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  • (SONC, SPAR, GENE, CRWE, SONA) Stock to Watch by Stock-PR.com 0 comments
    Oct 14, 2011 10:53 AM | about stocks: SONC, SPAR, GENE, SONA

    Stock-PR Reporting

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    Sonic, America's Drive-In, originally started as a hamburger and root beer stand in 1953 in Shawnee, Oklahoma called Top Hat Drive-In, and then changed its name to Sonic in 1959. The first drive-in to adopt the Sonic name is still serving customers in Stillwater, Oklahoma. Sonic has more than 3,500 drive-ins coast to coast, where approximately three million customers eat every day.

    Sonic Announces Stock Repurchase Program!

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    Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants, announced that its Board of Directors authorized a stock repurchase program for up to $30 million worth of common stock through August 31, 2012. 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.

    "Our franchise business model is strong, and with our long-term financing plans in place we expect to generate approximately $35 million to $40 million in free cash flow in fiscal 2012. We believe a share repurchase program represents a solid investment and a good means for deploying our excess cash," said Clifford Hudson, Sonic's Chairman and Chief Executive Officer.

    For more than 50 years, SONIC Corp. has built a dominant position in the drive-in restaurant business. We did it by sticking to what made drive-ins so popular in the first place: made-to-order American classics, signature menu items, speedy service from friendly Carhops and heaping helpings of fun and personality.

    Today, SONIC is the largest chain of drive-in restaurants in America. As a business, we continue to thrive, maintaining strong real sales growth, industry-leading customer frequency and high returns for our stockholders. So take a cruise through to learn more about our company and the people who help make it an American success story.

    For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com.

    Read full article and disclaimer at: http://stock-pr.com/?p=20391

    Stocks: SONC, SPAR, GENE, SONA
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