Sonic promotes Claudia S. San Pedro to president and Corey R. Horsch to chief financial officer

Sonic promotes Claudia S. San Pedro to president and Corey R. Horsch to chief financial officer

 

Treasurer elected to chief financial officer and hotel veteran elected to board of directors

OKLAHOMA CITY, 2018-Feb-06 — /EPR Retail News/ — Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today (Feb 2, 2018) announced promotions of Claudia S. San Pedro to president and Corey R. Horsch to chief financial officer. Shareholders also elected S. Kirk Kinsell to the board of directors.

Ms. San Pedro most recently served the company as executive vice president and chief financial officer. A twelve-year veteran of Sonic, Ms. San Pedro joined the company as treasurer and was subsequently promoted to vice president of investor relations. Appointed chief financial officer in 2015, she led all financial strategies for the company and planning practices, as well as the brand’s relationship with lending institutions, shareholders, and the financial community. In her new role, Ms. San Pedro’s responsibilities include franchisee relations, supply chain, franchise sales and development, and business planning. She will provide oversight of the finance function as well.

Filling Ms. San Pedro’s vacated role of chief financial officer is Corey Horsch. Mr. Horsch joined Sonic as vice president of investor relations and treasurer in 2015. In his new role, he is responsible for all financial planning, internal audit, accounting and tax, while maintaining leadership for the investor relations and treasury functions.

Newly elected to the board is Kirk Kinsell for a three-year term. Mr. Kinsell is a seasoned hospitality executive with more than 30 years of operational, franchising and management experience in the hotel sector who currently serves as principal partner of Panther Ridge Partners, LLC, an investment and advisory company focused on the hospitality sector. He previously served as president and CEO of Loews Hotels and Resorts.

“I am delighted to promote Claudia to president and Corey to chief financial officer,” said Cliff Hudson, Sonic Corp. CEO. “Claudia’s focus on building relationships, business acumen and strategic mindset position the company well for future growth. Claudia is a highly skilled leader with an eye for developing talent, as evidenced by our ability to seamlessly transition Corey into the CFO role. Her readiness for this new role has been evidenced by the leadership she has shown to date, and I welcome her executive partnership.

“Additionally, we are excited to welcome Kirk as a new independent director to our board. His executive experience in the hospitality industry nicely complements the breadth of experience on our board.”

Existing directors re-elected to the Sonic Corp. board are Steven A. Davis and Kate S. Lavelle. Continuing director Jeffrey H. Schutz was elected by his peers to serve as lead independent director. Other continuing board members are Tony D. Bartel, R. Neal Black, Lauren R. Hobart, Federico R. Peña, Susan E. Thronson, Kathryn L. Taylorand Cliff Hudson. Retiring from the board are long-standing directors J. Larry Nichols, who served on the board for 11 years, and Frank E. Richardson, who served on the board since 1991.

“We greatly appreciate Larry’s and Frank’s many years of service to Sonic as stewards of our shareholders’ interests,” continued Mr. Hudson. “They both provided outstanding leadership during their tenures as Board members and especially during their tenures as lead independent directors.”

About SONIC, America’s Drive-In

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. Nearly 94 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. For 65 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated $9.5 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in their students. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn more about SONIC’s Limeades for Learning initiative, please visit LimeadesforLearning.com.

Contact:
Christi Woodworth 4
405-225-5600
Vice President of Public Relations

Source: Sonic Corp.

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Sonic’s announces the departure of its president and chief marketing officer Todd Smith

OKLAHOMA CITY, 2017-Feb-09 — /EPR Retail News/ — Sonic Corp. (NASDAQ:SONC), the nation’s largest chain of drive-in restaurants, today (Feb 8, 2017) announced that Todd Smith, president and chief marketing officer, will resign from the position effective March 9, 2017. Smith will serve in a transition role through that date and then will pursue an entrepreneurial opportunity outside of the quick-service restaurant industry. A search is underway to fill the chief marketing position and those duties will be allocated among current members of management in the interim.

“In Todd’s nearly five years at SONIC, he shifted our marketing strategy to deploy digital communications both onlot at SONIC and offlot through media channels,” said Cliff Hudson, CEO. “We thank Todd for the numerous contributions he has made to the brand and wish him great success in the future.”

