Sonic Announces Preliminary Q4 Sales, Shares Rise (SONC)

Thu. September 17, 2009; Posted: 11:13 AM

Sep 17, 2009 (SmarTrend(R) News Watch via COMTEX) -- SONC | Quote | Chart | News | PowerRating -- 9/17/2009 - Sonic Corporation (NASDAQ:SONC) announced preliminary sales for its fourth fiscal quarter of 2009, which ended on August 31. The company estimates that same-store sales fell by about 4.5%, with partner drive-ins falling 5.4%. Chairman and CEO Clifford Hudson said, "During the past year, we have worked hard and have been pleased with the implementation of a slate of initiatives, which includes a new strategic pricing model, increased focus on customer service and the introduction of the Everyday Value Menu. In particular, the Everyday Value Menu has succeeded in driving traffic, which is critical in this environment." Speaking on the company's refranchising initiative, he added, "During the year, we completed the refranchising of approximately 200 partner drive-ins to both new and existing franchisees, reflecting the confidence our franchisees have in our brand. With this initiative nearly complete, we have achieved our goal to decrease both financial and operational risks to our stockholders." The company is expecting FY 2010 net income per diluted share to grow by 10% to 12% from 2009 levels, excluding special gains and impairment charges. Shares of SONC rose 4.7% in early Thursday trading.

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Sonic Corp (SONC) click here. Sonic Corp (SONC) has Short Term PowerRatings of 4. Details on Sonic Corp (SONC) Short Term PowerRatings is available at This Link.

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