CEO Cliff Hudson appeared on the show and acknowledged the recent decline in the burger chain's stock but said the company continues to perform well with its food, service, and marketing efforts.
The CEO said Sonic serves customers at all five portions of the day, from breakfast to late-night snacks. Furthermore, Sonic offers different products for each segment, markets them separately, and typically sees different customers at each time. These factors combine to help strengthen the business.
Cramer asked about the company's share buyback, and Hudson confirmed that the repurchase program is still in place. Sonic will continue to use its significant cash flow to buy back more shares throughout 2015 and 2016, he added.
Cramer told viewers to forget about the fluctuations in the stock price in the short term and buy the stock for the long term. He expanded on that viewpoint on Friday morning.
"I think Sonic will be in the market buying back stock with gusto in the second half of the year and you MUST get in ahead of it," Cramer said.
Separately, TheStreet Ratings team rates SONIC CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SONIC CORP (SONC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."