Sonic Corp. reported a decrease in profits in the fourth quarter ended Aug. 31 on special charges related to debt refinancing, the closure of 12 underperforming company drive-ins, and impairment write-downs for a change in point-of-sale system vendors. The Oklahoma City, Okla.-based quick-service operator has more than 3,500 drive-ins nationwide.
Result: $12.2 million, or 21 cents per share
% Decrease: 15.9% (from $14.5 million, or 25 cents per share)
Result: $158.8 million
% Increase: 5.2% (from $150.9 million)
% Increase systemwide: 5.9%
% Increase at franchised drive-ins: 6%
% Increase at company-owned units: 5.2%
•Sonic more than doubles profit in 2Q
•Sonic exploring loyalty program, new ads
•More restaurant finance news
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