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Sonic Earnings Per Share RISE 47%

The following excerpt is from the company's SEC filing.

for the fourth fiscal Quarter of 2015

Increase in Earnings Per Share for the Fiscal Year

OKLAHOMA CITY (October 19, 2015) – Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today announced results for

fourth fiscal quarter and year ended August 31, 2015.

Key highlights of the company’s fiscal year 2015 included:

Net income per diluted share was $1.20 compared with net income per diluted share of $0.85 in fiscal 2014; excluding certain adjustments outlined below, net income per diluted share increased

% to $

compared with $0.84 in fiscal 2014;

System same-store sales increased 7.3%, consisting of a 7.3% same-store sales increase at franchise drive-ins and an increase of 6.9% at company drive-ins;

Company drive-in margins improved by 90 basis points;

new drive-ins

opened

, and 30 drive-ins

rebuilt

The company repurchased $124 million in stock representing

% of the company’s outstanding shares as of the beginning of the fiscal year.

Key highlights of the company’s fourth quarter of fiscal year 2015 included:

compared with net income per diluted share of $0.34 in the prior-year period; excluding certain adjustments outlined below, net income per diluted share increased 2

to $0.43 compared with $0.34 in fiscal 2014;

System same-store sales increased 4.9%, consisting of a 4.9% same-store sales increase at franchise drive-ins and an increase of 4.5% at company drive-ins;

basis points; and

opened.

By every measure fiscal 2015 was a great year for our customers and franchisees. We completed our fifth

consecutive

fiscal year of positive same-store sales growth with

7.3% system same-store sales increase

for the year

. Incremental profits for our franchisees were the highest

since the onset of the Great Recession

. These results drove a 3

% increase in fiscal 2015 earnings per share, on an adjusted basis

said Cliff

Hudson, Sonic Corp. CEO.

Our strong financial performance has also been complemented by a disciplined approach to capital allocation. While we have invested in long-term initiatives to drive system sales performance, we have also returned substantial capital to

shareholders. In fact, since 2011 we have returned

a combined

million to shareholders via dividends and the repurchase of

25% of our outstanding shares

“Looking forward,

we believe

product innovation,

combined with our

promotional, media and technology

continue to drive consistent positive same-store sales and EPS growth

. Record unit volumes

in existing and new drive-ins

give us continued confidence in the growing strength of the Sonic brand,

” concluded Hudson.

Same-Store Sales

For the fourth fiscal quarter ended August 31, 2015, system same-store sales increased 4.9%, which was comprised of a 4.

% at company drive-ins. For the 12 months ended August 31, 20

5, system same-store sales increased 7.3%, including a 7.3% same-store sales increase at franchise drive-ins and a 6.9% increase at company drive-ins.

Financial Overview

For the fourth fiscal quarter of 2015, the company’s net income increased to $26.3 million or $0.50 per diluted share compared with net income of $18.8 million or $0.34 per diluted share in the same period in the prior year. Excluding the items outlined below, net income and net income per diluted share increased by 23% and 26%, respectively.

The following analysis of non-GAAP adjustments is intended to supplement the presentation of the company’s financial results in accordance with GAAP. The company believes that the presentation of this analysis provides useful information to investors and management regarding the underlying business trends and the performance of the company’s ongoing operations and is helpful for period-to-period and company-to-company comparisons, which management...


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