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SONIC REPORTS RECORD EARNINGS IN FISCAL 1993

 OKLAHOMA CITY, Oct. 25 /PRNewswire/ -- Sonic Corp. (NASDAQ-NMS: SONC), parent company of the Oklahoma City-based Sonic Drive-In franchisor and operator, announced earnings today for its fourth fiscal quarter and year ended Aug. 31, 1993.
 The company's total revenues increased 24 percent to $25 million for the fourth fiscal quarter of 1993 from $20.2 million in the same period of fiscal 1992. Net income for the fourth fiscal quarter of 1993 was $2,810,600, or $.35 per share, as compared with net income of $2,326,000, or $.30 per share, for the comparable period in 1992. Earnings for the fourth quarter of 1993 included a $300,000 non-recurring accrual related to the Beaumont, Texas, litigation with L&G Restaurant Corp. Exclusive of the one-time expense, Sonic's 1993 fourth quarter earnings were $.38 per share.
 The company previously announced the adverse Beaumont trial verdict and its intent to appeal the results. As a result, the accrued charge against its earnings relates primarily to litigation costs, including the anticipated cost of appeal and a new trial, if necessary.
 Total revenues increased 25.7 percent to $83.8 million for the year ended Aug. 31, 1993, compared with $66.7 million for the 1992 fiscal year. Net income for the year ended Aug. 31, 1993, was $8,643,500, or $1.08 per share, as compared with net income of $6,814,000, or $.87 per share, for the 1992 fiscal year. Exclusive of the Texas litigation expense mentioned above, Sonic's 1993 earnings were $1.11 per share.
 System-wide sales, the sales of all Sonic restaurants in the chain, increased 19.9 percent to $202 million for the fourth quarter ended Aug. 31, 1993, and 15.2 percent to $691 million for the year ended Aug. 31, 1993, as compared with the same periods in 1992. Company-owned comparable average sales per restaurant increased 11.4 percent for the fourth fiscal quarter ended Aug. 31, 1993 and 5.3 percent for the year ended Aug. 31, 1993, over the same periods in fiscal 1992. System-wide comparable average sales per restaurant increased 9.6 percent for the fourth fiscal quarter ended Aug. 31, 1993, and 6.2 percent for the year ended Aug. 31, 1993, over the same period in fiscal 1992.
 The company also reported, as of Aug. 31, 1993, there were 1,274 Sonic Drive-Ins, 120 of which were company-owned and the remainder franchised. "This represents an increase of 29 company-owned drive-ins for the last year," reported C. Stephen Lynn, president and chief executive officer of the company, "10 of which were newly constructed and the others we acquired." Though the company had anticipated opening 15 newly constructed company-owned drive-ins, it reported that local regulatory and construction delays caused it to open fewer than it anticipated.
 The restaurant chain reported a net increase of 29 restaurants in operation for the fourth fiscal quarter of 1993 and an increase of 83 restaurants in operation during the fiscal year. The company expects to surpass 1,300 restaurants in operation during the month of November 1993.
 The company also reported that it expects 25 Sonic Drive-Ins to open in its fiscal quarter ending Nov. 30, 1993. Of this number, at least three will be company-owned. In addition, it announced that it had reached an agreement in principle to acquire eight Sonic Drive-Ins from a franchisee and expects the transaction to close during its first fiscal quarter.
 The company's common stock is listed through the NASDAQ National Market System under the symbol "SONC."
 SONIC CORP.
 Selected Condensed Information
 Three months ended Year ended
 Aug. 31, Aug. 31,
 1993 1992 1993 1992
 Revenues:
 Sales by
 company-owned
 restaurants $17,433,900 $12,514,600 $58,227,600 $44,334,700
 Franchised
 restaurants:
 Franchise fees
 and royalties 4,364,200 3,792,600 14,384,500 11,830,800
 Equipment
 sales 2,881,100 3,489,900 9,797,000 8,975,600
 Other 352,600 388,600 1,380,500 1,534,800
 Total $25,031,800 $20,185,700 $83,789,600 $66,675,900
 Costs and expenses:
 Company-owned
 restaurants $13,862,500 $9,635,800 $45,961,500 $34,301,400
 Equipment cost
 of sales 2,400,600 2,831,500 8,081,900 7,303,500
 Nonrecurring
 accrual 300,000 --- 300,000 ---
 Income from
 operations $4,457,000 $3,723,900 $14,071,100 $11,366,700
 Income before
 income taxes $4,317,700 $3,721,000 $13,654,800 $11,250,000
 Net income $2,810,600 $2,326,000 $8,643,500 $6,814,000
 Net income per share $.35 $.30 $1.08 $.87
 Weighted average
 shares
 outstanding 7,990,400 7,858,000 7,979,700 7,868,500
 Selected Balance Sheet Information
 Cash and marketable
 securities $5,397,300 $9,003,900
 Total assets $63,228,300 $50,303,100
 Working capital $7,489,100 $9,485,500
 Obligations under capital leases
 and long-term debt due after one year $6,582,000 $5,965,600
 Total stockholders' equity $46,749,800 $35,964,200
 Selected Restaurant Operating Data
 System-wide
 sales(a) $202,245 $168,654 $691,490 $600,044
 Percentage
 increase 19.9 pct. 14.7 pct. 15.2 pct. 15.7 pct.
 System-wide
 comparable
 average sales
 per restaurant(b) $159 $143 $556 $518
 Percentage
 increase 9.6 pct. 7.4 pct. 6.2 pct. 8.0 pct.
 Company-owned
 comparable
 average sales
 per restaurant(b) $161 $145 $560 $533
 Percentage
 increase 11.4 pct. 8.7 pct. 5.3 pct. 8.9 pct.
 Restaurants in
 operation:
 Company-owned
 restaurants(c) 120 91 120 91
 Franchised
 restaurants(c) 1,154 1,100 1,154 1,100
 Total 1,274 1,191 1,274 1,191
 (a) Represents sales in thousands.
 (b) Represents sales in thousands for restaurants in operation in both the reported and prior periods. Percentage increase cannot be computed from the information presented due to shifting base of comparable restaurants.
 (c) Number of restaurants open at end of period.
 -0- 10/25/93
 /CONTACT: Clifford Hudson of Sonic Industries, 405-232-4334/
 (SONC)


CO: Sonic Industries Inc. ST: Oklahoma IN: LEI SU: ERN

NY-MF -- LA011 -- 6134 10/25/93 08:40 EDT
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Date:Oct 25, 1993
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