Sonic Announces Preliminary Results for the Fourth Fiscal Quarter of 2016
September 27 2016 - 4:05PM
Business Wire
Fourth Fiscal Quarter 2016 Earnings Conference
Call Date Announced
Sonic Corp. (NASDAQ:SONC), the nation's largest chain of
drive-in restaurants, today announced preliminary results for its
fourth fiscal quarter ended August 31, 2016.
The company estimates that system-wide same-store sales for its
fourth fiscal quarter decreased approximately 2.0%. Estimated
same-store sales performance reflects a decrease of
approximately 3.0% at company drive-ins and a decrease of
approximately 1.8% at franchise drive-ins for the fourth fiscal
quarter. Additionally, net income per diluted share is anticipated
to be $0.51 to $0.53. Adjusted net income per diluted share is
estimated to be $0.43 to $0.45 for the fourth fiscal quarter.
"While we delivered a solid overall fiscal 2016 performance with
2.6% system-wide same-store sales growth, the fourth quarter was
below our expectations from both a sales and a profit perspective,”
said Cliff Hudson, Sonic Corp. CEO. “The shortfall was largely
driven by lower-than-expected traffic, reflecting lower consumer
spending in restaurants and continued aggressive competitive
activity. As we look ahead to fiscal 2017, we remain focused on
delivering one of the most differentiated customer experiences in
the quick service industry with innovative products, targeted value
propositions and outstanding customer service.”
In the fourth fiscal quarter, 19 new drive-ins were opened. In
fiscal 2016, 53 new drive-ins were opened. On a net basis, the
brand saw an increase of 31 drive-ins for fiscal 2016, representing
a 1% increase in system drive-ins.
Preliminary results remain subject to the completion of normal
quarter-end accounting procedures and adjustments and are subject
to change. Final results for the fourth fiscal quarter of 2016 as
well as the company’s outlook for fiscal year 2017 will be released
on October 24, 2016.
Fourth Fiscal Quarter 2016 Earnings Call
The company will release results for the quarter ended August
31, 2016 at approximately 4:05 PM ET on Monday, October 24, 2016.
The company will host a conference call to review financial results
at 5:00 PM ET that evening. The conference call can be accessed
live over the phone by dialing (877) 419-6590 or (719) 325-4786 for
international callers. A replay will be available one hour after
the call and can be accessed by dialing (877) 870-5176 or (858)
384-5517 for international callers; the conference ID is 5500371.
The replay will be available until Monday, October 31, 2016. 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 may be found on the company's investor
relations website at http://ir.sonicdrivein.com/.
About Sonic
SONIC, America's Drive-In is the nation's largest drive-in
restaurant chain serving more than 3 million customers every day.
Nearly 90 percent of SONIC's 3,500 drive-in locations are owned and
operated by local business men and women. Over more than 60 years,
SONIC has delighted guests with signature menu items, more than 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 more than $6 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 sonicdrivein.com and please visit or follow us on Facebook
and Twitter. To learn more about SONIC's Limeades for Learning
initiative, please visit Limeadesforlearning.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements reflect management’s expectations regarding future
events and operating performance and speak only as of the date
hereof. These forward-looking statements involve a number of risks
and uncertainties. Factors that could cause actual results to
differ materially from those expressed in, or underlying, these
forward-looking statements are detailed in the company’s annual and
quarterly report filings with the Securities and Exchange
Commission. The company undertakes no obligation to publicly
release revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unforeseen events, except as required to be reported
under the rules and regulations of the Securities and Exchange
Commission.
SONC-F
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version on businesswire.com: http://www.businesswire.com/news/home/20160927006592/en/
Sonic Corp.Corey Horsch, 405-225-4800Vice President, Investor
Relations and Treasurer
Sonic (NASDAQ:SONC)
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