Sonic (SONC) Offers FY12 Outlook; Sees Positive Comps, to Open 30-40 New Drive-Ins

Sonic Corp. (Nasdaq: SONC), expects its initiatives to drive sales improvements going forward. However, uncertainty with regard to the macroeconomic environment and its impact on consumer confidence may result in greater-than-expected sales volatility. The outlook for fiscal 2012 anticipates the following elements:

• The opening of 30 to 40 new franchise drive-ins;
  
  
• Positive same-store sales; a 1% change in same-store sales equates to approximately $0.03 in net income per diluted share;
  
  
• Flat restaurant-level margins as a result of labor efficiencies, offset by commodity cost increases, particularly in the first half of the fiscal year;
  
  
• Selling, general and administrative expenses of $69 to $70 million;
  
  
• Depreciation and amortization of $41 to $42 million;
  
  
• Interest expense of approximately $32 million;
  
  
• An income tax rate of between 37% and 38%; and
  
  
• Capital expenditures in the range of $25 to $30 million.

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