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Sonic Reports 22% Earnings Growth For First Quarter 2013

Stocks in this article: SONC

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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