“As a lifelong SONIC fan, leading the marketing function for this brand was an incredible opportunity and experience,” said Smith. “I’m proud of my team and the work we’ve done together over the past five years.”

Smith joined SONIC in 2012 as vice president of national marketing and was promoted to chief marketing officer in 2015, prior to his most recent role.

About SONIC, America’s Drive-In

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. More than 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. For 64 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated $7.4 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in today’s youth. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit http://sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn about SONIC’s Limeades for Learning initiative, please visit Limeadesforlearning.com.

Contact:
Christi Woodworth
(405) 225-5600
Vice President of Public Relations

Source: Sonic Corp.

Sonic announces the appointment of Christina Bell Vaughan as president of Sonic Restaurants, Inc.

Sonic announces the appointment of Christina Bell Vaughan as president of Sonic Restaurants, Inc.

 

OKLAHOMA CITY, 2017-Jan-25 — /EPR Retail News/ — Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, announced the appointment of Christina Bell Vaughan as president of Sonic Restaurants, Inc. (SRI), the company’s wholly owned subsidiary of drive-in restaurants.

Vaughan is a 15-year veteran of SONIC, joining the company in 2002 in field marketing. After spending a number of years in the field working on both the marketing and operations, Vaughan was appointed vice president of market strategies in 2012. In that role, she led the company’s 20/20 Drive-In initiative to convert SONIC’s 3,500-unit system to new point-of-sale and proprietary point-of-personalized service (POPS) technology. Most recently serving as vice president of franchise operations, Vaughan was responsible for leading, building and maintaining franchisee relationships in the central region of the U.S.

In her role as president of SRI, Vaughan will oversee operations, facilities, field marketing and risk management for all company-owned drive-ins. She also will serve on the executive committee of the Sonic Franchisee Advisory Council, and report directly to the company’s chief executive officer, Cliff Hudson.

“Christina is a common-sense-driven executive leader who has delivered in every position she has held with our company,” said Hudson. “She is a smart strategist, and I am delighted to see her move into such a critical position with our company. Her experience working with franchisees will pay dividends as she moves to manage our owned operations, side by side with franchise owners.”

Vaughan, originally from Kansas City, will be based in SONIC’s headquarters in Oklahoma City.

About SONIC, America’s Drive-In

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. More than 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. For 64 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning campaign in partnership with DonorsChoose.org, SONIC has donated $7.4 million to public school teacher’s classrooms nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in their students. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn about SONIC’s Limeades for Learning initiative, please visit LimeadesforLearning.com.

Contact:
Christi Woodworth
405-225-5600
Vice President of Public Relations

Source: Sonic Corp.

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Sonic Corp. elects Steven A. Davis to its board of directors

OKLAHOMA CITY, 2017-Jan-23 — /EPR Retail News/ — Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today (Jan 19, 2017) announced the election of Steven A. Davis to its board of directors.

Mr. Davis is former chairman and chief executive officer of Bob Evans Farms, Inc. which owns and operates Bob Evans Restaurants and distributes packaged foods at grocery stores under the Bob Evans and Owens brand names. Mr. Davis brings 30 years of restaurant and retail experience having served in a variety of executive and management positions with YUM! Brands and Kraft General Foods.

As a seasoned restaurant and consumer packaged goods executive with significant experience in the areas of marketing and branding, retail food products, mergers and acquisitions, real estate, auditing and finance, the board will benefit from Mr. Davis’ strategic planning skills, leadership and restaurant operating knowledge.

“We are excited to welcome Steve as a new independent director to our board,” said Cliff Hudson, Sonic Corp. CEO. “Steve’s executive experience in the restaurant industry combined with his brand management and consumer packaged goods knowledge nicely complements the breadth of experience on our board.”

Existing directors re-elected to the Sonic Corp. board are Tony D. Bartel, Lauren R. Hobart, Jeffrey H. Schutz and Kathryn L. Taylor. Continuing board members not standing for re-election include R. Neal Black, Kate S. Lavelle, J. Larry Nichols, Federico F. Peña, Frank E. Richardson, Susan E. Thronson and Cliff Hudson.

