Sonic Corp (SONC) Adds $40M to Stock Buyback Authorization

October 20, 2016 4:39 PM EDT

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Sonic Corp. (Nasdaq: SONC) announced that its Board of Directors has increased its authorization under the share repurchase program by $40 million. The additional authorization allows for up to $195 million of common stock to be repurchased through August 31, 2017. In fiscal 2016, the company repurchased approximately $148 million in common stock, including $22 million under the current program, leaving $173 million remaining under the enhanced authorization for repurchase during fiscal 2017. Share repurchases may be made from time to time in the open market or otherwise, including through an accelerated share repurchase program, under the terms of a Rule 10b5-1 plan, in privately negotiated transactions or in round lot or block transactions.

The company also announced that its Board of Directors declared a quarterly cash dividend of $0.14 per share of common stock to be paid to shareholders of record as of the close of business on November 9, 2016, with a payment date of November 18, 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.

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