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Sonic Reports Improved Sales And Operating Income

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.

           
Quarter Ended Quarter Ended
February 29, 2012 February 28, 2011
Net   Diluted Net   Diluted Net Income Diluted EPS
Income   EPS Income   EPS

$ Change

  % Change  

$ Change

  % Change

Reported - GAAP

$ 1,677 $ 0.03 $ 4,348 $ 0.07 ($2,671 ) -61 % ($0.04 ) -57 %

 

After-tax impact of gain from early extinguishment of debt

- - (3,321 ) (0.05 ) - - - -
                                               
Adjusted - Non-GAAP $ 1,677   $ 0.03 $ 1,027     $ 0.02   $ 650     63 % $ 0.01     50 %
 

Net income for the first half of fiscal 2012 totaled $7.2 million or $0.12 per diluted share compared with $11.6 million or $0.19 per diluted share in the first half of fiscal 2011. Excluding a $1.1 million tax benefit recognized in the first fiscal quarter of 2011 and the gain on early extinguishment of debt recognized in the second fiscal quarter of 2011, net income for the first half of fiscal 2011 was $7.2 million and net income per diluted share for the first half of fiscal 2011 was $0.12.

           
Six Months Ended Six Months Ended
February 29, 2012 February 28, 2011
Net   Diluted Net   Diluted Net Income Diluted EPS
Income   EPS Income   EPS

$ Change

  % Change  

$ Change

  % Change
Reported - GAAP $ 7,176 $ 0.12 $ 11,590 $ 0.19 ($4,414 ) -38 %   ($0.07 ) -37 %
 
After-tax impact of gain from early extinguishment of debt - - (3,321 ) (0.05 ) - - - -
 
Tax benefit from favorable tax settlement - - (1,073 ) (0.02 ) - - - -
                                               
Adjusted - Non-GAAP $ 7,176   $ 0.12 $ 7,196     $ 0.12   $ (20 )   -     -     -  
 

Same-Store Sales

For the second fiscal quarter ended February 29, 2012, system-wide same-store sales increased 3.5% versus the same quarter in the prior year. These sales reflected an increase of 3.6% at franchise drive-ins and a 3.1% increase at company drive-ins. For the first six months of fiscal 2012, system-wide same-store sales increased 1.7% compared to the same period in the prior year, reflecting an increase of 1.7% for franchise drive-ins and an increase of 1.4% for company drive-ins.

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