The company also announced a new antibiotic use policy for chicken as part of its animal welfare program beginning effective immediately. The company will require that its suppliers refrain from using antibiotics medically important to human health for the purpose of growth promotion and that antibiotics be administered by a licensed veterinarian and only for the prevention, control or treatment of disease.

The company is also reviewing its policies regarding antibiotics use for beef and pork.

About SONIC, America’s Drive-In

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. More than 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. For 64 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning campaign in partnership with DonorsChoose.org, SONIC has donated $7.4 million to public school teacher’s classrooms nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in their students. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn about SONIC’s Limeades for Learning initiative, please visit LimeadesforLearning.com.

Contact:
Christi Woodworth
405-225-5600
Vice President of Public Relations

Source: Sonic Corp.

Sonic Corp. announces first quarter of fiscal year 2017 results

OKLAHOMA CITY, 2017-Jan-05 — /EPR Retail News/ — Sonic Corp. (NASDAQ:SONC), the nation’s largest chain of drive-in restaurants, today (Jan 4, 2017) announced results for its first fiscal quarter ended November 30, 2016.

Key highlights of the company’s first quarter of fiscal year 2017 included:

  • Net income per diluted share increased 17% to $0.28 compared with $0.24 in the same period of the prior year; adjusted net income per diluted share was flat versus the prior-year period at $0.24;
  • System same-store sales declined 2.0%, consisting of a 2.0% same-store sales decrease at franchise drive-ins and 2.4% decrease at company drive-ins;
  • Company drive-in margins declined by 150 basis points;
  • Fourteen new franchise drive-ins opened and 56 drive-ins were refranchised; and
  • The company repurchased 2.0 million outstanding shares.

“Our first quarter results reflect a sluggish consumer landscape and exceptionally strong prior-year performance,” said Cliff Hudson, Sonic Corp.CEO. “Although the business faces even tougher sales and margin hurdles in the second fiscal quarter, we remain optimistic in our ability to show sequential same-store sales and profitability improvement beginning in the second half of fiscal 2017.

“Our unit growth, capital structure, refranchising and technology initiatives are performing well,” continued Hudson. “We refranchised 56 drive-ins during the quarter and remain confident that we will complete our targeted refranchising transactions prior to the end of the third fiscal quarter, leaving us with a more efficient, higher-margin portfolio of company-owned stores. We are also pleased to have repurchased 2 million shares in the first quarter of 2017, representing 4% of shares outstanding, while continuing to invest in the people, development and content that will drive our consumer-facing technology to the next level.”

Same-Store Sales

For the first quarter ended November 30, 2016, system same-store sales decreased 2.0%, which was comprised of a 2.0% same-store sales decline at franchise drive-ins and a decline of 2.4% at company drive-ins.

Financial Overview

For the first fiscal quarter of 2017, the company’s net income totaled $13.1 million or $0.28 per diluted share compared to net income of$12.5 million or $0.24 per diluted share in the same period of the prior year. Excluding the items outlined below, net income declined 9% and net income per diluted share was flat.

The following analysis of non-GAAP adjustments is intended to supplement the presentation of the company’s financial results in accordance with GAAP. The company believes that the presentation of this analysis 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.

Fiscal Year 2017 Outlook

While the macroeconomic environment may impact results, the company continues to expect adjusted earnings per share for fiscal year 2017 to be in the range of down 7% to flat year over year. The outlook for fiscal 2017 anticipates the following elements:

  • (2)% to 0% same-store sales for the system;
  • Royalty revenue growth from new unit development;
  • 65 to 75 new franchise drive-in openings;
  • Drive-in-level margins of 16% to 17%, depending upon the timing of drive-in divestitures and the degree of same-store sales growth at company drive-ins;
  • Selling, general and administrative expenses of approximately $84.0 million reflecting increased investment in human resources and technology to support brand initiatives;
  • Depreciation and amortization expense of $37.5 million to $38.5 million reflecting the divestiture of company drive-ins as previously announced;
  • Net interest expense of approximately $26.5 million to $27.5 million;
  • Capital expenditures of $40 million to $45 million reflecting ongoing investment into the company’s technology initiatives;
  • Free cash flow(1) of approximately $60 million;
  • An income tax rate between 35.0% to 36.0%;
  • The planned use of the remaining $122 million share repurchase authorization across the fiscal year, inclusive of refranchising proceeds; and
  • An expected quarterly cash dividend of $0.14 per share.

