Sonic Corp (SONC) to Raise Qtr Dividend 27% to $0.14/Share

Sonic Corp. (NASDAQ: SONC) announced that its Board of Directors has approved the continuation of the Company's quarterly cash dividend program. Beginning in the first fiscal quarter of 2017, the Company expects to declare a quarterly dividend of $0.14 per share of common stock, which represents an increase of 27% from the current quarterly dividend of $0.11 per share.

"Our multi-layered growth strategy continues to generate significant cash to drive shareholder value," said Cliff Hudson, Sonic Corp. CEO. "Over the past three fiscal years, we have returned in excess of $370 million to shareholders through the combination of dividend payments and the repurchase of 13 million shares of our common stock, or approximately 23% of our outstanding shares. We believe the dividend program complements our repurchase program, providing an additional lever to deliver value to shareholders. We remain confident in the strength of the brand and in the ability of our business model to continue to drive strong future returns."

The Company completed its fiscal 2016 share repurchase program in July, spending $126 million during the fiscal year to repurchase more than 4.4 million shares of its common stock. As previously announced, the Board of Directors has authorized an additional $155 million repurchase program through the end of fiscal 2017. Payment of a dividend of $0.11 per share is set for August 19, 2016 to shareholders of record as of the close of business on August 10, 2016.

Future declaration of quarterly dividends and the establishment of future record and payment dates are subject to the final determination of the company's Board of Directors.

You May Also Be Interested In

• MetLife (MET) Raises Quarterly Dividend 4.8% to $0.545; 3% Yield
• Otis Worldwide (OTIS) Raises Quarterly Dividend 14.7% to $0.39; 1.6% Yield
• Amalgamated Financial (AMAL) Raises Quarterly Dividend 50% to $0.15; 2.6% Yield