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Sonic's diluted EPS up by 33% in first quarter 2016.

M2 EQUITYBITES-January 6, 2016-Sonic's diluted EPS up by 33% in first quarter 2016

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Sonic Corp (Nasdaq:SONC), an operator of a chain of drive-in restaurants, on Tuesday reported net income of USD12.5m, or diluted EPS of USD0.24, for the first quarter of fiscal year 2016, ended 30 November 2015.

This was an increase over net income of USD10.1m, or a 33% increase over diluted EPS of USD0.18, in Q1 of fiscal 2015.

Revenues for the quarter were USD145.8m, as compared with USD139.8m in Q1 of the prior fiscal year. System same-store sales increased 5.3%, consisting of a 5.4% same-store sales increase at franchise drive-ins and an increase of 4.4% at company drive-ins.

Also, during the quarter, 13 new drive-ins were opened and the company purchased 1.8 million shares representing 3.4% of its outstanding shares since the end of fiscal 2015.

In addition, the company provided outlook for fiscal 2016 and expects its initiatives to drive 16% to 20% earnings per share growth for fiscal 2016. The company expects 2% to 4% same-store sales growth for the system; royalty revenue growth from same-store sales improvements and new unit development; 50 to 60 new franchise drive-in openings and an expected quarterly cash dividend of USD0.11 per share.

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Publication:M2 EquityBites (EQB)
Date:Jan 6, 2016
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