Sonic Announces Completion of Refranchising Program
March 02 2017 - 3:05PM
Business Wire
Company to Release Second Fiscal Quarter 2017
Financial Results on March 28, 2017
Sonic Corp. (NASDAQ:SONC), the nation's largest chain of
drive-in restaurants, today announced the completion of its
previously announced refranchising initiative. The Company also
announced that it will release results for the quarter ended
February 28, 2017, after the market close on March 28, 2017.
"We are pleased to have completed our refranchising effort ahead
of schedule," said Cliff Hudson, Sonic Corp. CEO. “We look forward
to improved capital efficiency for our business, as well as
increased growth of the brand. As a part of the divestiture,
franchisees have committed to developing new drive-ins in
refranchised markets, allowing us to continue to increase our
systemwide sales and brand footprint over the next few years. Our
franchisees’ financial commitment reflects their confidence in the
Sonic brand and our differentiated long-term strategy to increase
sales, profits and, in turn, shareholder value.”
Second Fiscal Quarter 2017 Earnings Conference Call
The Company will host a conference call to review financial
results on Tuesday, March 28, 2017, at 5:00 p.m. ET. The conference
call can be accessed live over the phone by dialing (877) 545-1402
or (719) 325-4771 for international callers. A replay will be
available one hour after the call and can be accessed by dialing
(844) 512-2921 or (412) 317-6671 for international callers; the
conference ID is 8513191. The replay will be available until
Tuesday, April 4, 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 will be available on the
investor section of the company's website,
www.sonicdrivein.com.
About Sonic
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.
SONC-F
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version on businesswire.com: http://www.businesswire.com/news/home/20170302006073/en/
Sonic Corp.Corey Horsch, 405-225-4800Vice President of Investor
Relations and Treasurer
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