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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sonic Corp. (delisted) | NASDAQ:SONC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.49 | 43.01 | 43.50 | 0 | 01:00:00 |
41% Increase in Earnings Per Share for the Fiscal Year
Sonic Corp. (NASDAQ:SONC), the nation’s largest chain of drive-in restaurants, today announced results for its fourth fiscal quarter and year ended August 31, 2015.
Key highlights of the company’s fiscal year 2015 included:
Key highlights of the company’s fourth quarter of fiscal year 2015 included:
“By every measure fiscal 2015 was a great year for our customers and franchisees. We completed our fifth consecutive fiscal year of positive same-store sales growth with a 7.3% system same-store sales increase for the year. Incremental profits for our franchisees were the highest since the onset of the Great Recession. These results drove a 31% increase in fiscal 2015 earnings per share, on an adjusted basis,” said Clifford Hudson, Sonic Corp. CEO. “Our strong financial performance has also been complemented by a disciplined approach to capital allocation. While we have invested in long-term initiatives to drive system sales performance, we have also returned substantial capital to shareholders. In fact, since 2011 we have returned a combined $289 million to shareholders via dividends and the repurchase of over 25% of our outstanding shares.
“Looking forward, we believe product innovation, combined with our promotional, media and technology initiatives, will continue to drive consistent positive same-store sales and EPS growth. Record unit volumes in existing and new drive-ins give us continued confidence in the growing strength of the Sonic brand,” concluded Hudson.
Same-Store Sales
For the fourth fiscal quarter ended August 31, 2015, system same-store sales increased 4.9%, which was comprised of a 4.9% same-store sales increase at franchise drive-ins and an increase of 4.5% at company drive-ins. For the 12 months ended August 31, 2015, system same-store sales increased 7.3%, including a 7.3% same-store sales increase at franchise drive-ins and a 6.9% increase at company drive-ins.
Financial Overview
For the fourth fiscal quarter of 2015, the company’s net income increased to $26.3 million or $0.50 per diluted share compared with net income of $18.8 million or $0.34 per diluted share in the same period in the prior year. Excluding the items outlined below, net income and net income per diluted share increased by 23% and 26%, respectively.
The following analysis of non-GAAP adjustments is intended to supplement the presentation of the company’s financial results in accordance with GAAP. The company believes that the presentation of this analysis provides useful information to investors and management regarding the underlying business trends and the performance of the company’s ongoing operations and is helpful for period-to-period and company-to-company comparisons, which management believes will assist investors in analyzing the financial results of the company and predicting future performance.
Three months ended Three months ended August 31, 2015 August 31, 2014 Net Diluted Net Diluted Net Income Diluted EPS Income EPS Income EPS $ Change % Change $ Change % Change Reported – GAAP $ 26,296 $ 0.50 $ 18,825 $ 0.34 $ 7,471 40 % $ 0.16 47 % Federal tax benefit of prior-year statutory tax deduction (1,477 ) (0.03 ) - - Change in deferred tax valuation allowance (1,701 ) (0.04 ) - - Adjusted - Non-GAAP $ 23,118 $ 0.43 $ 18,825 $ 0.34 $ 4,293 23 % $ 0.09 26 %For fiscal 2015, net income totaled $64.5 million or $1.20 per diluted share compared with net income of $47.9 million or $0.85 per diluted share for fiscal 2014. Excluding the items outlined below, net income and net income per diluted share increased by 26% and 31%, respectively.
