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Sonic Reports Strong Fourth Fiscal Quarter 2013 Financial Results

Stocks in this article: SONC

Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants, today announced results for the fourth quarter and fiscal year ended August 31, 2013.

Key highlights of the company's fourth fiscal quarter included:

  • The company's net income was $0.21 per diluted share compared with net income per diluted share of $0.25 in the fourth fiscal quarter of fiscal 2012;
  • Excluding certain adjustments, which are detailed below, net income per diluted share increased 20% to $0.30 from $0.25 in the fourth fiscal quarter of 2012; and
  • As previously announced, system-wide same-store sales increased 5.9% during the fourth fiscal quarter, consisting of a 6.0% same-store sales increase at franchise drive-ins and an increase of 5.2% at company drive-ins.

Key highlights of the company's fiscal year 2013 included:

  • The company's net income was $0.64 per diluted share compared with net income per diluted share of $0.60 in fiscal 2012;
  • Excluding certain adjustments, which are detailed below, net income per diluted share increased 20% to $0.72 from $0.60 in fiscal 2012;
  • System-wide same-store sales increased 2.3%, consisting of a 2.3% same-store sales increase at franchise drive-ins and an increase of 2.5% at company drive-ins;
  • Company drive-in margins improved by 60 basis points; and
  • The company purchased $35.5 million in stock representing 6% of the company’s outstanding shares.

“Strong same-store sales during our summer quarter highlighted the strength and momentum of our business,” said Cliff Hudson, Chairman, Chief Executive Officer and President. “We are very pleased with our sales and profit performance in our fourth quarter and for fiscal year 2013, which resulted in an earnings per share increase for each period of 20% on an adjusted basis. As we look to fiscal year 2014, we will continue to focus on key initiatives such as increased media effectiveness, our innovative product pipeline and layered day-part promotional strategy to continue to drive same-store sales growth and, in turn, margin improvement.”

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