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Sonic Q4 net income per diluted share decreased 6%

Sonic
Sonic   27 new drive-ins opened

Sonic announced results for its fourth fiscal quarter ended August 31, 2017.


Key highlights of the company's fourth quarter of fiscal year 2017 included:

Net income per diluted share decreased 6% to $0.50 versus $0.53 in the prior-year period; adjusted net income per diluted share remained the same as the prior-year period at $0.45;

System same-store sales declined 3.3%, consisting of a 3.2% same-store sales decrease at franchise drive-ins and a 4.8% decrease at company drive-ins;

Company drive-in margins increased by 230 basis points;

27 new drive-ins opened; and

The company repurchased 1.8 million outstanding shares.

Key highlights of the company's fiscal year 2017 included:

Net income per diluted share increased 12% to $1.45 compared with $1.29 in the prior year; adjusted net income per diluted share decreased 3% to $1.25 compared with adjusted net income per diluted share of $1.29 in the prior year;

System same-store sales declined 3.3%, consisting of a 3.2% same-store sales decrease at franchise drive-ins and a decrease of 4.7% at company drive-ins;

Company drive-in margins contracted by 60 basis points;

66 new drive-ins opened; and

The company purchased more than 6.7 million shares of its common stock, representing approximately 13.5% of outstanding shares for the fiscal year.

 

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