sonic corp (SONC) Key Developments
Sonic Corp. Announces Appointment of Susan E. Thronson to its Board of Directors; Declares Quarterly Cash Dividend, Payable on May 22, 2015
Apr 10 15
Sonic Corp. announced the appointment of Susan E. Thronson to its board of directors for a term ending at the next annual meeting of shareholders in 2016. Ms. Thronson served as Senior Vice President, Global Marketing, at Marriott International Inc., from July 2005 to July 2013.
The company also announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share of common stock. The dividend is payable on May 22, 2015 to shareholders of record as of May 13, 2015.
Sonic Corp. Announces Executive Changes
Apr 10 15
Sonic Corp. announced several promotions in its leadership team. Stephen C. Vaughan, the Company’s Executive Vice President and Chief Financial Officer, was promoted to Executive Vice President of Franchise Operations, Finance and Planning. Claudia S. San Pedro, the Company’s Vice President of Investor Relations, Communications and Treasurer, was promoted to Senior Vice President, Chief Financial Officer and Treasurer. Todd W. Smith, the Company’s Vice President and Chief Marketing Officer, was promoted to Senior Vice President and Chief Marketing Officer. Vaughan joined Sonic in 1992 and has been Executive Vice President since 2008 and Chief Financial Officer since 2004. Previous to joining Sonic, Vaughan worked in public accounting. In his new role, in addition to overseeing franchise operations, he leads supply chain management, operations and technical services, quality assurance and customer satisfaction and retains executive management of the finance function. San Pedro joined Sonic in 2006 as Treasurer. She has also served as Vice President of Investor Relations since 2009. Prior to joining the Company, she served as the director for the Oklahoma Office of State Finance. Appointed by Governor Brad Henry in 2005, San Pedro was the first female and first Hispanic to serve as Director of State Finance for Oklahoma. In her new role, she is responsible for the finance and accounting functions, in addition to previous responsibilities for investor relations, treasury, performance analysis, risk management and communications. Smith joined Sonic in 2012 as Vice President of Marketing. Prior to joining the Company, he served in various marketing functions in the quick service restaurant industry. In his new role, Smith not only continues to oversee brand management, product innovation, consumer insights and creative services but will also lead digital marketing, customer relationship management and loyalty for the Sonic brand.
Sonic Corp. Presents at The Franchise Times Finance & Growth Conference 2015, Apr-21-2015 04:20 PM
Apr 8 15
Sonic Corp. Presents at The Franchise Times Finance & Growth Conference 2015, Apr-21-2015 04:20 PM. Venue: Encore Hotel, Las Vegas, Nevada, United States. Speakers: Stephen C. Vaughan, Executive Vice President of Franchise Operations, Finance & Planning.
Sonic Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended February 28, 2015; Provides Earnings Guidance for Second Half and Full Year of Fiscal 2015; Revised Tax Rate Guidance for the Third Quarter and Fourth Quarter of Fiscal 2015
Mar 24 15
Sonic Corp. reported unaudited consolidated earnings results for the second quarter and six months ended February 28, 2015. For the quarter, the company reported total revenues of $126,219,000 compared with $109,741,000 for the same period last year. Income from operations was $16,991,000 compared with $12,349,000 for the same period last year. Income before income taxes was $10,770,000 compared with $6,109,000 for the same period last year. Net income was $7,662,000 or $0.14 diluted per share compared with $4,107,000 or $0.07 diluted per share for the same period last year. Adjusted -Non-GAAP net income was $6,996,000 or $0.13 diluted per share compared with adjusted non-GAAP net income was $4,107,000 or $0.07 diluted per share for the same period last year.
For the six months, the company reported total revenues of $266,075,000 compared with $236,393,000 for the same period last year. Income from operations $39,529,000 compared with $30,708,000 for the same period last year. Income before income taxes was $27,129,000 compared with $18,202,000 for the same period last year. Net income was $17,747,000 or $0.32 diluted per share compared with $12,315,000 or $0.21 diluted per share for the same period last year. Adjusted -Non-GAAP net income was $17,081,000 or $0.13 diluted per share compared with adjusted non-GAAP net income was $11,831,000 or $0.20 diluted per share for the same period last year.
The company expects its initiatives to drive 25% to 27% earnings per share growth, on an adjusted basis, in fiscal 2015 as compared to the adjusted non-GAAP earnings per share of $0.84 for fiscal 2014. The company expects capital expenditures of $30 million to $40 million and free cash flow of $70 million to $80 million.
This expectation is based upon the following assumptions for the second half of the fiscal year: low to mid-single-digit positive same-store sales with company Drive-Ins slightly outperforming Franchise Drive-Ins in the third quarter and fourth quarter of fiscal 2015; incremental royalty revenue from the license conversion and same-store sales growth; 34 to 44 new drive-in openings; drive-in margin improvement of between 100 to 150 basis points; depreciation and amortization expense of $23 million to $23.5 million; net interest expense of $13 million to $13.5 million; and an income tax rate of 36% to 37%.
Tax rate outlook is now lower than previously expected, and it is now projecting tax rate will be in the range of 36% to 37% in the third quarter and fourth quarter of fiscal 2015.
Sonic Corp. Plans to Expand to 40 Restaurants in the Greater Boston
Mar 13 15
Sonic Corp. announced that it plans to expand from four to 40 restaurants in the Greater Boston area during the next five years.