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SONIC REPORTS 26 PERCENT INCREASE IN THIRD QUARTER EARNINGS

 OKLAHOMA CITY, July 12 /PRNewswire/ -- Sonic Corp. (NASDAQ-NMS: SONC) parent company of the Oklahoma City-based Sonic Drive-In franchisor and operator, announced earnings today for its third quarter and first nine months of fiscal 1993.
 The company's total revenues increased 23.7 percent to $22 million for the third fiscal quarter ended May 31, 1993 from $17.8 million in the like period of fiscal 1992. Net income for the third fiscal quarter of 1993 increased 26.4 percent to $2,299,600, or 29 cents per share, as compared with net income of $1,819,100, or 23 cents per share, for the comparable period in 1992.
 Total revenues increased 26.4 percent to $58.8 million for the nine months ended May 31, 1993 compared with $46.5 million for the comparable period in fiscal 1992. Net income for the nine months ended May 31, 1993, increased 29.8 percent to $5,832,900 or 73 cents per share, as compared with net income of $4,492,500 or 57 cents per share for the comparable period in 1992.
 System-wide sales, the sales of all Sonic restaurants in the chain, increased 14.1 percent to $182 million for the third quarter ended May 31, 1993, and 14 percent to $490 million for the nine months ended May 31, 1993, as compared with comparable periods in 1992. Company- owned comparable average sales per restaurant increased 2.6 percent for the fiscal quarter ended May 31, 1993, and 3 percent for the nine months ended May 31, 1993, over the comparable periods in fiscal 1992. System- wide comparable average sales per restaurant increased 4.5 percent for the fiscal quarter ended May 31, 1993, and 4.7 percent for the nine months ended May 31, 1992, over the comparable period in fiscal 1992.
 The company also reported that its June sales were stronger than expected and attributed this in part to its "Summer's Funner at Sonic" promotion which continues through August. C. Stephen Lynn, president and chief executive officer of Sonic, said, "Our system-wide comparable restaurant sales appear to have increased 7-8 percent or more in June and our company-owned restaurant sales increased more than 10 percent. These increases continue to exceed the sales growth trend in many other restaurant chains in the hamburger segment." Comparable restaurants include only those which have been open in both the current and prior reporting periods.
 In other developments related to company-owned restaurants, the company reported that certain food costs which increased during late winter months had not declined as expected. As a result, during July, the company has implemented a 2 percent menu price increase at company- owned restaurants and believes many of its franchisees have taken or will take similar steps.
 As of May 31, 1993, the Sonic chain included 1,245 restaurants, 114 of which were owned by the company with the remainder being franchised. The restaurant chain reported a net increase of 26 restaurants in operation for the third fiscal quarter of 1993 and an increase of 88 restaurants in operation during the last 12 months. The company expects to surpass 1,300 restaurants in operation during the fall of 1993.
 The company's common stock is traded through the NASDAQ National Market System under the symbol "SONC."
 -0- 7/12/93
 /CONTACT: Clifford Hudson of Sonic, 405-232-4334/
 (SONC)


CO: Sonic Corp. ST: Oklahoma IN: LEI SU: ERN

BB -- DV003 -- 0204 07/12/93 07:00 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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