COMPANY REPORTS PRELIMINARY SALES RESULTS FOR THE THIRD FISCAL QUARTER OF 2013
THIRD FISCAL QUARTER 2013 EARNINGS CALL TO BE HELD ON JUNE 24, 2013
OKLAHOMA CITY–(BUSINESS WIRE)– Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today announced it will host an investor day with industry analysts and institutional investors on Thursday, June 27, 2013. The meeting will begin at 8:00 a.m. EDT at the NASDAQ Marketsite.
The meeting will provide analysts and investors insight into sales, profit and development initiatives to grow the brand over the next several years. Specific topics will include:
- The enhancement of digital technology at each drive-in stall,
- The implementation of a new point-of-sale system, and
- Additional talent and focus on unit growth.
Each of these initiatives fuels different aspects of Sonic’s multi-layered growth strategy which is comprised of same-store sales growth, operating leverage, an ascending royalty rate, new unit growth and effective deployment of free cash flow. This strategy is expected to drive double-digit earnings growth over the next several years.
The event will be simulcast over the internet and a link to this event may be found on the company’s investor relations website at http://ir.sonicdrivein.com/.
Third Fiscal Quarter 2013 Preliminary Results
The company also announced that unseasonably cold temperatures in March and April impacted sales in the third fiscal quarter which ended May 31, 2013. Estimated system-wide same-store sales were 0.1% for the quarter, which reflected slightly positive same-store sales at franchise drive-ins and a decrease of 1.0% at company drive-ins. Weather is estimated to have had a 300 to 400 basis point adverse impact on same-store sales for the quarter. Despite the adverse weather, system-wide same-store sales were positive in April and improved further in May.
Third Fiscal Quarter 2013 Earnings Call
The company will release results for the quarter ended May 31, 2013 after the market closes on June 24, 2013. The company will host a conference call to review financial results on Monday, June 24, 2013, at 5:00 PM ET. The conference call can be accessed live over the phone by dialing (888) 811-5427 or (913) 981-5578 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 2939382. The replay will be available until Monday, July 1, 2013. 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/.
SONIC®, America’s Drive-In®, is the nation’s largest chain of drive-in restaurants with more than 3,500 drive-ins serving approximately 3 million customers every day. Over the past 60 years, SONIC has delighted guests with signature menu items, more than 1 million drink combinations, friendly service by iconic Carhops and ongoing support of education through its award-winning Limeades for Learning® program. SONIC received top honors as America’s “#1 burger quick service restaurant” in the 2013 Temkin Experience Ratings report. For more information about Sonic Corp. (NASDAQ/NM: SONC) and its subsidiaries, please visit sonicdrivein.com. Customers can also connect with SONIC at facebook.com/sonicdrivein or on Twitter: @sonicdrive_in.
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.
Claudia San Pedro
Vice President of Investor Relations, Communications and Treasurer
Source: Sonic Corp.
News Provided by Acquire Media