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Sonic Doubles Earnings Per Share For Second Fiscal Quarter 2013

For the first six months of fiscal 2013, net income totaled $9.7 million or $0.17 per diluted share compared with net income of $7.2 million or $0.12 per diluted share for the same period in 2012. Excluding the items outlined below, net income and net income per diluted share increased 29% and 33%, respectively.

Six Months Ended   Six Months Ended        
February 28, 2013 February 29, 2012
Net Diluted Net Diluted Net Income Diluted EPS
Income EPS Income EPS $ Change   % Change     $ Change   % Change  
$ 9,710 $ 0.17 $ 7,176 $ 0.12 $ 2,534 35 % $ 0.05 42 %
Reported - GAAP
 
After-tax loss from early extinguishment of debt
315 0.01 - -
 
Retroactive tax benefit of WOTC and resolution of tax matters
(743 ) (0.02 ) - -
                   
Adjusted - Non-GAAP $ 9,282 $ 0.16 $ 7,176 $ 0.12 $ 2,106 29 % $ 0.04 33 %

Company drive-in sales for the first six months of fiscal 2013 decreased by $6.8 million compared to the same period prior year 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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