Earnings Conference Call

The company will host a conference call to review financial results at 5:00 PM ET this evening. The conference call can be accessed live over the phone by dialing (888) 297-0353 or (719) 325-2410 for international callers. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 2683899. The replay will be available until Wednesday, January 11, 2017. An online replay of the conference call will be available approximately two hours after the conclusion of the live broadcast. A link to this event may be found on the company’s investor relations website at http://ir.sonicdrivein.com/.

About Sonic

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. Over more than 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated more than $5 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in today’s youth. To learn more about Sonic Corp. (NASDAQ/NM:SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn more about SONIC’s Limeades for Learning initiative, please visit Limeadesforlearning.com.

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Contact:
Corey Horsch
405-225-4800
Vice President of Investor Relations and Treasurer

Source: Sonic Corp.

Sonic Corp. announces preliminary results for its fourth fiscal quarter ended August 31, 2016

OKLAHOMA CITY, 2016-Sep-28 — /EPR Retail News/ — Sonic Corp. (NASDAQ:SONC), the nation’s largest chain of drive-in restaurants, today (Sep 27, 2016) announced preliminary results for its fourth fiscal quarter ended August 31, 2016.

The company estimates that system-wide same-store sales for its fourth fiscal quarter decreased approximately 2.0%. Estimated same-store sales performance reflects a decrease of approximately 3.0% at company drive-ins and a decrease of approximately 1.8% at franchise drive-ins for the fourth fiscal quarter. Additionally, net income per diluted share is anticipated to be $0.51 to $0.53. Adjusted net income per diluted share is estimated to be $0.43 to $0.45 for the fourth fiscal quarter.

“While we delivered a solid overall fiscal 2016 performance with 2.6% system-wide same-store sales growth, the fourth quarter was below our expectations from both a sales and a profit perspective,” said Cliff Hudson, Sonic Corp. CEO. “The shortfall was largely driven by lower-than-expected traffic, reflecting lower consumer spending in restaurants and continued aggressive competitive activity. As we look ahead to fiscal 2017, we remain focused on delivering one of the most differentiated customer experiences in the quick service industry with innovative products, targeted value propositions and outstanding customer service.”

In the fourth fiscal quarter, 19 new drive-ins were opened. In fiscal 2016, 53 new drive-ins were opened. On a net basis, the brand saw an increase of 31 drive-ins for fiscal 2016, representing a 1% increase in system drive-ins.

Preliminary results remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. Final results for the fourth fiscal quarter of 2016 as well as the company’s outlook for fiscal year 2017 will be released on October 24, 2016.

Fourth Fiscal Quarter 2016 Earnings Call

The company will release results for the quarter ended August 31, 2016 at approximately 4:05 PM ET on Monday, October 24, 2016. The company will host a conference call to review financial results at 5:00 PM ET that evening. The conference call can be accessed live over the phone by dialing (877) 419-6590 or (719) 325-4786 for international callers. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 5500371. The replay will be available until Monday, October 31, 2016. An online replay of the conference call will be available approximately two hours after the conclusion of the live broadcast. A link to this event may be found on the company’s investor relations website at http://ir.sonicdrivein.com/.

About Sonic

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. Over more than 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated more than $6 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in today’s youth. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn more about SONIC’s Limeades for Learning initiative, please visit Limeadesforlearning.com.

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Contact:
Corey Horsch
405-225-4800
Vice President, Investor Relations and Treasurer

Source: Sonic Corp.

