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SONIC REPORTS INCREASED FIRST QUARTER EARNINGS

 OKLAHOMA CITY, Jan. 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 first fiscal quarter of 1993 ended Nov. 30, 1992.
 The company reported that total revenues increased 29 percent to $19.6 million for the first fiscal quarter of 1993 from $15.2 million in the like period of fiscal 1992. Income from operations increased 27.8 percent to $3.4 million for the first fiscal quarter of 1993 from $2.6 million in the comparable period of 1992. Net income for the first fiscal quarter of 1993 increased 29.1 percent to $1,972,500 or 25 cents per share as compared with net income of $1,527,800 or 19 cents per share for the comparable period in 1992.
 System-wide sales, the sales of all Sonic restaurants in the chain, increased 15.5 percent to $160 million for the fiscal quarter ended Nov. 30, 1992 as compared with the comparable period in 1992. Company- owned comparable average sales per restaurant increased 6 percent for the fiscal quarter ended Nov. 30, 1992 over the comparable period in fiscal 1992. System-wide comparable average sales per restaurant increased 6.5 percent for the fiscal quarter ended Nov. 30, 1992 over the comparable period in fiscal 1992.
 In August 1991, the company entered into an area development agreement with the Jamie Coulter group for the development of 133 Sonic Drive-ins over seven years, nine of which have now opened. At the end of December 1992, the head of the Coulter's Sonic development division notified the company that the Coulter group intends to sell its Sonic holdings, in part because of the extraordinary success of the Coulter group's Lone Star Steakhouse and related expansion plans. The company does not believe this development will have a material impact on its 1993 fiscal year earnings, because of the requirement that the Coulter group opened only 10 additional drive-ins in 1993 and the potential forfeiture by the Coulter group of territorial deposits previously paid to the company. In addition, the company has begun to assist in the Coulter sale process and intends to refranchise the Coulter territories to several existing Sonic franchisees in the coming months. The company believes it can refranchise the territory, and as it does, the company does not anticipate any negative impact on earnings in the long term.
 The company also reported that, during its first fiscal quarter of 1993, Advent Restaurants Inc., a corporation controlled by Sonic Restaurants Inc. president Dennis Clark, merged with Sonic Restaurants, in a stock-for-stock transaction. Sonic Restaurants is the company's restaurant operating subsidiary. Clark had owned Advent, a Sonic franchisee, prior to becoming a Sonic Restaurants' officer in 1986. The net effect of the transaction was to increase by six the total drive-ins in which the company owns a majority interest. The company held a minority interest in these drive-in restaurants prior to the merger. Because of the nature of the transaction, the company does not anticipate a material effect on earnings to arise from the transaction during its 1993 fiscal year.
 As of Nov. 30, 1992, the Sonic chain included 1,209 restaurants, 101 of which were owned by the company with the remainder being franchised. The restaurant chain reported a net increase in the number of restaurants in operation of 18 restaurants for the first fiscal quarter of 1993 and a net increase of 74 restaurants in operation over the last 12 months.
 The company's common stock is traded through the NASDAQ National Market System under the symbol "SONC."
 -0- 1/12/93
 /CONTACT: Clifford Hudson of Sonic, 405-232-4334/
 (SONC)


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

BB-MC -- DV002 -- 3782 01/12/93 06:00 EST
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Publication:PR Newswire
Date:Jan 12, 1993
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