Fiscal year ended Fiscal year ended August 31, 2015 August 31, 2014 Net Diluted Net Diluted Net Income Diluted EPS Income EPS Income EPS $ Change % Change $ Change % Change Reported – GAAP $ 64,485 $ 1.20 $ 47,916 $ 0.85 $ 16,569 35 % $ 0.35 41 % Federal tax benefit of prior-year statutory tax deduction (3,199 ) (0.06 ) - - Change in deferred tax valuation allowance (1,701 ) (0.04 ) - - Retroactive effect of federal tax law change 612 0.01 - - Retroactive benefit of Work Opportunity Tax Credit and resolution of tax matters (666 ) (0.01 ) - - Benefit from the IRS's acceptance of a federal tax method change - - (484 ) (0.01 ) Adjusted - Non-GAAP $ 59,531 $ 1.10 $ 47,432 $ 0.84 $ 12,099 26 % $ 0.26 31 %Fiscal Year 2016 Outlook
While the macroeconomic environment may impact results, the company now expects its initiatives to drive 16% to 20% earnings per share growth for fiscal 2016 as compared to the previous outlook of 14% to 18% growth, reflecting higher share repurchase activity in the first half of the fiscal year. The outlook for fiscal 2016 anticipates the following elements:
Earnings Conference Call
The company will host a conference call to review financial results at 5:00 PM ET this evening. The conference call can be accessed live over the phone by dialing (888) 455-2260 or (719) 325-2494 for international callers. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 9318637. The replay will be available until Monday, October 26, 2015. An online replay of the conference call will be available approximately two hours after the conclusion of the live broadcast. A link to this event may be found on the company's investor relations website at http://ir.sonicdrivein.com/.
About Sonic
SONIC, America's Drive-In is the nation's largest drive-in restaurant chain serving more than 3 million customers every day. Nearly 90 percent of SONIC's 3,500 drive-in locations are owned and operated by local business men and women. Over the past 60 years, SONIC has delighted guests with signature menu items, more than 1.3 million drink combinations and friendly service by iconic Carhops. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com or follow us on Facebook and Twitter.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
The tables that follow provide information regarding the number of company drive-ins, franchise drive-ins and system drive-ins in operation as of the end of the periods indicated. In addition, these tables provide information regarding franchise sales, system growth in sales, and both franchise and system average drive-in sales and change in same-store sales. System information includes both company and franchise drive-in information, which we believe is useful in analyzing the growth of our brand. While we do not record franchise drive-in sales as revenues, we believe this information is important in understanding our financial performance since we calculate and record franchise royalties based on a percentage of franchise sales. This information also is indicative of the financial health of our franchisees.
SONC-F
SONIC CORP. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Three months ended Fiscal year ended August 31, August 31, 2015 2014 2015 2014 Revenues: Company Drive-In sales $ 125,215 $ 119,002 $ 436,031 $ 405,363 Franchise Drive-Ins: Franchise royalties and fees 46,967 41,818 161,342 138,416 Lease revenue 1,970 1,609 5,583 4,291 Other 1,114 1,340 3,133 4,279 Total revenues 175,266 163,769 606,089 552,349 Costs and expenses: Company Drive-Ins: Food and packaging 34,573 34,871 121,701 116,325 Payroll and other employee benefits 41,752 38,831 151,801 139,939 Other operating expenses, exclusive of depreciation and amortization included below 24,952 23,796 90,436 85,845 Total cost of Company Drive-In sales 101,277 97,498 363,938 342,109 Selling, general and administrative 21,711 18,885 79,336 69,415 Depreciation and amortization 