Sonic Reports 22% Earnings Growth For First Quarter 2013

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.

SONIC CORP.
Unaudited Supplemental Information
(In thousands, except per share amounts)
			First Quarter Ended
			November 30,
				2012					2011
Statement of Operations
Revenues:
Company Drive-In sales			$	93,456				$	96,782
Franchise Drive-Ins:
Franchise royalties and fees				29,920					29,076
Lease revenue				1,486					1,288
Other				1,146					1,133
				126,008					128,279
Costs and expenses:
Company Drive-Ins:
Food and packaging				26,632					27,725
Payroll and other employee benefits				33,465					35,084
Other operating expenses, exclusive of
depreciation and amortization included below				21,976					22,911
				82,073					85,720
Selling, general and administrative				16,130					15,417
Depreciation and amortization				10,595					10,466
Other operating (income) expense, net				7					(78	)
				108,805					111,525
Income from operations				17,203					16,754
Interest expense				7,675					8,041
Interest income				(141	)				(164	)
Net interest expense				7,534					7,877
Income before income taxes				9,669					8,877
Provision for income taxes				3,536					3,378
Net income			$	6,133				$	5,499
Net income per share:
Basic			$	0.11				$	0.09
Diluted			$	0.11				$	0.09
Weighted average shares used in calculation:
Basic				57,672					61,693
Diluted				58,085					61,737

SONIC CORP.
Unaudited Supplemental Information
			First Quarter Ended
			November 30,
				2012					2011
Drive-Ins in Operation
Company:
Total at beginning of period				409					446
Opened				-					-
Sold to franchisees				-					-
Closed (net of re-openings)				-					-
Total at end of period				409					446
Franchise:
Total at beginning of period				3,147					3,115
Opened				1					2
Acquired from company				-					-
Closed (net of re-openings)				(8	)				(8	)
Total at end of period				3,140					3,109
System-wide:
Total at beginning of period				3,556					3,561
Opened				1					2
Closed (net of re-openings)				(8	)				(8	)
Total at end of period				3,549					3,555
			First Quarter Ended
			November 30,
				2012					2011
			($ in thousands)
Sales Analysis
Company drive-ins:
Total sales			$	93,456				$	96,782
Average drive-in sales				230					218
Change in same-store sales				4.2	%				-0.1	%
Franchised drive-ins:
Total sales			$	808,660				$	781,703
Average drive-in sales				262					251
Change in same-store sales				2.9	%				0.2	%
System-wide:
Change in total sales				2.7	%				0.5	%
Average drive-in sales			$	258				$	247
Change in same-store sales				3.0	%				0.1	%

Note: Change in same-store sales based on restaurants open for a minimum of 15 months.

SONIC CORP.
Unaudited Supplemental Information
			First Quarter Ended
			November 30,
			2012				2011
Margin Analysis (percentage of Company Drive-In sales)
Company Drive-Ins:
Food and packaging			28.5	%			28.6	%
Payroll and employee benefits			35.8	%			36.3	%
Other operating expenses			23.5	%			23.7	%
			87.8	%			88.6	%
											November 30,			August 31,
											2012			2012
Balance Sheet Data											(In thousands)
Cash and cash equivalents											42,730			52,647
Current assets											122,775			107,151
Property, equipment and capital leases, net											399,064			443,008
Total assets											656,807			680,760
Current liabilities, including capital lease obligations and long-term debt due within one year											70,550			80,516
Obligations under capital leases due after one year											26,300			27,377
Long-term debt due after one year											462,854			466,613
Total liabilities											608,161			621,513
Stockholders' equity											48,646			59,247

SONC-G

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