Sonic Corp. on Tuesday reported fourth-quarter net income of $12.3 million, or 20 cents per share, compared with $4.7 million, or 8 cents a share, in the prior-year period, in which it had taken an impairment charge of $15 million related mostly to the fair value of company-owned drive-ins. Revenue in the Aug. 31-ended fourth quarter dipped 2.5 percent from the prior year, dropping to $151.2 million from $155.1 million, the Oklahoma City, Okla.-based company said. The system of more than ...
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