sonic corp (SONC) Key Developments
Sonic Corp. Announces Sales Results for the Fourth Quarter and Year Ended August 31, 2015; Provides Earnings Guidance for the Fiscal Full Year 2016; Plans to Pay Quarterly Dividend; Plans to Open 50 to 60 New Franchise Drive-In
Sep 14 15
Sonic Corp. announced sales results for the fourth quarter and year ended August 31, 2015. The company also announced that system-wide same-store sales for its fourth fiscal quarter increased approximately 4.9%. Same-store sales growth reflected an increase of approximately 4.5% at company drive-ins and approximately 4.9% at franchise drive-ins for the fourth fiscal quarter.
For the year, the company's system-wide same-store sales for its fiscal 2015 of 7.3%. Same-store sales growth reflected an increase of approximately 6.9% at company drive-ins and 7.3% at franchise drive-ins for the year ended August 31, 2015.
While the macroeconomic environment may impact results, the company expects its initiatives to drive 14% to 18% earnings per share growth for fiscal 2016. The for fiscal 2016 the company anticipates 2% to 4% same-store sales growth for the system; Royalty revenue growth from same-store sales improvements and new unit development; Drive-in-level margin improvement between 75 to 125 basis points, depending upon the degree of same-store sales growth at company drive-ins; Selling, general and administrative expenses of $81.5 million to $82.5 million reflecting increased investment in human resources to support brand initiatives; Depreciation and amortization expense of $45.5 million to $46.5 million as a result of capital investment in fiscal 2016; An income tax rate between 36.5% to 37.5%.
For the full year 2016, the company expects quarterly cash dividend of $0.11 per share.
For the full year 2016, the company expects 50 to 60 new franchise drive-in openings, with another year of net unit growth for the system.
Sonic Corp. Provides Quarterly Dividend Guidance for the First Fiscal Quarter of 2016
Aug 6 15
Sonic Corp. expects to declare a quarterly dividend of $0.11 per share of common stock, which represents an increase of 22% from the current quarterly dividend of $0.09 per share for the first fiscal quarter of 2016.
Sonic Corp. Announces Executive Appointments
Jul 30 15
Sonic Corp. announced that Andrew “Drew” Ritger, Jr., has been appointed as Senior Vice President for Development, who led the franchise development team at SONIC from 2002-2012, during which time the brand opened more than 1,500 new drive-ins in 15 states. In this new role, he is responsible for market planning, franchise sales, area development agreements, and real estate site selection. Ritger has been part of the SONIC leadership team since 1996, and most recently served as Senior Vice President for Franchise Services, east region, with responsibility for franchise operations in the eastern half of the country including new drive-in openings, drive-in operations procedures and guest service. Also returning to the franchise sales team at SONIC has newly appointed Senior Director of Franchise Sales and Development Marketing, Lori Osley, CFE. Osley is a SONIC alumna, having served on the franchise sales team with Ritger, previously. She rejoins SONIC from Captain D’s where she was senior director of franchise development and responsible for all facets of new growth in select markets for Captain D's including new franchisee growth, real estate, and market planning.
Sonic Corp. Declares Regular Quarterly Cash Dividend, Payable on August 21, 2015
Jul 9 15
Sonic Corp. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.09 per share of common stock. The dividend is payable on August 21, 2015 to shareholders of record as of the close of business on August 12, 2015.
Sonic Announces Executive Changes
Jul 7 15
Sonic Corp. has appointed Sarah Beddoe as vice president of national marketing and Justin Ashby as vice president of design and construction. Beddoe and Ashby were appointed to new executive positions. The company also announced the promotions of Chris Graves, Dail Smith and Christi Woodworth. Graves is the new vice president and real estate counsel. Graves’ new role as vice president will include oversight and management of Sonic's real estate portfolio, marketing and disposition of surplus property. Smith is vice president of Sonic Restaurants Inc. operations. Woodworth is vice president of public relations. Beddoe will be instrumental in crafting Sonic's marketing plan, marketing calendar and product pipeline. Beddoe served as director of digital experience and social engagement for Pizza Hut in Dallas. Ashby will lead the construction, architecture and engineering teams. He will work to create new prototypes and develop ways to grow the Sonic brand in addition to optimizing build-out and renovation costs. Ashby served as senior director of construction for Dollar General.