11,258 11,123 45,892 42,210 Provision for impairment of long-lived assets 1,393 85 1,440 114 Other operating income, net (902 ) (110 ) (945 ) (176 ) Total costs and expenses 134,737 127,481 489,661 453,672 Income from operations 40,529 36,288 116,428 98,677 Interest expense 6,133 6,287 25,114 25,382 Interest income (118 ) (96 ) (408 ) (469 ) Net interest expense 6,015 6,191 24,706 24,913 Income before income taxes 34,514 30,097 91,722 73,764 Provision for income taxes 8,218 11,272 27,237 25,848 Net income $ 26,296 $ 18,825 $ 64,485 $ 47,916 Basic income per share $ 0.51 $ 0.35 $ 1.23 $ 0.87 Diluted income per share $ 0.50 $ 0.34 $ 1.20 $ 0.85 Weighted average basic shares 51,736 54,022 52,572 55,164 Weighted average diluted shares 52,936 55,419 53,953 56,619 SONIC CORP. Unaudited Supplemental Information Three months ended Fiscal year ended August 31, August 31, 2015 2014 2015 2014 Drive-Ins in Operation Company: Total at beginning of period 394 389 391 396 Opened - 2 3 3 Sold to franchisees (7 ) - (6 ) (7 ) Closed (net of re-openings) - - (1 ) (1 ) Total at end of period 387 391 387 391 Franchise: Total at beginning of period 3,118 3,121 3,127 3,126 Opened 18 15 38 37 Acquired from the company 7 - 6 7 Closed (net of re-openings) (4 ) (9 ) (32 ) (43 ) Total at end of period 3,139 3,127 3,139 3,127 System-wide: Total at beginning of period 3,512 3,510 3,518 3,522 Opened 18 17 41 40 Closed (net of re-openings) (4 ) (9 ) (33 ) (44 ) Total at end of period 3,526 3,518 3,526 3,518 Three months ended Fiscal year ended August 31, August 31, 2015 2014 2015 2014 ($ in thousands) ($ in thousands) Sales Analysis Company Drive-Ins: Total sales $ 125,215 $ 119,002 $ 436,031 $ 405,363 Average drive-in sales 319 305 1,116 1,043 Change in same-store sales 4.5 % 4.9 % 6.9 % 3.5 % Franchised Drive-Ins: Total sales $ 1,121,219 $ 1,058,640 $ 3,931,365 $ 3,627,395 Average drive-in sales 360 343 1,261 1,170 Change in same-store sales 4.9 % 4.5 % 7.3 % 3.5 % System-wide: Change in total sales 5.9 % 5.2 % 8.3 % 3.9 % Average drive-in sales $ 355 $ 338 $ 1,244 $ 1,153 Change in same-store sales 4.9 % 4.6 % 7.3 % 3.5 %Note: Change in same-store sales based on restaurants open for a minimum of 15 months.
SONIC CORP. Unaudited Supplemental Information Three months ended Fiscal year ended August 31, August 31, 2015 2014 2015 2014 (In thousands) (In thousands) Revenues Company Drive-In sales $ 125,215 $ 119,002 $ 436,031 $ 405,363 Franchise Drive-Ins: Franchise royalties 46,259 41,317 158,813 137,125 Franchise fees 708 501 2,529 1,291 Lease revenue 1,970 1,609 5,583 4,291 Other 1,114 1,340 3,133 4,279 Total revenues $ 175,266 $ 163,769 $ 606,089 $ 552,349 Three months ended Fiscal year ended August 31, August 31, 2015 2014 2015 2014 Margin Analysis (percentage of Company Drive-In sales) Company Drive-Ins: Food and packaging 27.6 % 29.3 % 27.9 % 28.7 % Payroll and employee benefits 33.4 32.6 34.8 34.5 Other operating expenses 19.9 20.0 20.8 21.2 Cost of Company Drive-In sales 80.9 % 81.9 % 83.5 % 84.4 % August 31, August 31, 2015 2014 (In thousands) Selected Balance Sheet Data Cash and cash equivalents $ 27,191 $ 35,694 Current assets 85,438 95,712 Property, equipment and capital leases, net 421,406 441,969 Total assets $ 620,024 $ 650,972 Current liabilities, including capital lease obligations and long-term debt due within one year $ 87,821 $ 79,511 Obligations under capital leases due after one year 20,763 23,050 Long-term debt due after one year 428,238 427,527 Total liabilities 602,591 588,297 Stockholders' equity $ 17,433 $ 62,6751 Free cash flow is defined as net income plus depreciation, amortization and stock compensation expenses, less capital expenditures.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151019006553/en/
Sonic Corp.Corey Horsch, (405) 225-4846Vice President of Investor Relationsand Treasurer
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