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Sonic Doubles Earnings Per Share For Second Fiscal Quarter 2013

Financial Overview

For the second fiscal quarter ended February 28, 2013, the company's net income totaled $3.6 million or $0.06 per diluted share compared with net income of $1.7 million or $0.03 per diluted share in the same period prior year. Excluding a $0.9 million tax benefit that includes the retroactive reinstatement of the Work Opportunity Tax Credit (WOTC) and resolution of certain tax matters, as well as a $0.5 million ($0.3 million after-tax) charge from the write-off of debt origination costs associated with the $20.0 million early extinguishment of debt, net income per diluted share was $0.05 for the second quarter of fiscal 2013.

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 28, 2013 February 29, 2012
Net Diluted Net Diluted Net Income Diluted EPS
Income EPS Income EPS $ Change   % Change     $ Change   % Change  
$ 3,577 $ 0.06 $ 1,677 $ 0.03 $ 1,900 113 % $ 0.03 100 %
Reported - GAAP

After-tax loss from early extinguishment of debt
315 0.01 - -
Retroactive tax benefit of WOTC and resolution of tax matters
(857 ) (0.02 ) - -
Adjusted - Non-GAAP $ 3,035 $ 0.05 $ 1,677 $ 0.03 $ 1,358 81 % $ 0.02 67 %

Company drive-in sales in the second quarter of fiscal 2013 decreased by $3.5 million compared to the second quarter of fiscal 2012 primarily as a result of the refranchising of 34 company drive-ins during the second fiscal quarter of 2012, partially offset by an increase in same-store sales.

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