SONIC® Drive-In to donate $1 million to public school teachers’ classrooms for its eighth Limeades for Learning charitable voting campaign

OKLAHOMA CITY, 2016-Sep-27 — /EPR Retail News/ — Today (Sep 26, 2016), SONIC® Drive-In (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, embarks on its eighth Limeades for Learning charitable voting campaign, putting guests in the driver’s seat to allocate $1 million to public school teachers’ classrooms across the nation. In partnership with DonorsChoose.org, this national award-winning and consumer-driven campaign provides essential materials and supplies enabling teachers to inspire creativity and learning in today’s public school classrooms.

Starting today, Monday, Sept. 26, and extending for four weeks through Sunday, Oct. 23, SONIC empowers guests and fans to make a difference in their local communities by voting for specific public school teacher projects they want to receive SONIC funding at LimeadesforLearning.com. Throughout the voting period, projects with the most votes at the end of each week receive funding, while remaining projects get a chance for funding the following week.

The voting campaign comes on the heels of the brand’s renewed commitment to Limeades for Learning, transitioning from a seasonal to year-round campaign and announcing significantly increased financial support of $15 million over the next five years.

“2016 is a milestone year for Limeades for Learning; this May we announced our $15 million commitment over the next five years to making a difference in public school classrooms across the country,” says Cliff Hudson, SONIC Corp. CEO. “The fall voting campaign we kick off today in partnership with DonorsChoose.org launches our school year calendar of initiatives in support of public school classrooms and allows SONIC to make a much bigger difference in the local communities we are proud to serve.”

SONIC is donating up to $1 million dollars and is funding a classroom project for all eligible teachers in Oklahoma City, Okla., Corpus Christi, Texas and Lafayette, La.

“Since launching our partnership with SONIC in 2009, Limeades for Learning engaged citizen philanthropists to make a difference in their communities coast to coast. To date, SONIC’s gift of $6 million dollars to public school classrooms across the country has helped 11,500 teachers and 349,920 students,” says Charles Best, founder and chief executive officer at DonorsChoose.org. “Our team’s mission is to make sure students in every community are receiving the materials and experiences they need to learn and thrive inside the classroom. It’s our passion to make a change in the future of education and this program makes it easy for anyone in every community to vote and join the movement of enhancing a student’s learning experience one classroom at a time.”

About SONIC, America’s Drive-In

SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. Over more than 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated more than $6 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn more about SONIC’s Limeades for Learning initiative, please visit Limeadesforlearning.com.

About DonorsChoose.org

DonorsChoose.org is an online charity that allows public school teachers across the country to post classroom project requests on their website, www.DonorsChoose.org. Individuals are able to browse the requests and can donate any amount to projects that inspire them. Once a project reaches its funding goal, DonorsChoose.org sends the materials to the school. Teachers and fans can also connect with DonorsChoose.org at facebook.com/DonorsChoose or on Twitter@DonorsChoose.

Contact:
Matthew Young
512-542-2802
matthew.young@cohnwolfe.com

Source: SONIC Drive-In

Sonic Corp. to serve 100% cage-free egg products in its restaurants by 2025

OKLAHOMA CITY, 2016-Feb-04 — /EPR Retail News/ — Sonic Corp. (NASDAQ:SONC), the nation’s largest chain of drive-in restaurants, today announced it will serve 100% cage-free egg products in its restaurants by 2025. Each year, SONIC purchases 155 million eggs to serve 81 million Breakfast Burritos and Breakfast Toaster® sandwiches.

“Today’s customer wants to know their food is sourced responsibly,” said Cliff Hudson, Sonic Corp. CEO. “Our announcement today reinforces SONIC’s continued commitment to the care and welfare of the animals in our supply chain and transparent communication with our customers about our practices.”

“SONIC was one of the first restaurant chains to address animal welfare, and its cage-free announcement now demonstrates how seriously it takes the issue,” said Matthew Prescott, senior food policy director for The Humane Society of the United States. “We welcome SONIC’s shift to cage-free eggs as an important advancement.”

The Company has also committed to eliminating gestation crates for sow housing from its supply chain by 2022 and continues to make progress against that goal.

About SONIC
SONIC, America’s Drive-In, is the nation’s largest drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. For more than 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com or follow us on Facebook and Twitter.

SONC-F

for Sonic Corp.
Christi Woodworth, APR, 405-225-5600
Vice President of Public Relations

Source: Sonic Corp.

