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SONIC TO ACQUIRE RESTAURANTS FROM COULTER ENTERPRISES

 OKLAHOMA CITY, Feb. 3 /PRNewswire/ -- Sonic Restaurants Inc., the restaurant operating subsidiary of Sonic Corp. (NASDAQ-NMS: SONC). announced today that it had reached an agreement in principle to acquire from Coulter Enterprises Inc. eight Sonic drive-in restaurants located in Alabama, North Carolina and Virginia.
 Dennis Clark, president of Sonic Restaurants, stated that the company will pay cash for all of the operating assets of the restaurants, which will include the underlying real estate for four of the restaurants and the leasehold improvements for the other four restaurants. Sonic Restaurants expects to complete the acquisition of the restaurants within the next 30 to 45 days.
 Coulter Enterprises previously developed the eight restaurants pursuant to the terms of an area development agreement with Sonic Industries Inc., the franchising subsidiary of Sonic Corp.
 As a result of Coulter Enterprise's previously announced decision to sell its Sonic drive-in restaurants, Sonic Industries has begun the process of refranchising the territory previously covered by Coulter Enterprise's area development agreement. Robert P. Flack, president of Sonic Industries, stated that the company intends to refranchise the territory to numerous existing franchisees, breaking the territory into eight to 10 smaller territories. In addition, Sonic will take into income during its current fiscal quarter all of the remaining $372,000 development fee on deposit with Sonic Industries under the area development agreement.
 Sonic Corp.'s common stock trades on the NASDAQ National Market System under the symbol "SONC."
 -0- 2/3/93
 /CONTACT: J. Clifford Hudson of Sonic, 405-232-4334/
 (SONC)


CO: Sonic Corp.; Sonic Restaurants Inc.; Sonic Industries Inc.; Coulter
 Enterprises Inc. ST: Oklahoma, Alabama, North Carolina, Virginia IN: FOD SU: TNM


BB -- DV010 -- 2662 02/03/93 18:31 EST
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Publication:PR Newswire
Date:Feb 3, 1993
Words:281
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