Sonic Corp. Declares the First Quarterly Cash Dividend, Payable on November 21, 2014
Aug 7 14
Sonic Corp. announced that its Board of Directors initiated a cash dividend program under which the company will pay a regular quarterly cash dividend to shareholders of its common stock. The Board of Directors declared the first quarterly cash dividend of $0.09 per share of common stock to be paid to shareholders of record as of the close of business on November 12, 2014, with a payment date of November 21, 2014.
SONIC Announces the Launch of Cheesy Bread Dogs
Jul 1 14
SONIC(R) Drive-In announced the launch of Cheesy Bread Dogs, a tasty twist on the traditional hot dog with cheese baked right onto the warm, soft hot dog bun. SONIC's Ultimate Cheese and Bacon Cheesy Bread Dog and the Garlic Parmesan Cheesy Bread Dog are a cheese lover's dream, adding to the already impressive lineup of hot dog options at America's Favorite Drive-In. The two new adventurous offerings are sure to satisfy any summer hot dog cravings. The Ultimate Cheese and Bacon Cheesy Bread Dog takes a warm, soft hot dog bun with cheddar cheese baked right on it and tops the 100% pure beef dog with melty cheddar cheese sauce and crispy bacon. The Garlic Parmesan Cheesy Bread Dog takes the same delicious pure beef dog and warm cheddar bun and adds zesty Garlic Parmesan Sauce and grilled onions for those who like a little zing with their dogs. SONIC created the Cheesy Bread Dog to give food adventurers a way to experiment with familiar favorite menu items, whether they seek the hot dog they knew from their childhood or are trying to beef up their hot dog game with new and creative flavor combinations. Both of the Cheesy Bread Dog options pair well with an icy Slush or creamy Shake to make a crave-worthy drive-in meal perfect for a hot day or fun night. Along with the entire SONIC menu, Cheesy Bread Dogs are available all day, but only for a limited time.
Sonic Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended May 31, 2014 ; Provides Earnings Guidance for the Fourth Quarter and Fiscal Year 2014 ; Plans to Open 15 to 20 New Drive-In Openings
Jun 23 14
Sonic Corp. announced unaudited consolidated earnings results for the third quarter and nine months ended May 31, 2014. For the quarter, the company reported total revenues of $152,187,000 against $146,634,000 a year ago. Income from operations was $31,681,000 against $29,994,000 a year ago. Income before income taxes was $25,465,000 against $22,977,000 a year ago. Net income was $16,776,000 or $0.30 per diluted share against $14,793,000 or $0.26 per basic and diluted share a year ago. System-wide same-store sales increased 5.3%, which was comprised of a 5.3% same-store sales increase at franchise drive-ins and an increase of 5.2% at company drive-ins.
For the nine months, the company reported total revenues of $388,580,000 against $383,783,000 a year ago. Income from operations was $62,389,000 against $59,215,000 a year ago. Income before income taxes was $43,667,000 against $36,892,000 a year ago. Net income was $29,091,000 or $0.51 per diluted share against $24,503,000 or $0.43 per basic and diluted share a year ago. Non-GAAP net income was $28,607,000 or $0.50 per diluted share compared to $24,075,000 or $0.42 per diluted share a year ago.
For the fiscal year 2014, the company expects its initiatives to drive 14% to 15% earnings per share growth as compared to the adjusted non-GAAP earnings per share for fiscal 2013. The macroeconomic environment and its impact on consumer confidence, in addition to the pacing of capital investments, may impact results. Capital expenditures of $75 million to $80 million for the fiscal year, which reflects implementation of a new point-of-sale system and digital point-of-purchase technology in company drive-ins. Free cash flow of approximately $10 million to $15 million for the fiscal year.
For the fourth fiscal quarter of 2014, the company anticipates positive same-store sales in the low single digit range for the system. Company drive-in margins improving between 75 to 125 basis points, depending upon the degree of same-store sales growth at company drive-ins and the level of commodity cost inflation over the summer months. Depreciation and amortization expense of $11 million to $11.5 million. Net interest expense of approximately $6 million and an income tax rate between 36.5% to 37.5%.
For the year 2014, the company plans to open 15 to 20 new drive-in openings and fewer drive-in closings than in fiscal 2013. Fiscal year-to-date, 22 new franchise drive-ins have opened versus nine drive-ins in the first nine months of fiscal 2013.