News Provided by Acquire Media

Drive-in restaurants chain Sonic reports system-wide same-store sales for its fiscal 2015 of 7.3%

  • Same-Store Sales Growth for the Fourth Fiscal Quarter 2015 Was 4.9%
  • Fourth Fiscal Quarter 2015 Earnings Conference Call Date Announced

OKLAHOMA CITY, 2015-9-16 — /EPR Retail News/ — Sonic Corp. (NASDAQ:SONC), the nation’s largest chain of drive-in restaurants, today announced system-wide same-store sales for its fiscal 2015 of 7.3%. Same-store sales growth reflected an increase of approximately 6.9% at company drive-ins and 7.3% at franchise drive-ins for the year ended August 31, 2015. The Company also announced that system-wide same-store sales for its fourth fiscal quarter increased approximately 4.9%. Same-store sales growth reflected an increase of approximately 4.5% at company drive-ins and approximately 4.9% at franchise drive-ins for the fourth fiscal quarter.

“Fiscal 2015 was a great year for our business and brand. Our multiple initiatives focused on product innovation, multi-day part promotions and effective media, all of which drove annual same-store sales growth of 7.3%. This is particularly noteworthy given our strong performance in fiscal 2014,” said Cliff Hudson, Sonic Corp. CEO. “We also completed $124 million of share repurchases and initiated a quarterly dividend building shareholder value.

“Over the past five years we have driven consistent, positive same-store sales and solid earnings per share growth through our multi-layered growth strategy, which incorporates same-store sales growth, operating leverage, deployment of free cash1, increasing royalty revenues and new drive-in development. We are especially pleased that we have repurchased more than $270 million of outstanding shares since fiscal 2011, representing over 25% of our outstanding shares in that time period.” Hudson continued, “Looking forward, we believe our growth strategy with multiple sales and profit initiatives complemented by new unit growth and our robust share repurchase program and dividends will continue to optimize shareholder value and drive double-digit earnings per share in the near term and long term.”

Fiscal Year 2016 Outlook

While the macroeconomic environment may impact results, the Company expects its initiatives to drive 14% to 18% earnings per share growth for fiscal 2016. The outlook for fiscal 2016 anticipates the following elements:

  • 2% to 4% same-store sales growth for the system;
  • Royalty revenue growth from same-store sales improvements and new unit development;
  • 50 to 60 new franchise drive-in openings, with another year of net unit growth for the system;
  • Drive-in-level margin improvement between 75 to 125 basis points, depending upon the degree of same-store sales growth at company drive-ins;
  • Selling, general and administrative expenses of $81.5 million to $82.5 million reflecting increased investment in human resources to support brand initiatives;
  • Depreciation and amortization expense of $45.5 million to $46.5 million as a result of capital investment in fiscal 2016;
  • An income tax rate between 36.5% to 37.5%;
  • The planned repurchase of $126 million of stock across the fiscal year, with $19 million of the previously announced $145 million authorization purchased in fiscal 2015; and
  • An expected quarterly cash dividend of $0.11 per share.

1 Free cash flow is defined as net income plus depreciation, amortization and stock compensation expenses, less capital expenditures.

Fourth Fiscal Quarter 2015 Earnings Call

The Company will release results for the quarter ended August 31, 2015 at approximately 4:01 PM ET on Monday, October 19, 2015. The Company will host a conference call to review financial results at 5:00 PM ET that evening. The conference call can be accessed live over the phone by dialing (888) 455-2260 or (719) 325-2494 for international callers. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 9318637. The replay will be available until Monday, October 26, 2015. An online replay of the conference call will be available approximately two hours after the conclusion of the live broadcast. A link to this event may be found on the company’s investor relations website at http://ir.sonicdrivein.com/.

About Sonic
SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC’s 3,500 drive-in locations are owned and operated by local business men and women. Over the past 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. To learn more about Sonic Corp.(NASDAQ/NM: SONC), please visit sonicdrivein.com or follow us on Facebook and Twitter.

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

SONC-F

Sonic Corp.
Claudia S. San Pedro, 405-225-4846
Executive Vice President and Chief Financial Officer

Source: Sonic Corp.

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