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Food business   System same-store sales declined 2%

Sonic Q1 net income per diluted share increased 17%

SonicSonic Corp. announced results for its first fiscal quarter ended November 30, 2016.

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Net income per diluted share increased 17% to $0.28 compared with $0.24 in the same period of the prior year; adjusted net income per diluted share was flat versus the prior-year period at $0.24.

System same-store sales declined 2%, consisting of a 2.0% same-store sales decrease at franchise drive-ins and 2.4% decrease at company drive-ins.

Company drive-in margins declined by 150 basis points. Fourteen new franchise drive-ins opened and 56 drive-ins were refranchised.

The company repurchased 2 million outstanding shares.

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