 

 

(585

)

 

 

(0.01

)

 

 

(666

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

Federal tax benefit of prior-year statutory tax deduction

 

 

 

 

-

 

 

 

-

 

 

 

(3,199

)

 

 

(0.06

)

 

 

 

 

 

 

 

 

 

 

 

 

Change in deferred tax valuation allowance

 

 

 

 

-

 

 

 

-

 

 

 

(1,701

)

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

Retroactive effect of federal tax law change

 

 

 

 

-

 

 

 

-

 

 

 

612

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted - Non-GAAP

 

 

 

$

64,301

 

 

$

1.29

 

 

$

59,531

 

 

$

1.10

 

 

$

4,770

 

 

8

%

 

$

0.19

 

17

%

_________

(1)

 

Tax impact during the period at an adjusted effective tax rate of 32.6%.

(2)

 

Tax impact during the period at an effective tax rate of 34.6%.

(3)

 

Tax impact during the period at an adjusted effective tax rate of 35.4%

 

 

 

Fiscal Year 2017 Outlook

While the macroeconomic environment may impact results, the company expects adjusted earnings per share for fiscal year 2017 to be in the range of down 7% to flat year over year. The outlook for fiscal 2017 anticipates the following elements:

  • (2)% to 0% same-store sales for the system;
  • Royalty revenue growth from new unit development;
  • 65 to 75 new franchise drive-in openings;
  • Drive-in-level margins of 16-17%, depending upon the timing of drive-in divestitures and the degree of same-store sales growth at company drive-ins;
  • Selling, general and administrative expenses of approximately $85.0 million to $86.0 million reflecting increased investment in human resources and technology to support brand initiatives;
  • Depreciation and amortization expense of $42.0 million to $44.0 million reflecting the divestiture of company drive-ins as previously announced;
  • Capital expenditures of $40 million to $45 million reflecting ongoing investment into the company's technology initiatives;
  • Free cash flow (1) of approximately $60 million to $65 million;
  • An income tax rate between 35.0% to 36.0%;
  • The planned repurchase of at least $173 million of stock across the fiscal year, inclusive of refranchising proceeds; and
  • An expected quarterly cash dividend of $0.14 per share.

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

Earnings Conference Call

The company will host a conference call to review financial results at 5:00 PM ET this evening. The conference call can be accessed live over the phone by dialing (877) 419-6590 or (719) 325-4786 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 5500371. The replay will be available until Monday, October 31, 2016. 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 drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC's 3,500 drive-in locations are owned and operated by local business men and women. Over more than 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC's Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated more than $5 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in today's youth. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn more about SONIC's Limeades for Learning initiative, please visit Limeadesforlearning.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.

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.

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,

 

 

 

 

2016

 

2015

 

2016

 

2015

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Drive-In sales

 

 

 

$

111,456

 

$

125,215

 

$

425,795

 

$

436,031

Franchise Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties and fees

 

 

 

 

47,663

 

 

46,967

 

 

170,319

 

 

161,342

Lease revenue

 

 

 

 

2,327

 

 

1,970

 

 

7,459

 

 

5,583

Other

 

 

 

 

672

 

 

1,114

 

 

2,747

 

 

3,133

Total revenues

 

 

 

 

162,118

 

 

175,266

 

 

606,320

 

 

606,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and packaging

 

 

 

 

30,888

 

 

34,573

 

 

118,136

 

 

121,701

Payroll and other employee benefits

 

 

 

 

38,625

 

 

41,752

 

 

150,260

 

 

151,801

Other operating expenses, exclusive of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

depreciation and amortization included below

 

 

 

 

22,974

 

 

24,952

 

 

88,424

 

 

90,436

Total cost of Company Drive-In sales

 

 

 

 

92,487

 

 

101,277

 

 

356,820

 

 

363,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

 

 

19,748

 

 

21,711

 

 

82,089

 

 

79,336

Depreciation and amortization

 

 

 

 

10,956

 

 

11,258

 

 

44,418

 

 

45,892

Provision for impairment of long-lived assets

 

 

 

 

155

 

 

1,393

 

 

232

 

 

1,440

Other operating (income) expense, net

 

 

 

 

(1,543)

 

 

(902)

 

 

(4,691)

 

 

(945)

Total costs and expenses

 

 

 

 

121,803

 

 

134,737

 

 

478,868

 

 

489,661

Income from operations

 

 

 

 

40,315

 

 

40,529

 

 

127,452

 

 

116,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

7,249

 

 

6,133

 

 

26,714

 

 

25,114

Interest income

 

 

 

 

(190)

 

 

(118)

 

 

(516)

 

 

(408)

Debt extinguishment costs

 

 

 

 

-

 

 

-

 

 

8,750

 

 

-

Net interest expense

 

 

 

 

7,059

 

 

6,015

 

 

34,948

 

 

24,706

Income before income taxes

 

 

 

 

33,256

 

 

34,514

 

 

92,504

 

 

91,722

Provision for income taxes

 

 

 

 

7,819

 

 

8,218

 

 

28,437

 

 

27,237

Net income

 

 

 

$

25,437

 

$

26,296

 

$

64,067

 

$

64,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share

 

 

 

$

0.54

 

$

0.51

 

$

1.32

 

$

1.23

Diluted income per share

 

 

 

$

0.53

 

$

0.50

 

$

1.29

 

$

1.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares

 

 

 

 

47,237

 

 

51,736

 

 

48,703

 

 

52,572

Weighted average diluted shares

 

 

 

 

48,037

 

 

52,936

 

 

49,669

 

 

53,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SONIC CORP.

