Sonic Corp (SONC) Adds $15M to Buyback Plan

January 17, 2013 10:19 AM EST
Sonic Corp (NASDAQ: SONC) announced that its Board of Directors increased its share repurchase authorization from $40 million to $55 million.

The company has repurchased approximately $25 million of the original $40 million authorized in August 2012. The increased authorization leaves approximately $30 million of unspent authorization. Since September 2011, the Company has expended approximately $55 million for the repurchase of 6.6 million shares representing approximately 11% of its outstanding common stock. The authorization expires August 31, 2013 and share repurchases may be made from time to time in the open market or in negotiated transactions depending on share price, market conditions and other factors.

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