Sonic Misses Street By A Penny; Same Store Sales Up YoY (SON

March 23, 2011

Sonic Corp. (NASDAQ:SONC), the largest drive-in restaurant chain in the U.S., reported Q2 earnings Tuesday afternoon, posting an EPS of $0.02, a penny below the consensus for $0.03.Total same store sales rose 1.2% in the quarter, compared with a decline of 13.2% a year ago. Revenue for the quarter ended February 28, 2011 was mostly flat at $113.5 million versus $113.3 million in Q2 2010.Clifford Hudson, Chairman and Chief Executive Officer, said, "Sales momentum continued to build in the second quarter, highlighted by positive same-store sales. This rebound in same-store sales underscores the ongoing positive impact of our strategic initiatives and a modestly strengthening economy. As one of the most highly differentiated brands in the quick-service restaurant industry, we have placed renewed emphasis on high-quality products and personalized customer service."The company expects 40 new franchise openings in 2011.