Unaudited Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Fiscal Year Ended

 

 

 

 

August 31,

 

August 31,

 

 

 

 

2016

 

2015

 

2016

 

2015

Drive-Ins in Operation:

 

 

 

 

 

 

 

 

 

 

Company:

 

 

 

 

 

 

 

 

 

 

Total at beginning of period

 

 

 

375

 

 

394

 

 

387

 

 

391

 

Opened

 

 

 

1

 

 

-

 

 

1

 

 

3

 

Sold to franchisees

 

 

 

(29

)

 

(7

)

 

(38

)

 

(6

)

Closed (net of re-openings)

 

 

 

(2

)

 

-

 

 

(5

)

 

(1

)

Total at end of period

 

 

 

345

 

 

387

 

 

345

 

 

387

 

Franchise:

 

 

 

 

 

 

 

 

 

 

Total at beginning of period

 

 

 

3,168

 

 

3,118

 

 

3,139

 

 

3,127

 

Opened

 

 

 

18

 

 

18

 

 

52

 

 

38

 

Acquired from the company

 

 

 

29

 

 

7

 

 

38

 

 

6

 

Closed (net of re-openings)

 

 

 

(3

)

 

(4

)

 

(17

)

 

(32

)

Total at end of period

 

 

 

3,212

 

 

3,139

 

 

3,212

 

 

3,139

 

System-wide:

 

 

 

 

 

 

 

 

 

 

Total at beginning of period

 

 

 

3,543

 

 

3,512

 

 

3,526

 

 

3,518

 

Opened

 

 

 

19

 

 

18

 

 

53

 

 

41

 

Closed (net of re-openings)

 

 

 

(5

)

 

(4

)

 

(22

)

 

(33

)

Total at end of period

 

 

 

3,557

 

 

3,526

 

 

3,557

 

 

3,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Fiscal Year Ended

 

 

 

 

August 31,

 

August 31,

 

 

 

 

2016

 

2015

 

2016

 

2015

 

 

 

 

($ in thousands)

 

($ in thousands)

Sales Analysis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

 

 

$

111,456

 

 

$

125,215

 

 

$

425,795

 

 

$

436,031

 

Average drive-in sales

 

 

 

 

313

 

 

 

319

 

 

 

1,142

 

 

 

1,116

 

Change in same-store sales

 

 

 

 

(3.0)

%

 

 

4.5

%

 

 

1.7

%

 

 

6.9

%

Franchised Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

 

 

$

1,125,655

 

 

$

1,121,219

 

 

$

4,092,303

 

 

$

3,931,365

 

Average drive-in sales

 

 

 

 

355

 

 

 

360

 

 

 

1,301

 

 

 

1,261

 

Change in same-store sales

 

 

 

 

(1.8)

%

 

 

4.9

%

 

 

2.7

%

 

 

7.3

%

System-wide:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in total sales

 

 

 

 

(0.8)

%

 

 

5.9

%

 

 

3.5

%

 

 

8.3

%

Average drive-in sales

 

 

 

$

351

 

 

$

355

 

 

$

1,284

 

 

$

1,244

 

Change in same-store sales

 

 

 

 

(2.0)

%

 

 

4.9

%

 

 

2.6

%

 

 

7.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

2016

 

2015

 

2016

 

2015

 

 

 

 

(In thousands)

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Drive-In sales

 

 

 

$

111,456

 

$

125,215

 

$

425,795

 

$

436,031

Franchise Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Franchise royalties

 

 

 

 

47,126

 

 

46,259

 

 

168,691

 

 

158,813

Franchise fees

 

 

 

 

537

 

 

708

 

 

1,628

 

 

2,529

Lease revenue

 

 

 

 

2,327

 

 

1,970

 

 

7,459

 

 

5,583

Other

 

 

 

 

672

 

 

1,114

 

 

2,747

 

 

3,133

Total revenues

 

 

 

$

162,118

 

$

175,266

 

$

606,320

 

$

606,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Fiscal Year Ended

 

 

August 31,

 

August 31,

 

 

2016

 

2015

 

2016

 

2015

Margin Analysis (percentage of Company Drive-In sales):

 

 

 

 

 

 

 

 

 

 

 

 

Company Drive-Ins:

 

 

 

 

 

 

 

 

 

 

 

 

Food and packaging

 

27.7

%

 

27.6

%

 

27.7

%

 

27.9

%

Payroll and employee benefits

 

34.7

 

 

33.4

 

 

35.3

 

 

34.8

 

Other operating expenses

 

20.6

 

 

19.9

 

 

20.8

 

 

20.8

 

Cost of Company Drive-In sales

 

83.0

%

 

80.9

%

 

83.8

%

 

83.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

August 31,

 

August 31,

 

 

 

 

2016

 

2015

 

 

 

 

(In thousands)

Selected Balance Sheet Data:

 

 

 

 

Cash and cash equivalents

 

 

 

$

72,092

 

$

27,191

Current assets

 

 

 

 

137,657

 

 

85,438

Property, equipment and capital leases, net

 

 

 

 

402,162

 

 

421,406

Total assets

 

 

 

$

659,995

 

$

620,024

 

 

 

 

 

 

 

 

 

Current liabilities, including capital lease obligations and

 

 

 

 

 

 

 

 

long-term debt due within one year

 

 

 

$

74,663

 

$

87,821

Obligations under capital leases due after one year

 

 

 

 

17,391

 

 

20,763

Long-term debt due after one year

 

 

 

 

577,521

 

 

428,238

Total liabilities

 

 

 

 

735,638

 

 

602,591

Stockholders' equity (deficit)

 

 

 

$

(75,643)

 

$

17,433

SOURCE Sonic Corp.

Contact:

Corey Horsch
Sonic Corp.
Vice President of Investor Relations and Treasurer
(405) 225-4800

###

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