Sonic Corporation (SONC), an operator and franchiser of a chain of quick-service drive-in restaurants in the US, announced that it will be participating in the Bank of America Merill Lynch 2011 Consumer Conference, which will be held in New York City on March 9-10,2011. The investor presentation by Sonic’s management is scheduled to be at 1:30 p.m. ET on March 10 and will be available to all investors through a live audio webcast. A link for the live webcast can be found through the company’s website, www.sonicdrivein.com. The event will be available through replay through March 21,2011 at the same link.
The company also stated that the sales for both company-owned drive-ins and the system were positive for the second fiscal quarter, which ended February 28,2011. Sonic is estimating that the system-wide same-store sales have increased 1.0-1.5% for the quarter, continuing the improving sales trend that was exhibited in the first fiscal quarter. Also, the company-owned drive-ins continued to outperform the system in the second fiscal quarter, with the same-store sales with an increase of 2.2%. Weather has been particularly better across most major markets than the previous year, but far worse than any typical winter, especially for Sonic’s core markets.
“We are pleased by the ongoing sales improvements we are experiencing and are encouraged that estimated same-store sales for our system, as well as those for our franchisees, have moved into positive territory,” said Clifford Hudson, Chairman and Chief Executive Officer. “Sonic’s strengthening same-store sales reflect increasing traction with the operational and food quality initiatives we implemented in fiscal years 2009 and 2010. These improvements also show the contributions of new management talent added over the past year, especially in our company-owned drive-in operations, where same-store sales performance has exceeded that of our system for three consecutive quarters.”
Sonic plans to report its second quarter results after the market close on March 22,2011. The company will be providing an online web simulcast for its earnings release conference call that afternoon, starting at 5:00 p.m. ET. A replay of the conference will be available two hours after the conclusion of the live broadcast, and will be available through April 22,2011 on the company’s website www.sonicdrivein.com.
About Sonic Corporation
Sonic Corporation, known as America’s Drive-In, originates as a hamburger and root beer stand in 1953 in Shawnee, Oklahoma, previously known as Top Hat Drive-In, changing its name to Sonic in 1959. As of August 31, 2010, the company was in operation ogf3,572 Sonic Drive-Inc, which includes 455 company-owned drive-ins and 3,117 franchised drive-ins, along with approximately three million customers every day. The company, which was founded in 1953, is based in Oklahoma City, Oklahoma.
