Sonic Corp (SONC) Initiates Qtr. Dividend at 9c; Approves $105M Buyback

Sonic Corp (NASDAQ: SONC) has initiated a quarterly dividend at $0.09 per share, or $0.36 annualized.

The dividend will be payable on November 21, 2014, to stockholders of record on November 12, 2014, with an ex-dividend date of November 7, 2014.

The annual yield on the dividend is 1.7 percent.

The Company also announced that its Board of Directors has increased the Company’s share repurchase program for fiscal 2015. Pursuant to the program, the Company is authorized to repurchase up to $105 million of its common stock for the fiscal year beginning September 1, 2014 and ending August 31, 2015. The Company expects to complete the remaining purchases under its $80 million fiscal 2014 program by August 31, 2014. 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.

“We believe the initiation of a cash dividend and our continued commitment to a share repurchase program highlight the confidence we have in our brand and business model. As we look forward, we see that our multi-layered growth strategy should generate ample cash to optimize shareholder value in this manner,” said Clifford Hudson, Sonic Corp. CEO. “Over the past three years, we have returned in excess of $136 million to our shareholders through the repurchase of 6.7 million shares of our common stock, or approximately 18% of our outstanding shares. We believe that this dividend complements our existing repurchase program while providing an additional lever to deliver value to our shareholders.”

For a dividend history and other dividend-related data on Sonic Corp (SONC) click here.

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